In 2018, the global large scale bearing market was valued at a noteworthy US$ 253.7 million, setting the stage for a remarkable growth journey over the next decade. Fast forward to 2023, and the industry has already witnessed substantial progress, with demand surging at a robust rate of 7.2% year-on-year. As a result, the market is projected to reach a substantial US$ 353.5 million this year.
Looking ahead into the future, from 2023 to 2033, the global sales of large scale bearings are anticipated to maintain a robust trajectory, characterized by an impressive 8.0% Compound Annual Growth Rate (CAGR). This steady ascent is expected to culminate in a substantial market size of US$ 760.3 million by the end of 2033, painting a picture of sustained expansion and opportunity within the industry.
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Demand for big-scale bearings has also increased as energy generation and distribution operations have increased. The development of wind turbines, hydroelectric power plants, and thermal power plants are examples of this, as they all depend on bearings for effective rotation and power production.
The need for large-scale bearings is also significantly influenced by the transportation and logistics sector. In order to maintain a smooth flow of products and commodities, reliable and long-lasting bearings are required in cars, trains, ships, and conveyor systems due to the expansion of global trade and e-commerce.
Key Takeaways:
The global market for large-scale bearings grew at 6.7% CAGR from 2018 to 2022, reaching US$ 353.5 million in terms of value in 2023.
- The United States large scale bearing industry is expected to reach a valuation of US$ 685.3 million by 2033.
- The United Kingdom’s large scale bearing industry is expected to cross a value of US$ 11.9 million by 2033.
- China’s large scale bearing industry is anticipated to top a valuation of US$ 144.7 million in 2033.
- With a CAGR of 8.6% estimated from 2023 to 2033, the gearbox bearing segment is anticipated to rule the global large scale bearing market by application.
“Ongoing construction of infrastructure projects, including power plants, bridges, and dams has increased demand for large scale bearings. These projects require strong, dependable bearings to support the operation of diverse components, assuring lifetime and trouble-free operation,” – says an analyst at Future Market Insights (FMI).
How Does Competition Look in the Large Scale Bearing Market?
The large scale bearing industry is highly consolidated with a significant number of players vying for high shares. Several significant participants in this industry comprise SKF Group, ThyssenKrupp GmbH, Schaeffler Group, Timken Company, and NTN Corporation among others.
The large scale bearing industry is characterized by intense competition among leading players, who are investing heavily in research & development to develop innovative and cost-effective products. These companies are also expanding their product offerings and strengthening their distribution channels to meet the changing demands of customers.
Collaborations and partnerships with other firms are becoming increasingly common in the market, allowing participants to leverage each other’s capabilities and expand their reach. Mergers and acquisitions are being used by key players to enhance their position and gain access to new markets, particularly in rapidly growing economies such as India and China.
For instance,
- NSK expanded their line of electrical erosion immune bearings in March 2023 for axles. These bearings have insulating polymer coatings and conductive brushes. These will strengthen NSK’s flexibility to respond to different client needs regarding electrical erosion and help to increase EV dependability and range.
- Minebea Mitsumi announced Honda Lock Mfg. Co., Ltd.’s full acquisition of all of its shares in January 2023. The company and Honda Motor Co., Ltd. had a share transfer agreement in existence prior to August 2022 for the purchase of Honda Lock Mfg. Co., Ltd. shares.
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Market Outlook by Categorization:
By Product Type:
- Plain Bearing
- Deep Groove
- Four Point Contact
- Roller Bearing
- Cylindrical
- Tapered
- Spherical
- Slew Bearings
- Electrically Insulated Bearings
By Diameter:
- 500 to 1000mm
- 1000 to 1500mm
- 1500 to 2000mm
- 2000 to 2600mm
By Application:
- Main Bearings
- Pitch Bearings
- Generator Bearings
- Gearbox Bearings
- Flange Bearing
- Yaw Bearings
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan & Baltic Countries
- East Asia
- South Asia & Pacific
- The Middle East & Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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