Super Precision Bearing Market is expected to reach US$ 13,100.28 million by 2028

PRESS RELEASE BY The Insight Partners 28 Feb 2023

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Rising Investment in Super Precision Bearing Production Boost Super Precision Bearing Market Growth

According to our latest study on “Super Precision Bearing Market Analysis and Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type and Application,” the super precision bearing market is projected to grow from US$ 8,780.12 million in 2022 to US$ 13,100.28 million by 2028; it is estimated to register a CAGR of 6.9% from 2022 to 2028.

Manufacturers are investing in super precision bearing production, which is contributing to the market growth of super precision bearings across the globe. In March 2021, SKF invested US$ 42.70 million to expand its manufacturing facility in Airasca, Italy. This expansion modernized the manufacturing of super-precision bearings (SuPBs) for industrial applications. The company introduced the automated manufacturing process of these bearings, which resulted in efficient performance. This investment to expand the production capacity with automated processes resulted in increased production of super precision bearings for railway and aerospace applications, which is contributing to its market growth. In February 2023, HB Bearings, a bearing manufacturing company, added Kellenberger K100 grinding center with an automated system for large volume taper bearings. This addition to the roller side of manufacturing helped the company to clear two months of backlog in two weeks. Another investment from the company is K100 with a Wenger WeStep 650 automation solution. This solution enabled the machine to manufacture 400-500 rollers within a day in 2022 compared to 90 rollers in previous years. These additions helped the company increase its sales and fulfill customer demand for super precision bearings. Thus, the rising investment to boost the production of super precision bearings is driving the super precision bearing market growth.

Super Precision Bearing Market Analysis– by Region, 2021 and 2028

Super Precision Bearing Market Analysis– by Region, 2021 and 2028

Super Precision Bearing Market Size, Share & Growth by 2028

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Super Precision Bearing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Angular Contact Ball Bearings, Cylindrical Roller Bearings, and Others) and Application (Spindles, High Speed Rolling Mills, Printing Machinery, Precision Ball Screw, Live Centers, High Speed Turbochargers, Vacuum Pumps, Automotive, Boat Gyrostabilizers, Semiconductor Industry, Textile Machinery, Medical & Dental, Measuring Machines, and Aviation & Defense)

Source: The Insight Partners Analysis

The super precision bearing market is segmented based on type, application, and geography. Based on type, the super precision bearing market is segmented into angular contact ball bearings, cylindrical roller bearings, and others. Based on application, the super precision bearing market is divided into spindles, high speed rolling mills, printing machinery, precision ball screw, live centers, high speed turbochargers, vacuum pumps, automotive, boat gyrostabilizers, semiconductor industry, textile machinery, medical & dental, measuring machines, and aviation & defense. By geography, the super precision bearing market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Impact of COVID-19 Pandemic on Super Precision Bearing Market Growth

The COVID-19 pandemic disrupted automotive companies by adversely impacting every process, from supply chain and operations to capital spending, loans, and long-term strategies. The pandemic put restrictions on parts exports and interrupted large-scale manufacturing across Europe. Assembly plants in the US were also shut down. According to a study by Wipro, passenger car sales worldwide fell to 60.5 million units in 2020 from 79.6 million units in 2017. Moreover, car sales decreased by 30% in March 2020 compared to 2019. Over 90% of the factories in China, Europe, and North America were closed during the peak period of the crisis. The onset of the COVID-19 pandemic slowed down investments and production activities. All these factors negatively impacted the automotive industry, declining the demand for super precision bearings in the industry. The pandemic forced businesses to restructure their business models and focus on strengthening strategies to achieve economies of scale.

SKF AB, Schaeffler AG, JTEKT Corp, The Timken Co, Austin Engineering Co Ltd, NSK Ltd, Nachi-Fujikoshi Corp, NTN-SNR Roulements SA, Luoyang Huigong Bearing Technology Co Ltd, and RBC Bearings Inc are among the key market players operating in the super precision bearing market. Several other major market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem.

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