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Nowadays, industries are installing high-end and expensive equipment to ensure smooth functioning of their day-to-day operations. Against this backdrop, the demand for these bearings will fuel, which in turn, will augment the roller bearings market growth. As per the requirements, industrial firms use different types of roller bearings such as tapered, cylindrical, spherical, and needle, favoring the roller bearings market demand.
The rising number of offshore wind farms is expected to moderately push the market to grow in the foreseeable future.
The cylindrical roller bearings segment covered the highest share in the global market in 2018. The demand for these bearings is expected to rise on account of their rising adoption across industries such as aerospace and automotive. Cylindrical roller bearings are used in heavy machinery to carry and handle heavy radial loads at high speed and performance. The roller bearings market size is anticipated to further expand with the increasing use of tapered roller bearings. These bearings are primarily designed to handle axial and radial forces at the same time. These are integrated into defense and medical equipment to accommodate combined loads. In the world of bearings, spherical roller bearings are likely to gain prominence owing to their numerous properties. These bearings have the ability to easily mount and erect, are highly reliable, and can withstand shock loads. Furthermore, these bearings are largely used in international markets and expanding its geographical presence to all the industries, especially in aerospace and automotive. The rising application of these type of bearings is expected to drive the market growth in the forecast period.
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The demand for roller bearings is increasing in applications such as industrial machinery, automotive, aerospace, and others. As per the report, industrial machinery roller bearings hold a 31.1% share in the global market.
The market in Asia Pacific covered US$ 7.40 Bn in 2018 and is projected to maintain its dominance through the forecast years. The growth is mainly attributable to the rising vehicle production in countries such as India, Japan, and China. The escalating demand for heavy machinery in these countries is another factor driving the market in this region. Moreover, manufacturing firms are putting efforts to upgrade their existing facilities with an aim to maintain accuracy and alignment. The demand for different types of bearings is increasing from the automotive industry. This will further increase the roller bearings market potential. With the growing technological advancements in the automotive industry, customers need customized roller bearings to minimize friction at important points of contact.
Other regions such as North America and Europe are expected to emerge in the roller bearings market through the forecast years.
Among the major players in the global market, SKF, Schaeffler, and Timken are leading. With the introduction of the 4th Industrial Revolution or Industry 4.0, companies are focusing on smart and automated roller bearings to further minimize the operational breakdown and enhance the efficiency of heavy machinery and equipment. Several companies are focusing on customized bearings for their customers. For example, FOX’s FIT dampers were too heavy. The company addressed this problem by upgrading their roller bearing and fork damper to retain its customers. The newly introduced FIT4 fork damper & roller bearing kit is light-weight, has a smaller diameter, and is modified as per customer requirements. Another company, Schaeffler plans to merge with two Indian companies called Luk India Pvt Limited and INA Bearings India Pvt Limited in January 2019. The company aims to expand its product portfolio and geographical presence.
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