(MENAFNEditorial)
Fast Market Research announces the availability of Technavio's new report "Global Bearings Market 2015-2019" on their comprehensive research portal.
Bearings are machine elements used to reduce the energy loss caused by friction in the rotary motion parts of a broad range of equipment and machinery. Industries such as automotive aerospace heavy engineering railways shipbuilding defence die mold and part manufacturing machine tool healthcare and consumer durables make extensive use of ball bearings. The prospects for the market growth of bearings are closely linked to growth in the production of high-performance industrial equipment and machinery.
Technavio's analysts forecast the global bearings market to grow at a CAGR of 7.94% over the period 2014-2019.
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Commenting on the report an analyst from Technavio’s team said: “APAC dominated the market with a 50% share in 2014 and was valued at $37.8 billion in 2014. APAC bore the least impact of the 2008 recession and this led to the emergence of several small-scale and low-cost manufacturers in developing countries such as China and India. In addition several companies from the Americas and EMEA began outsourcing their manufacturing and production processes to low-cost destinations such as China and India. Moreover APAC is undergoing steady growth in manufacturing activities and fixed asset investments resulting in demand for bearings.”
According to the report we expect global economic growth to influence overall product demand both in developed and developing countries. The annual world gross output has seen a steady increase in 2014 and we expect it to increase more in 2016. We also expect the upward trend of annual world gross output to continue in the coming years. A favorable economy results in high manufacturing activity and high consumer spending on durable goods in developed countries. These countries tend to use a large number of bearing-loaded equipment. Further sustained economic growth government policies to accelerate industrialization and rising disposable incomes have boosted fixed investments and manufacturing output in developing countries. This has escalated demand for automobiles agricultural machinery construction equipment mining equipment and process automation machinery – all of which use bearings.
Further the report states that a large number of counterfeit products are traded in the global market. These substandard products may cause machine breakdowns and even human casualties. These exert a negative effect on end-users’ machinery and also damage reputations in the global arena.
The key players in the Global Bearings Market are SKF Schaeffler Timken NSK and TNT while other prominent vendors include JTEKT Daido Metal GGB Bearing Technology Miba Rothe Erde C&U Group Harbin Bearing Manufacturing Wafangdian Bearing Group and Minebea
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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