Rising Application of Bearings to Create Growth Opportunities for Vacuum Bearing Market Players During 2022–2028
According to our latest market study, titled “Vacuum Bearing Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Material,” the vacuum bearing market size is projected to reach US$ 16,678.55 million by 2028 from US$ 9,967.73 million in 2021. It is expected to grow at a CAGR of 7.7% from 2022 to 2028.
The railway industry emphasizes more on reducing costs and enhancing the life of rails. Bearings are used in railway gearboxes to dampen the shocks and vibrations that are caused due to force generated by the traction motor and wheels running on tracks. Thus, severe operating conditions increase engine downtime and, thus, the need for their maintenance. Technological developments in bearings have fueled their demand in the railway sector. For example, tapered roller bearings support pinion shafts that require regular adjustments and expert maintenance to reduce maintenance costs.
In addition, the increasing public awareness and the rising need for EVs have fueled the use of bearings in EVs. Bearings are developed to overcome lean lubrication conditions. A smaller bearing size has improved the gearbox's overall efficiency, increasing the driving range of EVs. Rolling bearings are widely used in rolling mills designed to sustain tough working conditions. Thus, bearings used in rolling mills possess an ability to support flaking mechanisms, high load capacity, and enhanced shelf life of rolling mills.
The surging awareness about environmental pollution among people has forced industries to reduce carbon dioxide (CO2) footprints and harmful gas emissions. Motors used to operate pumps and compressors require more electricity; thus, high developed bearings are utilized in motors that reduce the mechanical loss during operations. Moreover, low torque bearings in CVTs to enhance vehicles' reliability and fuel efficiency have increased bearing utilization that offers enhanced ball strength and solid lubricating film. Thus, the rising usage of bearing in railways, electric vehicles, rolling mills, and continuously variable transmissions is likely to create lucrative opportunities for market players.
The global vacuum bearing market is analyzed on the basis of type, application, material, and geography. Based on type, the market is bifurcated into cylindrical roller bearings, tapered roller bearings, spherical roller bearings, thrust roller bearings, and needle roller bearings. By application, the market is bifurcated into automotive, manufacturing and construction, energy and power, mining, aerospace, defense, and others. Based on material, the market is segmented into silicon, stainless steel, hybrid, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).
Impact of COVID-19 Pandemic on Vacuum Bearing Market
As per the vacuum bearing market report, Europe experienced growth in 2019 due to increased vehicle registrations. According to a report published by the European Automobile Manufacturers Association (ACEA) in May 2020, in 2019, new passenger car registrations increased by 1.2% in the European Union (EU) compared to 2018. As per the ACEA report, in 2019, commercial vehicle registrations in the EU increased by 2.5% to 2,546,830 units compared to 2018. The registrations of new vans reached 2.1 million units in 2019, a 2.8% year-on-year increase, as per the ACEA report.
Further, in 2020, the downfall in the automotive sector hampered the market growth in Europe due to the decreased production of automotive components. European car sales fell back to 20.5% year on year to 713,346 units, according to the ACEA report of December 2020. Several major countries experienced a downfall in vehicle sales. Italy and Poland’s vehicle sales dropped by a quarter, and Spain and Belgium were down by 12.3% and 17.1%. In contrast, France limited the decline to 3.2%, and German registrations were dived by 31.7%, as stated by the Hürriyet Daily News in December 2021.
Therefore, the vacuum bearing market experienced a slowdown in 2020. However, the outlook for the market remained positive in 2021 due to the increasing demand for cars. According to the article published by ET Auto.com, 1.65 million new cars were registered in the UK in 2021, 1.0% more than in 2020. Thus, there will be a positive impact of the COVID-19 pandemic on the Europe Vacuum Bearing Market share during the forecast period
Based on the market analysis, key players operating in the market are HepcoMotion; NSK Ltd; Schaeffler Technologies AG & Co. KG; THE TIMKEN COMPANY; Bunting Bearings, LLC; TPA Motion, LLC; GMN Paul Müller Industrie GmbH & Co. KG; JTEKT Europe Bearings B.V.; UNASIS; and SKF.
Vacuum Bearing Market Share, Size, Industry, Analysis - 2028
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