Global Vacuum Bearing Market to reach US$ 19.3 BN by 2031, driven by the rising bearing application and increased public awareness and demand for EVs: Global Insight Services
New York, November 2022: According to a new research study by Global Insight Services (GIS), the vacuum bearing market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 19.3 billion by 2031.
Vacuum bearings are used in extreme conditions such as corrosive, clean, and high-temperature settings. To avoid difficulties, bearing materials and lubricants must be carefully selected. Vacuum bearings are used in a variety of industries, including automobiles, construction, mining gear, wind turbines, aerospace equipment, and machine tools. They are used in automobiles to ensure the smooth operation of cars and electric vehicles, as well as other types of vehicles such as light commercial vehicles and heavy commercial vehicles, such as trucks, lorry, lift trucks, tractors and others.
Request Sample Pages of this Research Report https://www.globalinsightservices.com/request-sample/GIS10471/
Global Vacuum Bearing Market: Market Drivers and Trends
The rising bearing application to create growth opportunities for vacuum bearing manufacturing companies. The railway industry places a greater emphasis on lowering costs and extending the life of tracks. Bearings are used in railway gearboxes to absorb the shocks and vibrations induced by the traction motor and wheels driving on rails. As a result, harsh operating conditions increase engine downtime and, as a result, the requirement for repair. Bearing technological advancements have increased their need in the railway industry. Tapered roller bearings, for example, support pinion shafts, which require frequent adjustments and skilled maintenance to decrease maintenance costs. Furthermore, increased public awareness and demand for EVs have boosted the usage of bearings in EVs. Bearings are designed to work in low-lubrication environments. A reduced bearing size has increased the overall efficiency of the gearbox, boosting the driving range of EVs. Rolling bearings are frequently utilized in rolling mills that are built to withstand harsh operating conditions. Bearings used in rolling mills may therefore support flaking processes, have a high load capacity, and extend the shelf life of rolling mills.
Global Vacuum Bearing Market: Market Restraints and Challenges
Raw material price fluctuations and expensive maintenance expenses are hindering expansion of the vacuum bearings market. The cost of raw materials remains primary concern for manufacturers. The raw material price of the automotive bearing is unstable as per the economic conditions. Such price volatilities of raw materials is becoming a real deal for companies to remain competitive. Since, high grade steel and alloy steel are the primary raw materials (metals) used for manufacturing bearings, bearing price is highly correlated with the steel price. In addition, bearings need regular maintenance to avoid failures and sustaining lifespans, which further increases maintenance costs.
Global Vacuum Bearing Market Report Findings https://www.globalinsightservices.com/reports/vacuum-bearing-market/
The others segment is likely to hold the major share of the market in 2021
Based on material, the vacuum bearing market is segmented into silicon, stainless steel, hybrid, and others. Aluminum alloy bearings are in high demand due to their wide range of applications, including steel-backed and solid aluminum bearings. These bearings are used in internal combustion engines and industrial compressors as connecting rods and main bearings. Other heavy tooling uses for aluminum bearings include boring mills, presses, lathes, milling machines, grinding mills, and hydraulic pump bushings.
The Asia Pacific region is accounted for the majority of market share in 2021
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific vacuum bearing market is expanding due to expanding of construction industry in this region. Increased expenditure on affordable home development is predicted to stimulate the construction sector. Several governments, like those in Indonesia and India, are actively giving subsidies for land and construction expenditure. In India, for example, the government launched the Housing for All initiative in 2022, which is predicted to expand the country’s low-cost residential building sector during the period. Furthermore, the Indian government has agreed to grant interest subsidies of 3% and 4% for loans up to US$ 18,000 and US$ 13,500 to the poorer areas of the society for the purchase and construction of homes under the Pradhan Mantri Awas Yojana.
The key players studied in the global vacuum bearing market are
Global Vacuum Bearing Market: Recent Developments
- April 2022, Schaeffler announced a 12-year agreement with Rolls Royce. Schaeffler is providing assistance for Rolls-Royce via utilizing cutting-edge production technologies and manufacturing resources. The primary purpose of the contract is to design and manufacture engine rolling bearing systems for the wide body and business jet markets. Rolls-Royce and Schaeffler have been working together for almost 40 years.
- January 2022, Hepcomotion announced the opening of a new Stockholding Factory in the Netherlands. This new factory is a substantial investment for HepcoMotion, and it will help to accelerate and simplify product distribution to European customers. The new building has already been inaugurated in January and take over the import of all goods produced by HepcoMotion in the UK for distribution throughout Europe.
Global Vacuum Bearing Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global vacuum bearing market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future global vacuum bearing market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the global vacuum bearing market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global vacuum bearing industry.
Global Vacuum Bearing Market Segmentation
- Cylindrical Roller bearings
- Tapered Roller Bearings
- Spherical Roller Bearings
- Thrust Roller Bearings
- Needle Roller Bearings
- Stainless Steel
- Manufacturing & Construction
- Energy & Power
- Aerospace & Defense
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East
• HepcoMotion (UK)
• NSK Ltd. (Japan)
• The Timken Company (US)
• Bunting Bearings, LLC (US)
• TPA Motion, LLC (US)
• GMN Paul Müller Industrie GmbH & Co. KG (Germany)
• Unasis (England)
• SKF (Sweden)
• Schaeffler Technologies AG & Co. KG (Germany)
• JTEKT Europe Bearings B.V. (Netherlands)