Bearings Market to See a 9.1% CAGR in Revenues in the Construction and Food & Beverage Industry
Bearings market in construction and food and beverage industries
Bearings are used in a wide range of industries to lessen friction between an item and the surface over which it is moved. Technological advancements are augmenting the demand for these products in the food and beverage and construction industry. The demand for earthmoving, excavation or mining and material handling equipment used in severe and harsh operating environment is driving the demand for bearings in the construction industry. In 2016, the CAGR of bearings was around 7.1% in volumes and USD 3658 million in terms of revenues in the construction industry. The growth of replacement market, rapid industrialization, and robust technological advances will have a positive impact on the bearings market over the next few years. The recent market intelligence study by Infiniti provides a comprehensive understanding of the market in terms of the growth drivers, market landscape, competition, challenges, and distribution channels. The study offers insights into the competitive landscape that helps companies analyze the market size based on the geographical regions.
The food and beverage industry generated USD 1097 million in terms of revenues and 8.8% CAGR by volume for bearings in 2016. The increasing demand for bottle products is propelling the application of bearings in this market segment. The stringent regulatory compliances to reduce the risk of safety hazards in foods will help in the growth of the market. The growing demand in the construction and food and beverage industry from emerging countries in APAC such as China and India will help in the development of the market. APAC produced 159.4 million units in 2016, followed by the Americas at 23.9 million units and EMEA at 22.2 million units.
Demand for high-efficient machinery
The exponential demand for machines that reduce friction, less energy-intensive, ensuring more efficient, and support environment-friendly operations have a positive impact on the growth of the high-quality bearings market. The manufacturers are focusing on developing advanced bearings that help achieve operational efficiencies and increase their profitability. The introducing of special bearing such as high-precision bearings and tapered bearings find applications in multiple industrial functions and specific needs by providing high efficiency of machines.
Application specific and integrated bearings
The demand for application specific bearings is primarily from the wind energy industry. These products offer low maintenance and high-quality that saves energy and reduce carbon emission. The continual investments for the development of these products in China and the US will increase the demand for such bearings in the market. Integrated bearings are used in the automotive and aerospace industries as it increases reliability, reduces equipment cost, involves ease of installation, and boosts service life. The introduction of such products will improve the efficacy of many industrial operations.
Solutions and recommendations
The market intelligence study by Infiniti Research offers comprehensive information on the key competitors, market landscape, market positioning, and the distribution channel. Some of the solutions offered are listed below:
- Identify the competitive threats and understand the growth possibility of the bearings market across various industrial sections such as construction and food and beverages
- Offers insights on position strategies and how to differentiate the products against competitors
- Provide a detailed overview of the market size, competitive landscape, and distribution channel
- Effectively strategize the market segmentation across regions
- Mapping high probability or high impact future market trends
Read our comprehensive case study on how we helped a leading manufacturing company assess the market landscape
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