Bearings are machine elements that are primarily used for reducing friction between moving parts. For instance, in case of a roller bearing, the rolling elements in the bearings withstand the load, allowing the device to spin smoothly. With technological advancements in several industry verticals such as automotive, construction, and oil and gas, the applications and functionalities of bearings are evolving continuously. High end technologies such as smart bearings facilitate manufacturers to monitor bearing operations constantly.The increased production of vehicles worldwide, coupled with the rising demand from the aerospace and defense industry, is driving the global bearing market. With a continually widening global industrial base, the need for replacement and upgrades is strengthened; this aids the expansion of the global bearing market
Bearings and its Worldwide Market Information:
The market for bearings has primarily gained impetus from the rising production of vehicles. Additionally, the desperate need for energy-efficiency in vehicles and the increasing demand for bearings from the aerospace and defense industry are other factors boosting the market. However, the market is facing a challenge from the growing sale of counterfeit products.
The report segments the global bearing market based on product, end use, component, and geography. The product segment of the market covers plain bearings, roller bearings, unmounted ball bearings, and others. On the basis of components, the market is segmented into balls, rings, cages, rollers, and others. The end-use segments of the market include power transmission equipment, motor vehicles, aerospace equipment, oilfield machinery, construction machinery, garden machinery, and others. Regionally, the global bearing market is segmented into North America, Asia Pacific, Europe, and Rest of the World.
Among the product-based segments, the unmounted ball bearings segment stood at US$33.3 bn in 2014. Regionally, Asia Pacific is expected to dominate the global bearing market through the forecast period. The booming automotive industry in the region is the primary factor driving the market for bearings in the region. The market is also expected to gain from the rapid expansion of industries in countries such as India, South Korea, China, and Japan. The region is expected to be trailed by North America and Europe. North America and Europe collectively held over 40% of the global bearing market in 2014.
Bearings and its Technical Advantages: http://bit.ly/1sjoaZh
To study the vendor landscape of the market, the report profiles companies such as Wafangdian Bearing Co. Ltd, NTN Corporation, Rexnord Corporation, The Timken Company Brammer PLC, and others. These companies are studied based on their financial status, strategies adopted, and product portfolio.