Marine Bearings Market Report
Marine Bearings Market is Segmented by Vessel Type (Naval & Coast Guard, Merchant Marine, Cruise & Ferry, Fishing Vessel, Yacht, Offshore, and Others), by Bearing Type (Ball Bearing [Angular Contact Ball Bearing, Deep Groove Ball Bearing, and Others], Roller Bearing [Tapered Roller Bearing, Spherical Roller Bearing, and Others], Plain Bearing, and Others), by Material Type (Metallic Bearings, Non-Metallic Bearings, and Hybrid Bearings), by Application Type (Shaft, Rudder, Deck Equipment, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Marine Bearings Market is Segmented by Vessel Type (Naval & Coast Guard, Merchant Marine, Cruise & Ferry, Fishing Vessel, Yacht, Offshore, and Others), by Bearing Type (Ball Bearing [Angular Contact Ball Bearing, Deep Groove Ball Bearing, and Others], Roller Bearing [Tapered Roller Bearing, Spherical Roller Bearing, and Others], Plain Bearing, and Others), by Material Type...
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.
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.
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.
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.
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.
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.
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:
The marine bearings market is segmented into the following categories.
Marine Bearings Market, by Vessel Type
Marine Bearings Market, by Bearing Type
Marine Bearings Market, by Material Type
Marine Bearings Market, by Application Type
Marine Bearings Market, by End-User Type
Marine Bearings Market, by Region
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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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