Mining Bearings Market Report
Mining Bearings Market is Segmented by Bearing Type (Ball Bearing [Angular Contact Ball Bearing, Deep Groove Ball Bearing, and Others], Roller Bearing [Tapered Roller Bearing, Cylindrical Roller Bearing, Spherical Roller Bearing, and Others], Plain Bearings, and Others), by Material Type (Metallic Bearings, Non-Metallic Bearings, and Hybrid Bearings), by Application Type (Shovel, Haul Truck, Dragline, Crushing, Screening & Conveying, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Mining Bearings Market is Segmented by Bearing Type (Ball Bearing [Angular Contact Ball Bearing, Deep Groove Ball Bearing, and Others], Roller Bearing [Tapered Roller Bearing, Cylindrical Roller Bearing, Spherical Roller Bearing, and Others], Plain Bearings, and Others), by Material Type...
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.
Mining techniques have evolved dramatically in recent decades, transitioning from labor-intensive to technology-intensive processes, resulting in a massive increase in mining productivity. The advancements of mining equipment have played a critical role in this transition. Mining equipment is a crucial technological component of mining operations. The global demand for mining equipment is directly linked with the magnitude of mining operations and the global expansion of mining production. Bearings in the mining industry have to continuously battle with challenging conditions, such as heavy vibrating loads, abrasive dust and dirt, and extreme temperature and shocks. Durability and reliability are of supreme importance for mining equipment bearings.
The entire value chain of the mining industry was disrupted by the COVID-19. The mining bearings market typically relies on the organic growth of the mining industry and usually takes the same path as the latter. Key challenges that arose in front of the industry stakeholders on account of the pandemic were lack of production flexibility, logistics disruptions, along uncertain future demand.
The mining industry’s response to the pandemic has been swift and aligned, primarily driven by the groundwork laid down by the industry participants to support the longer-term economic recovery which includes supporting livelihoods, protecting severely disrupted supply chains, and helping to build long-term community resilience to any future crises. Amid the speculations of new COVID-19 variants, almost all key players have taken immediate measures to adjust their operations to the minimum required capacity in order to cut down on all costs. The mining industry emerging from the worst of the economic crisis in excellent financial and operational shape is signaling towards healthy and quick recuperation, helping its bearings market to grow at a CAGR of 4.3% during 2021-2026 to reach a landmark figure of US$ 1.9 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, cylindrical roller bearing, spherical roller bearing, and others. Roller bearings are expected to remain the most dominant product type in the market during the forecast period, driven by their high-load-carrying capacity and ability to operate in case of shocks and misalignments, helping OEMs to obtain low-maintenance costs and longer bearing service life.
Based on the application type, the market is segmented as shovel; haul truck; dragline; crushing, screening & conveying; and others. Crushing, screening, & conveying is likely to be the leading segment of the market during the forecast period. Tapered, cylindrical, and spherical roller bearings reduce friction for greater operational efficiency in critical locations such as the swing system. The haul truck segment is expected to record healthy growth during the forecast period, driven by huge demand from both OE and aftermarket levels. The rotational movements in haul truck wheel ends are enabled by tapered roller bearings.
In terms of regions, Asia-Pacific is expected to be the largest and the fastest-growing market for mining bearings during the forecast period. China is not only the largest market in the region but also in the global marketplace, driven by the dominance of the country in the production of coal, gold, and most of the rare-earth minerals, creating a humongous demand for mining equipment. North America is also expected to register healthy growth during the forecast period, led by the presence of key players in the region, increasing mining activities in the USA, and the adoption of the latest technology in the mining process. The USA is anticipated to be the fastest-growing market in the regional landscape.
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 Mining bearings market.
The development of bearing solutions to contend with industry challenges such as high-speeds; shock loading; misalignment; marginal lubrication, dust, and contaminated environments; and frequent vibration along with establishing long-term relations 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 Mining 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, food & beverage bearings, and wind energy bearings market reports from the industry stakeholders, we have tried to further accentuate our research scope to the Mining 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 Mining bearings market is segmented into the following categories.
Mining Bearings Market, by Bearing Type
Mining Bearings Market, by Material Type
Mining Bearings Market, by Application Type
Mining Bearings Market, by End-use Type
Mining Bearings Market, by Region
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The Mining bearings market is estimated to grow at a healthy CAGR of 4.3% during 2021-2026.
AB SKF, Schaeffler Technologies AG & Co. KG, NSK Ltd., The Timken Company, NTN Corporation, C&U Group Ltd., LYC Bearing Corporation, Harbin Bearing Manufacturing Co., Ltd. (HRB Group), Trelleborg AB, and Thordon Bearings Inc., are the leading players in the Mining Bearings market.
Asia-Pacific is estimated to remain dominant in the Mining bearings market in the foreseen future. China is estimated to remain the largest market in Asia-Pacific as well as in the global marketplace.