Increasing Industrialization Rate Boosts Mounted Bearing Market

The mounted bearing market generated a value of USD 1,451.0 million in 2023, which will rise to USD 2,122.1 million, advancing at a 5.8% compound annual growth rate, by 2030.

This is because of the increasing use of mounted bearings across different sectors, along with the rising need for specialized bearings for cost optimization, which they offer with their greater efficiency, less maintenance needs, and long life.

Furthermore, the development and utilization of the Internet of Things sensor-based bearing units continuously make industries smart. Moreover, manufacturers are trying to improve the designs of these products to increase power efficiency, achieve other operational enhancements, and boost performance.

Therefore, their raceways, cages, rolling elements, and redesigned raceway profiles are being produced with enhanced materials. Additionally, the technological improvement in sealing and lubrication technologies are creating enormous prospects for manufacturers and therefore, aiding the need for these components.

The ball category, on the basis of product, was the largest contributor to the industry in 2023, with approximately 65% share. Moreover, the category is also likely to remain the largest in the years to come.

This can be mainly because of their versatility, affordability, enhanced sealing protection against lubricant leakage & the entry of other external particles in the casing, easy maintenance, and performance enhancement of the motor.

The conveyor category, on the basis of equipment, led the mounted bearing market in 2023, with a 25% share. This can be mainly because of the extensive adoption of conveyors across different sectors, such as construction, manufacturing, automotive, mineral & mining, and paper.

The cast iron category, on the basis of material, will advance at a 6.2% compound annual growth rate in the years to come. This will be because of the affordability of this material compared to the others employed for making mounted bearings. Additionally, cast iron is resistant to wear, relatively strong, and durable, which makes it suitable for mass production.

APAC was the largest contributor to the industry in 2023, with approximately 55% share. This can be because of the strong emphasis on infrastructure improvement for accommodating the mounting population and the formation of a positive economic climate for cement, metallic products, and steel manufacturers.

North America is likely to be a significant contributor to the industry in the years to come. This can be because of the existence of many major players and improvements in material handling, manufacturing, and various other industrially related technologies, and in mounted bearings themselves.

It is because of the rising rate of industrialization and the rising demand for mounted bearings from different sectors, the mounted bearing industry will continuously grow in the years to come.

Source: P&S Intelligence