Construction Bearings Market Growth Analysis | 2021-2026

Market Highlights

The Construction Bearings Market is likely to grow at a CAGR of 4.9% during 2021-2026 to reach the landmark figure of US$ 2.0 Billion in 2026.

Construction activities consist of the construction, maintenance, renovation, and demolition of residential and non-residential buildings, as well as work directed in civil engineering projects such as roads and utility systems. The market for construction machines and equipment rentals is an important aspect of the construction ecology. The construction bearings market is intimately linked to the end markets of construction and infrastructure. In the construction machinery, bearings are exposed to extreme operating conditions – excessive loads, contaminated environments, rough weather, etc.

Covid-19 Impact

The COVID-19 outbreak threw most industrial markets into disarray. During the pandemic, the construction equipment industry, which is heavily reliant on GDP growth and economic activity, encountered the same challenges as other industries. The Construction bearings market typically relies on the organic growth of the Construction industry and usually takes the same path as the latter. In the context of the current crisis, falling revenues and increasing project delivery challenges have led to the sector’s contraction in most of the regional markets. Key challenges that arose in front of the industry stakeholders on account of the pandemic were total or partial shutdowns of construction sites, supply chain disruptions, along uncertain future demand.

Amid virus-related shutdowns and economic downturns, all major stakeholders have responded by focusing on addressing near-term financial management concerns and wider resiliency issues. Collective efforts by governments, OEMs, and other sectoral stakeholders towards mitigating both, short- and long-term challenges of COVID-19 and reopening of construction sites along with the gradual resumption of construction activities in some regions are signaling toward healthy and quick recuperation of the market.

Segments Analysis

By Bearing type

The market is segmented as ball bearing, roller bearing, plain bearing, and others. Ball bearings are further classified as angular contact ball bearing, deep groove ball bearing, and others. In a similar way, roller bearings are further classified as tapered roller, cylindrical roller, spherical roller, and others. Roller bearings are expected to remain the largest segment of the market during the forecast period, driven by their high load-carrying capacity and ability to operate in case of shock and misalignment, helping the companies to obtain low-maintenance costs and longer bearing service life.

By Application type

The market is segmented as wheel loader, excavator, dozer, off-highway truck, tunneling & boring, and others. Excavator is projected to be the dominating segment of the market during the forecast period. A tracked hydraulic excavator entails about fifty bearings for its basic operation such as travel and rotation. The wheel loader segment is expected to record significant growth during the forecast period.

Regional Analysis

Asia-Pacific is expected to be the largest and the fastest-growing market for construction bearings during the forecast period. To aid economic recovery, most countries in the region are concentrating on infrastructure development. China's state railway operator plans to double the size of its high-speed railway network over the next fifteen years, influencing the product’s demand in the country.

North America is expected to register significant growth during the forecast period, driven by a surge in government spending in the infrastructure sector. The USA is expected to record the fastest growth in the region, favored by numerous projects under construction in various sectors including residential, institutional, and industrial and infrastructure.

Key Players

The supply chain of this market comprises several nodes including raw material suppliers, bearing manufacturers, OEMs, and MRO companies. The following are the key players in the Construction bearings market.

• AB SKF
• Schaeffler Technologies AG & Co. KG
• NSK Ltd.
• The Timken Company
• NTN Corporation
• JTEKT Corporation
• Trelleborg AB
• C&U Group Ltd.
• LYC Bearing Corporation
• Nachi-Fujikoshi Corp.

The industry is shifting towards developing new application-oriented bearings for industry-specific demands. Developing bearing solutions to withstand the heavy loads, shock loads, high/low-speed rotation, and harsh working environments used in construction, along with long-term relations with customers are the key strategies adopted by the major players to gain a competitive edge in the market. 

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s conveyor belt market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com