General Machinery Bearings Market Report
General Machinery Bearings Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026 See less
General Machinery Bearings Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026
General Machinery Bearings Market is Segmented by Bearing Type (Ball Bearing [Angular Contact Ball Bearing, Deep Groove Ball Bearing, Others], Roller Bearing [Tapered Roller Bearing, Spherical Roller Bearing, Cylindrical Roller Bearing, and Others), and Others), by Material Type (Metallic Bearings, Non-Metallic Bearings, and Hybrid Bearings), by Application Type (Industrial Compressors, Electric Motors & Generators, Industrial Fans, Blowers & Turbines, Industrial Pumps, and Industrial Transmission), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
General Machinery Bearings Market is Segmented by Bearing Type (Ball Bearing [Angular Contact Ball Bearing, Deep Groove Ball Bearing, Others], Roller Bearing [Tapered Roller Bearing, Spherical Roller Bearing, Cylindrical Roller Bearing, and Others), and Others), by Material Type...
The general machinery covers a variety of machines such as engines, pumps, compressors, fans, and electric motors, for a variety of markets, including agricultural, food & beverage, industrial, health, and consumer durables. The manufacturing of general machinery is a major development axis for traditional industries. Bearings used in general machinery endure demanding operating conditions. Bearing manufacturers not only have to provide bearings with high reliability and long service life but also comply with environmental and safety legislation which are getting tougher by the day.
The COVID-19 outbreak had a significant impact on the manufacturing industry and the general machinery segment was no exception. General machinery manufacturers witnessed significant disruptions in their supply chains and production activities. During the crisis, international supply lines were severely strained, resulting in some material shortages. The general machinery bearings market typically relies on the organic growth of the industrial sector 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 new orders, supply chain disruptions due to lockdowns, and uncertain future demand.
Amid the speculations of a second and a third wave, almost all key players have taken immediate measures by reducing capital expenditure and temporarily halting production to acclimate their operations to the minimum required capacity in order to reduce all costs. The manufacturing industry is gradually getting back on its track, paired with collective efforts of OEMs and other sectoral stakeholders towards mitigating the risks associated with COVID-19, is signaling towards healthy and quick recuperation, helping the market to grow at a CAGR of 4.2% during 2021-2026 to reach the figure of US$ 6.0 Billion in 2026.
Based on the bearing type, the market is segmented as ball bearing, roller 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. Ball bearing is expected to remain the most dominant bearing type in the market during the forecast period, owing to the high load-carrying capacity of both, angular contact and deep groove ball bearing, due to which they are popularly deployed in various general machinery.
Based on the application type, the market is segmented as industrial compressors; electric motors & generators; industrial fans, blowers & turbines; industrial pumps; and industrial transmission. Electric motor & generator is projected to be the leading segment of the market during the forecast period. Improvement in the energy efficiency of electric motors, which is highly influenced by the selection by bearing, along with increasing demand for electric motors and generators from the agricultural and industrial sectors is the major driver of the segment’s growth.
In terms of regions, Asia-Pacific is expected to be the largest bearings market for general machinery, owing to the rising demand for general machinery in countries such as China, India, South Korea, and Japan. Increased focus on urbanization in China and rapid industrialization in both India and China on account of favorable government regulations and policies are further expected to boost the market growth in the region. North America and Europe are also likely to create sizeable opportunities in the coming five years, driven by an expected rise in manufacturing, construction, and mining operations in these regions.
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 general machinery bearings market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s general machinery bearings market realities and future market possibilities for the forecast period of 2021 to 2026. 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 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.
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 general machinery bearings market is segmented into the following categories.
General Machinery Bearings Market, by Bearing Type
General Machinery Bearings Market, by Material Type
General Machinery Bearings Market, by Application Type
General Machinery Bearings Market, by End-User Type
General Machinery Bearings Market, by Region
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The General Machinery Bearings market is estimated to grow at a CAGR of 4.2% over the next five years to reach US$ 6.0 Billion in 2026.
AB SKF, Schaeffler Technologies AG & Co. KG, NSK Ltd., The Timken Company, JTEKT Corporation, NTN Corporation, C&U Group Ltd., LYC Bearing Corporation, Nachi-Fujikoshi Corp, and Harbin Bearing Manufacturing Co., Ltd. (HRB), are the leading players in the general machinery bearings market.
Asia-Pacific is estimated to remain dominant in the general machinery bearings market in the foreseen future.