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    Marine Bearings Market Report

    Marine Bearings Market Report
    Report code - SR1119 Published On : Sep,2021 No. of Pages: 145
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    Marine Bearings Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppo See more...

    Impact of COVID-19 on Marine Bearings Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Marine Bearings Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Highlights

    Bearings are deployed for varied applications in the marine industry to enable rotational or linear movement while reducing friction and handling stress. They are deployed in various sections of a vessel for varied applications ranging from shaft support to winches. These bearings are constructed differently based on their locations. When selecting a bearing for a particular application, factors like bearing friction, load, and lubrication along with the design and construction of the bearing need consideration.

    The COVID-19 pandemic has wreaked havoc on the marine industry, and it is not limited to the ports of China but has affected ports around the world. All trade linkages, including major import and export transactions, are on the verge of collapsing. As the marine bearings market is mostly dependent on the organic growth of the marine industry and commonly takes the same steps as the latter. Port closures, low cargo demand, and the government-imposed bans associated with this unprecedented economic disaster caused huge revenue losses to industry stakeholders in 2020 and 2021.

    At the top of the crisis, when the shrinkage of cargo volumes turned out to be an added challenge to the structural market imbalance, the industry stakeholders adopted more discipline by cutting down on capacity and reducing costs to prioritize sustainability over the market share. As a result, the market maintained stable levels despite the reduced demand. In addition, several governmental authorities have proposed financial provisions for the marine industry. These are among the few key factors signaling the marine bearings market to take off to a healthy recuperation, growing at a rate of 3.1% during 2021-2026 to reach a value of US$ 5.2 billion in 2026.

    Market Segments' Analysis

    Based on the 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 bearing, spherical roller bearing, and others. Roller bearings are expected to remain the largest segment of the market during the forecast period, driven by the growing usage of tapered roller bearings across the industry for widespread applications.

    Based on the material type, the market is segmented as metallic bearings, non-metallic bearings, and other bearings. Metallic bearing is expected to maintain its dominant position in the market during the forecast period. The ever-present risk of corrosion in the marine industry is the biggest challenge for bearing manufacturers. The metallic bearings offer high-load handling and excellent wear resistance capacity, but they eventually corrode in the seawater, unless protected from it. Hybrid bearings and non-metallic bearings are gaining traction in the market owing to their excellent corrosion resistance in the marine environment.

    Based on Application type, the market is segmented as shaft, rudder, deck equipment, and others. The shaft segment is projected to steer the market growth during the forecast period, owing to the pivotal role of marine shafts in transferring rotational power from the engines to the propellers, which convert them into translational motion. The Deck equipment segment that includes precision equipment like gyroscope, is expected to witness significant growth during the forecast period.

    In terms of regions, Asia-Pacific is expected to be the largest and the fastest-growing market for marine bearings during the forecast period. The region has a dominant presence in the merchant marine, fishing vessel, and offshore vessel segments. China is a dominant player in the region and it alone produces more than 90 percent of the world’s shipping containers. Although the marine-bearing supplier landscape in the region has been negatively impacted by the COVID-19 pandemic, the market is expected to recuperate gradually from 2021 onwards.

    Key Players

    The supply chain of this market comprises several nodes including raw material suppliers, bearing manufacturers, container and vessel manufacturers, and end-user. The following are the key players in the marine bearings market.

    • AB SKF
    • Schaeffler Group
    • Thordon Bearings Inc.
    • Trelleborg AB
    • The Timken Company
    • Tenmat Ltd.
    • CJR Propulsion Ltd.
    • Emerson Bearing Co.
    • Eliche Radice S.p.A.
    • Waukesha Bearings Ltd.

    Development of bearings with enhanced corrosion resistance to extend its lifespan in seawater, regional expansion, and long-term relation 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 Marine Bearings market realities and future market possibilities for the forecast period of 2021 to 2026. After a continuous interest in our automotive bearings, railway bearings, and wind energy bearings market reports from the industry stakeholders, we have tried to further accentuate our research scope to the marine bearings market in order to provide the most crystal-clear picture of the market. The report segments and analyzes the market in the most detailed manner in order 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 1000 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. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The marine bearings market is segmented into the following categories. 

    Marine Bearings Market, by Vessel Type

    • Naval & Coast Guard (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Merchant Marine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Cruise & Ferry (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Fishing Vessel (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Yacht (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Offshore (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Marine Bearings Market, by Bearing Type

    • Ball Bearing
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Ball Bearing Type Analysis: Angular Contact, Deep Groove, and Others
    • Roller Bearing
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Roller Bearing Type Analysis: Tapered Roller, Spherical Roller, and Others
    • Plain Bearing (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Marine Bearings Market, by Material Type

    • Metallic Bearings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Non-Metallic Bearings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Hybrid Bearings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Marine Bearings Market, by Application Type

    • Shaft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Rudder (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Deck Equipment (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Marine Bearings Market, by End-User Type

    • OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Marine Bearings Market, by Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others

    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 [email protected]

    Frequently Asked Questions (FAQs)

    The Marine bearings market is estimated to grow at a healthy CAGR of more than 3.0% by 2026.

    AB SKF, Schaeffler Group, Trelleborg AB, Thordon Bearings Inc., The Timken Company, Waukesha Bearings Ltd., Tenmat Ltd., CJR Propulsion Ltd., Emerson Bearing Co., and Eliche Radice S.p.A., are the leading players in the Marine Bearings market.

    Asia-Pacific is estimated to remain dominant in the Marine bearings market in the foreseen future.

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