Bearings are tribological components that carry loads. Main function of bearings is to support the mechanical rotating body, reducing its coefficient of friction during movement, and to ensure the accuracy of its rotation.
The global bearings market report has been segmented on the basis of product type, application, and region.
On the basis of product type, the global bearings market has been segmented into ball bearings, roller bearings, and others (plane bearings, ball thrust bearings, roller thrust bearings, tapered roller bearings, and specialized bearings). Ball bearing is estimated to be major estimated to be major product type segment and is projected to grow over the forecast period. Ball bearings have small surface contact and functions very smoothly. Ball bearings are used in automobiles and are designed to handle thrust loads in low-speed low-weight applications.
On the basis of application, the global bearings market has been segmented into agriculture, automotive, electrical, mining & construction, aerospace & railway, and others (industrial equipment’s and medical devices). Aerospace & railway segment is projected to register fastest growth rate in terms of revenue over the forecast period, owing rising number of commuters using public transportation. Moreover, demand for railways segment is increasing on account of increasing railway construction in the developing countries.
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On the basis of region, the global bearings market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America market is estimated to hold significant revenue share in the global bearings market in 2017. North America bearings market has been anticipated to register highest CAGR in terms of revenue in next ten years, owing to rising production of automobiles in countries in the region.
Key players operating in the global bearings market include NIPPON BEARING CO., LTD., Brammer PLC, Federal-Mogul Corporation, Harbin Bearing Manufacturing Co., Ltd., RBC Bearings Inc., Schaeffler Technologies AG & Co. KG, HKT Bearings Ltd., NTN Bearing Corporation, THE TIMKEN COMPANY, and Ningbo Yinzhou Weixing Bearing Co., Ltd.