Bearings are the basis for smooth functioning for all major industries. Pun intended. In such an atmosphere of change and consistently growing demand, what does the future hold for the global ball bearings industry?
A recent study conducted by Grand View Research suggests that the global bearing market is likely to cross the $85 billion mark by 2020, thanks to a milieu of industrial and regional factors. Although, heavy machinery and industrial sectors dominate the market share in bearing usage, recent reports predict that the global construction market would expand from $8.5 trillion to $10.3 trillion by 2020.
The renewable energy market is also showing signs of growth with wind energy ruling the roost. Bearings in wind turbines is a leading area of growth for our industry.
Major Growth Drivers
Emerging markets like Qatar & UAE are slowly beginning to give established leaders like China and Japan a run for their money. Let’s take a look at what’s driving the industry and which way is this pull leading us:-
Increasing demand of high capacity bearings in wind turbine. Wind is the cleanest source of energy available to mankind.
The global wind turbine market is slated to reach $134,600 million by 2023.
Currently, Asia Pacific is the global market leader in terms of both value and volume. However, Europe is touted to grow exponentially from 2019 to 2023 owing to a major increase in investment in the construction of new wind farms and the alleged refinancing of existing wind energy projects. India with its ever increasing onshore wind energy projects, is a major player in the wind energy market too, followed by Spain & Germany
Increase in manufacture of heavy machinery. Markets like China no longer have the same infrastructural needs as their counterparts in the Middle East & Africa. A major shift in the leading boards is likely to be witnessed in the months to come. Markets like India, Iran, Turkey, Indonesia etc. are also showing (albeit smaller) increase in demand for bearings for growing construction needs.
Increase in demand for lightweight bearings in the automotive industry. With a rise in demand for more environmentally automotive solutions like electric cars, the demand for lightweight instrumented bearings is also on a rise. The wheel speed and vibration data collected by instrumented bearings helps to regulate both anti-lock braking and stability control in cars. Bearings sales are, hence, directly proportional to the increase in car sales and production
Increasing use of hybrid bearings in aerospace technology. Industry specific solutions in bearing technology has been an ongoing trend. Aerospace relies heavily on instrumented bearings for energy efficiency and error minimizing feedback. Instrumented bearings are likely to see an increased demand in both global aerospace and defense industries.
In this brave new world scenario of an ever-increasing demand for reduction in system components calls for new age engineering based on optimized design. Hence, investments in innovating upon ball bearings are bound to pour in. From military to the medical industry, the customer is constantly in the need of shorter project delivery time and lower maintenance costs. It’s both economically and environmentally viable. Wherever there’s a need for optimized design, there’s a need for innovative ball bearings.
At Manu, we promise you regular updates on innovations and global ball bearing market trends. Until next time, have a happy new year!