Market Research Report
Mounted Bearing Market by Product, Market Channel, Housing, Equipment, End-use Industry (Agri, Transportation, Construction & Mining, F&B, Chemical & Pharma, Energy, General Industrial, Pulp & Paper, Others) and Region - Global Forecast to 2025
|Published by||MarketsandMarkets||Product code||963248|
|Published||Content info||207 Pages
Delivery time: 1-2 business days
|Mounted Bearing Market by Product, Market Channel, Housing, Equipment, End-use Industry (Agri, Transportation, Construction & Mining, F&B, Chemical & Pharma, Energy, General Industrial, Pulp & Paper, Others) and Region - Global Forecast to 2025|
|Published: October 2, 2020||Content info: 207 Pages||
The global mounted bearing market size is projected to grow from USD 1.4 billion in 2020 to USD 1.9 billion by 2025, at a CAGR of 5.8%. The market is driven by the adoption of mounted bearings in numerous industries; their high efficiency and long life with less maintenance requirements; growing demand for specialized bearings for cost optimization; and increasing development and adoption of sensor-based bearing units and IoT.
According to the United States Department of Agriculture, food processing plants accounted for a share of 15% of the value of shipments from the US in 2018. Meat processing, dairy, and beverages contributed 24%, 13%, and 12%, respectively to the total food processing shipment in the same year. Improved economic conditions and increased consumption would likely to boost the demand for machineries for food processing. Stringent food safety standards and the adoption of new technologies drive the demand for premium mounted bearings. Efficient material handling through conveyers is also expected to increase the demand for mounted bearings in the food processing industry. Mounted bearings are used in packaging and pallet wrapping applications as well.
Mounted ball bearings are used across the agriculture, food & beverage, and textile industries mainly due to their cost-effectiveness. Food & beverage industry players such as breweries and food manufacturing units are primarily reliant upon ball bearings. According to primary insights from Schaeffler, "30% of critical food & beverage applications including food processing and packaging require housings."
Green manufacturing and energy concerns are likely to surge the demand for efficient plant machinery. Hence, demand for ball bearing would increase in the years to come as the energy requirement in these bearings is lower than in roller bearings.
The food & beverage industry and related services have shown sustainable growth in the last few years. This industry can be segmented into food processing and packaging, which use equipment such as mixer drives, conveyors, fans & blowers, and gears & transmission. Most of this equipment is fitted with mounted bearings, especially in applications with both high loads and low loads. The demand for such equipment is expected to grow owing to the increasing automation, development of advanced equipment, and efforts to increase production efficiency and reduce errors in the food & beverage industry. Customized or specific mounted bearings are widely used in the food & beverage industry.
The OE market is critical for mounted bearing manufacturers, as a majority of high volume orders are received by OEMs. The demand for mounted bearings depends on the requirements of the clients of equipment manufacturers. For instance, food & beverage machinery and equipment manufacturers are mostly medium sized companies and develop machinery according to the needs of their customers. Equipment manufacturers today are increasingly focusing on providing added features as a standard fitment in equipment along with after-sales service as a product differentiation strategy. This is likely to boost the mounted bearing OE market in the coming years.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
Major players in the mounted bearing market are: SKF (Swden), Schaeffler ( Germany), THE TIMKEN COMPANY (US), NSK (Japan), and ABB (Switzerland).
The market study covers the mounted bearing market size and future growth potential across different segments such as product type, housing type, end-use industry type, equipment type, market channel, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
(Overview, Products and Services Offered, Recent Developments, and SWOT Analysis)**
*Details on Overview, Products and Services Offered, Recent Developments, and SWOT Analysis might not be captured in case of unlisted companies.