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(I-AutoNewsWire.com, September 01, 2021 ) The Global Mounted Bearing Market size is projected to grow from $1.4 billion in 2020 to $1.9 billion by 2025, at a CAGR of 5.8%.
The mounted bearing market is driven by the adoption of mounted bearings in numerous industries; increased efficiency and long life with fewer maintenance requirements of mounted bearing; growing demand for specialized bearings for cost optimization; and increasing development and adoption of sensor-based bearing units and IoT.
The global mounted bearing market is dominated by major players such as SKF (Sweden), Schaeffler (Germany), THE TIMKEN COMPANY (US), NSK (Japan), ABB (Switzerland), PT International (US), Jones Bearing Company (US), NTN (Japan), Emerson Bearing Company (US), Jones Bearing Company (US), and JTEKT Corporation (Japan), among others.
Conveyor segment will have a major share in the mounted bearing market during the forecast period
The conveyors segment is estimated to be the largest in the global mounted bearings market, by equipment type. The growth of the segment can be attributed to the extensive use of conveyors in the construction, manufacturing, paper, automotive, mining, and mineral industries. Conveyors can be used to transfer light as well as heavy or bulky material efficiently. Large conveyor applications in industries require multiple types of bearings, which drives the growth of this segment in the mounted bearings market. According to L.A.C. Conveyors & Automation, the conveyors market is projected to reach around USD 10 billion by 2025.
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The food & beverage segment is expected to have the largest market during the forecast
The food & beverage industry is estimated to be the largest market of the mounted bearing by end-use industry type owing to the sustainable growth of the industry, the increasing adoption of equipment, and growing automation in food processing and packaging. Equipment such as gearbox & transmission, fans & blowers, conveyors, and mixer drives are used in the food processing & packing industry. 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 agriculture, farming, & fishery segment is expected to be the fastest during the forecast period
Several years of strong supplies, associated with slow growth in demand, have exerted downward pressure on the international prices of most agricultural commodities, with cereal, beef, and sheep meat prices showing short-term rebounds. Productivity growth in agriculture is expected to stay ahead of food demand. The growing global population will continue to use increasing amounts of agricultural products as food, feed, and for industrial purposes. Much of the additional food demand over the coming decade will originate in regions with high population growth, in particular, Sub-Saharan Africa, South Asia, and the Middle East and North Africa. In the agriculture industry, the demand for machinery and equipment is growing to ease operations, increase productivity, and enhance efficiency. The mechanization of various activities and the increased performance of machines and equipment has enabled the processing of heavier objects and the cultivation of larger areas. Some of the key equipment used are horizontal and vertical conveyors, worm conveyors, various auxiliary transmissions, ploughs, and harvesters. As a result, the demand for equipment parts and bearings in the industry is growing, which will drive the mounted bearing market. Healthy demand for equipment that uses mounted bearings has also been seen in the farming and fishery industries.
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Mr. Aashish Mehra