Global Precision Bearings Market to Reach USD 13,867.82 Million by 2030 | CAGR of 5.9%
Category : Machinery and Equipment | Published Date : Oct 2024 | Type : Press Release
Precision Bearings Market Scope & Overview:
As per the Consegic Business Intelligence newly published report, the Precision Bearings Market size was valued at USD 8,972.09 Million in 2022 and is projected to reach USD 13,867.82 Million by 2030, growing at a CAGR of 5.9% from 2023 to 2030. Precision bearings, including ball and roller bearings, are designed for high-performance applications requiring high rigidity, accuracy, and speed. These bearings are widely used in automotive, aerospace, medical, power generation, and oil & gas sectors due to their ability to enhance efficiency, reduce friction, and support heavy loads.
The report comprises the Precision Bearings Market Share, Size & Industry Analysis, By Type (Ball Bearings, Roller Bearings), By End-User (Automotive, Aerospace & Defense, Medical, Power Generation, Oil & Gas, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2023-2030.
The report contains detailed information on Precision Bearings Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The increasing utilization of precision bearings in the automotive and aerospace sectors is a major driver for market growth. Moreover, expanding applications in the medical industry present opportunities for growth in the market.
Segmental Analysis :
Based on type, the market is bifurcated into ball bearings and roller bearings.
- Ball bearings accounted for the largest share in 2022, attributed to their high accuracy, long lifespan, and efficient performance in various industries, including aerospace and automotive.
- Roller bearings are anticipated to grow at the fastest rate, supported by their high load-carrying capacity and increasing use in heavy machinery within sectors like power generation and oil & gas.
Based on end-user, the market is segmented into automotive, aerospace & defense, medical, power generation, oil & gas, and others.
- Automotive held the largest share in 2022, as precision bearings are essential in vehicle components like engines, gearboxes, and wheels. The rise in electric vehicle production further drives demand.
- Aerospace & defense is expected to witness the fastest growth due to increasing aircraft production and demand for high-performance components.
Based on regions, the global market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
- North America led the market in 2022, supported by high automotive and aerospace production in the U.S. and Canada.
- Asia-Pacific is projected to grow rapidly, with strong industrial growth in China, India, and Japan driving demand for precision bearings across multiple sectors.
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 | USD 13,867.82 Million |
| CAGR (2024-2031) | 5.9% |
| By Type | Ball Bearings, Roller Bearings |
| By End-user | Automotive, Aerospace & Defense, Medical, Power Generation, Oil & Gas, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Semiconductor Inspection System Industry:
- SKF
- Schaffler AG
- Kaman Corporation
- CW BEARING
- AST Bearings
- THE TIMKEN COMPANY
- JTEKT Corporation
- GMN Bearing USA
- Pacamor Kubar Bearings (National Precision Bearing)
- NSK Ltd.
- Schatz Bearing Corp.
Recent Industry Developments :
- In February 2022, Schaeffler AG expanded its bearings business by launching high-efficiency ball bearings designed for electric vehicles, offering improved power density and extended service life.
- In August 2022, SKF introduced a new ball bearing optimized for quiet operation and high power density, aiming to enhance electric motor performance in the automotive industry.
