Increase In Partnerships And Investments To Boost The Demand For Bearing System
29 Aug 2021
Bearing is a mechanical element that limits relative motion to the desired motion and minimizes friction between moving parts. Due to its design, bearings find application in several industries such as automobile, constriction & mining machinery, machine tools, and agriculture. The most common application of bearings is in automobiles, electric vehicles, and heavy vehicles such as trucks to ensure a smooth ride.
The global bearing market has been gaining importance over the last few years. According to Allied Market Research, the global bearing market was pegged at $143.53 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027. The rising utilization of bearing products in end-use industries, electric vehicles, and rolling mills has boosted the demand for bearing products. Moreover, technological developments in the automobile industry, rising concerns regarding green vehicles, and the emergence of sensor bearing units have supplemented the market growth. Currently, the advent of self-lubricating bearing has gained popularity in the market.
Rising popularity of self-lubricating bearing
As the name suggests, self-lubricating bearings offer their own lubrication during operation and do not demand additional grease or oil for lubrication. The aerospace industry has been the prime end-user of these bearings as it offers greater wear resistance and helps reduce labor costs. Moreover, various areas of aircraft are difficult to access for frequent maintenance, which increases the need for a self-lubricating bearing system. Apart from this, these systems reduce labor costs and eliminate the need for frequent maintenance and therefore, downtime. The most popular use of self-lubricating bearing is in NASA’s Curiosity Rover which has been exploring Mars since 2012.
Increase in market investments and partnerships
Over the last few years, there is a significant increase in investments in the global bearing industry. For instance, National Engineering Industries Ltd. (NEI), a part of CK Birla Group, recently launched needle bearing as a part of its range of bearing at the Auto Expo Components 2020 in New Delhi. Needle bearing is smaller than conventional bearings, offers greater load-carrying capacity, and is widely used in engine crankshaft where small inertial force is required.
NEI informed that it is willing to invest around Rs. 100 crores over the next three years for manufacturing of several types of needle bearing solutions including weld cage roller assemble, shell bearing, and turned cage roller assembly. Moreover, it announced that it will manufacture needle bearing with the aid of NTN Corporation’s technology.
Apart from this, various companies have been joining forces to increase product breath and help the end user get the most efficient bearing systems. For instance, one of the most prominent market players, The Timken Co. recently purchases assets of Aurora Bearing Company of Illinois. Aurora Bearing Company is known for manufacturing spherical plain bearings and rod ends.
Such partnerships and million-dollar investments have boosted the growth of the global bearing market. Moreover, the increasing demand for bearing in continuously variable transmission (CVT) and rising utilization in electric vehicles have presented a golden opportunity for market players in the bearing industry.
Chief editor of review team at FinancesOnline
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.