Precision Bearing Market to Witness a Healthy Y-o-Y Growth during 2018 - 2028
Posted: Dec 23, 2018
A precision bearing is type of bearing which is manufactured according to the set standards given by Annular Bearing Engineering Committee (ABEC) of the American Bearing Manufacturers Association (ABMA). According to the tolerance of a bearing it is classified under ABEC scale from the largest to the smallest tolerance bearing. There are five classes in ABEC standard scale such as, ABEC 1, ABEC 3, ABEC 5, ABEC 7, and ABEC 9. The high class precision bearing provides, greater speed capabilities, and better efficiency.
Furthermore, the precision bearing have applications in many end-use industries. High class precision bearing is used in aerospace industry, and other class precision bearing is used for majority of applications in different industries such as, automotive industries, marine industry, infrastructure and transportation industry etc. Additionally, the precision bearing comes in different types as per the requirement and end-use application such as, ball bearing, roller bearing and spherical bearing are some of the major types of precision bearing.
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Precision Bearing Market: Dynamics:
The precision bearing is an essential component for a machinery or equipment and widely used in different industries. In the growing aerospace industry the demand of machinery and equipment with precise dimensional specifications, better tolerance and efficiency is increasing, which is expected to push the demand of precision bearing over the forecast period. Increasing industrial machinery and automation require new precision bearing for better performance and work output. Additionally, the globally increasing vehicle production is projected to increase the growth of precision bearing market over the forecast period.
Furthermore, the technological innovations and increasing reliability in precision bearing and increasing adoption of high end technologies and growing industrial automation is expected to create new opportunities for the precision bearing in the global market over the forecast period.
However, there are other alternative products are coming in the market for precision bearing. The increasing counterfeit products for precision bearing is anticipated to hamper the growth of the precision bearing market over the forecast period.
Precision Bearing Market: Segmentation:
Precision bearing market can be segmented into product type, ABEC scale, end-use industries, and region.
On the basis of product type, global precision bearing market is segmented into:
- Ball Bearings
- Ball Screw Support Bearings
- Angular Contact Ball Bearings
- Precision Deep Groove Ball Bearings
- Precision Steel Ball Bushing Bearings
- Roller Bearings
- Cylindrical Roller Bearings
- Spherical Bearings
On the basis of ABEC scale, global precision bearing market is segmented into:
- ABEC 1
- ABEC 3
- ABEC 5
- ABEC 7
- ABEC 9
On the basis of end-use industries, global precision bearing market is segmented into:
- Aerospace Industry
- Automotive Industry
- Oil & Gas Industry
- Marine Industry
- Infrastructure and Transportation Industry
Precision Bearing Market: Regional Outlook:
Asia Pacific region is expected to have a prominent growth in the precision bearing market over the forecast period owing to increasing automotive and aerospace industries in the that region. China, India, Japan etc. is expected to register significant growth in the precision bearing market due to growing industrial automation and increasing demand of industrial machinery. Furthermore, increasing demand of standard quality products in machinery and equipment due to government regulations about standard quality products are the major factors to drive the growth of precision bearing market in Europe region over the forecast period.
North America is expected to register significant growth in the precision bearing market owing to increasing demand of high standard products in aerospace and automotive industries. Middle East & Africa region is anticipated show promising growth in the precision bearing market over the forecast period.
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Precision Bearing Market: Market Participants:
Some of the market participants in the global precision bearing market are:
- Daido Metal Co., Ltd.
- Thomson Industries, Inc.
- GGB Bearing Technology
- NSK Ltd.
- THE TIMKEN COMPANY
- SKF Group
- JTEKT Corporation
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