Global Ball Bearing Market Driven by Growing Application of Product in Industrial Machinery in Forecast Period 2022-2027
WYOMING, US, September 23, 2022 / EINPresswire.com/ – The new report by Expert Market Research titled “Global Ball Bearing Market Report and Forecast 2022-2027” provides an in-depth analysis of the global Ball Bearing Market, and assesses the market based on its segments such as applications and main areas. The report tracks the latest trends in the industry and studies their impact on the market as a whole. It also assesses market dynamics, covering key demand and price indicators, along with market analysis based on SWOT and Porter Five Force models.
Market size, trends, industry report, major players, key segments, and forecasts
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The main points of the report include:
Market Overview (2017-2027)
Historical market size (2020): $6 billion
Expected compound annual growth rate (2021-2026): 5%
Expected market size (2026): 6 billion US dollars
Spherical bearings show excellent wear resistance, provide low friction, have a long service life, and do not need much lubrication. In this regard, the producer is expected to see a rise in the demand for light and heavy industrial equipment in the forecast period. Moreover, ball bearings are cheap compared to their friction-reducing counterparts. This factor is likely to provide impetus for market growth.
In addition, the increasing application of ball bearings in sliding doors in the residential sector is expected to boost market growth in the coming years. Geographically, the Asia Pacific region holds a large market share due to the booming manufacturing sector in the region.
Definition of the ball industry and its main sectors
Ball bearing is defined as the metal ball that is placed between two moving parts of the machine to make the movement smooth. This mechanism is known to reduce friction by carrying axial and radial loads between two bodies in order to enhance the efficiency of operations.
Moreover, the maximum allowable speed of ball bearings depends on the design, size, cage type and type of lubrication.
Read the full report with table of contents – https://www.expertmarketresearch.com/reports/ball-bearing-market
On the basis of application, the market can be segmented into:
mining and construction
Railway, aviation and freight
The regional markets for ball bearings include:
Middle East and Africa
Ball bearing market trends
Key trends in the Ball Bearings market include the increasing application of the product in precision engineering, due to technological advances in other end-use segments, such as aerospace, defense, and automotive, among others. During the forecast period, increased sales of electric vehicles are likely to be a major driving factor for ball bearings. The increasing application of ball bearing in the healthcare industry, in robotic surgery, is likely to be a major market trend. During the forecast period, the increasing number of elderly is expected to drive the demand for ball bearings to enhance comfort and reduce pain in the event of injuries.
The main market players
The major players in the market are NTN Bearing Corporation, The Timken Company, Schaeffler Group, Jtekt Corporation and SKF, among others. The report covers market shares, capabilities, plant transformations, expansions, investments, and mergers and acquisitions, among other recent developments of these market players.
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