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Precision Ball Bearings Market size was valued at $11.56 billion in 2019 and it is estimated to grow at a CAGR of 5.28% during forecast period 2020-2025. Increasing industrial machinery and automation technologies need precision ball bearings for better performance and work output. In addition to these, increasing vehicle production and symmetry nature of angular contact bearings attract end users thereby creating further opportunities for precision ball bearing industry during the forecast period.
Product – Segment Analysis
Angular contact precision ball bearing held the major share 31.45% in 2019 of Precision Ball Bearings market. These bearings have much higher speed than radial ball bearings due to the continuous contact of the balls to both raceways. There has been increasing demand for angular contact bearing as it provides more precise angle because both radial and axial loads that are transferred from one ring to another ring via balls along a precise contact angle. These can be used in high speed applications such as electric motors, pumps, gear boxes, clutches and others. With these factors, there is huge adoption of angular contact ball bearing which push the market.
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Application – Segment Analysis
Automotive has been the primary application for Precision Ball Bearings market and is expected to grow at a CAGR of 6.14% during forecast period 2020-2025. In automotive sector, adoption of precision ball bearings has been increasing rapidly with increasing number of product and sales of vehicles. According to International Organization of Motor Vehicle Manufacturers (OICA), commercial vehicle production has been increased from 22.87 million units to 25.13 million during 2016-2018 period at global level. There has been increasing adoption of precision ball bearings in automotive sector owing its benefits such as high durability, corrosion resistance, high tensile strength and low maintenance cost. This further creates opportunities for the market in near future.
Geography – Segment Analysis
North America dominated the Precision Ball Bearings market with a market share of 34.15% in 2019, followed by Europe and APAC. Growing demand for high efficiency and high standard products in aerospace and automotive industries set to drive the market. Additionally, presence of large number of players and headquartered in the U.S. have been pushing the market. As North America is known for early adoption of advanced technologies, there is huge adoption of automation and robotic technologies which creates huge demand and ample of opportunities to precision ball bearings industry in this region.
Drivers – Precision Ball Bearings Market
Adoption of Precision ball bearings in robotic applications
There has increasing adoption of automation technology in various industries such as automotive, aerospace, food and beverage, medical and other industries. Increasing usage of robots in industries have create more demand for precision ball bearings. The precision and accuracy of required for robots is crucial and creating high demand for precision ball bearings for performing complex tasks. Development of thin section precision ball bearings provide high speed, improve efficiency, and offer high levels of design flexibility and reduce friction. Increasing adoption of these bearings for industrial robot applications such as human assist, medical, paint spray, pick and place, welding and others set to drive the market during the forecast period.
Adoption of advanced technologies
Adoption of advanced technologies such as artificial intelligence (AI), machine learning and others is poised to push the precision ball bearing market. Manufacturers are focusing on using these technologies for the development of advanced products and condition monitoring process for different types of bearings, which involves an artificial intelligence method. Original Equipment Manufacturers (OEM’s) are partnering with various artificial intelligence and software companies to integrate the advanced solutions with their manufacturing process and strengthen the process, thereby driving the market.
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Challenges – Precision Ball Bearings Market
Miniaturization of precision ball bearings is one of the major challenge
There has been increasing demand for miniaturized ball bearings in applications used in automotive, aerospace, electrical and marine and other industrial applications where the space is limited. Production of miniaturizing products has become major challenge for the OEMs. However, the companies are focusing on high research and development (R&D) activities for the introduction of small and ultra-small ball bearings. As miniaturized precision ball bearings present various maintenance and flexibility challenges. Regular maintenance is required in order to maintain longevity and smooth operation of these bearings. For the precision ball bearings, sizing and capacity options can be relatively limited. Additionally, increasing counterfeit products for precision ball bearing is anticipated to hamper the growth of the market.
Product launches, acquisitions, expansions and R&D activities are the key strategies adopted by players in the Precision Ball Bearings market. The market of Precision Ball Bearings top 10 companies are Schaeffler, Kaman Corporation, Cixing Group Co., Ltd, AST Bearings LLC, The Timken Company, JTEKT Corporation, GMN Paul Muller Industries GmbH & Co. Kg, Parcamor Kubar Bearings, Mechatronics, Danaher Corporation (Thomson Industries, Inc), SKF Group, and among others
In July 2019, Kaman Corporation has expanded its GRW precision bearing operations including precision ball bearings which are used in medical, aerospace and industrial applications. This expansion had made the company in expanding its product portfolio in strengthening its position at global level.
In October 2019, SK Company had acquired Presenso which is an artificial intelligence company. This acquisition is anticipated to strengthen the company’s global footprint and manufacturing capabilities of the precision ball bearings and other rotating equipment performance, thereby driving Precision Ball Bearings market share.
North America dominates the Precision Ball Bearings market in 2019 owing to high investments and adoption of advanced technologies which set to drive the market in this region.
Adoption of angular contact type bearings increase the demand for precision ball bearings due to increased adoption in high speed applications.
High usage of silicon nitride for the manufacturing of bearings has been delivering high heat resistance and the adoption of this ceramic bearings is driving the market growth.
Demand for miniaturized products which is a major challenge and with R&D activities might create opportunities for precision ball bearings, thereby driving the market in near future.
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