Industry Background:
Needle Bearings are the smallest and lightest among all the rolling bearings. It consists of many configurations such as spoke like structure, maximum load carrying capability and others. Needle Bearings market has high growth prospects due to maximum applicable in construction industry for better power output, system downsizing thats steering the market growth. Factors such as increasing demand of precision needle rollers coupled with rising consumer spending on variety of industries for transmit torque & reduce friction which will provide a positive scope for the product penetration during the forecasted timeframe. The major companies are adding more innovative techniques in Asia-Pacific countries as these countries are focused on fastest-growing verticals for the manufacturing of automotive industries.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | JTEKT (Japan), NSK (Japan), NTN (Japan), Schaeffler AG (Germany), SKF (Sweden), C & U Group (China), NBI Bearings (Spain), Brammer (Spain), RCB Bearing (United States) and Timken (United States) |
According to AMA, the market for Needle Bearings is expected to register a CAGR of 9.2% during the forecast period to 2030. This growth is primarily driven by In the world of technology, equipment is upgrading with respect to the time period. An increasing number of construction activities boost the demand for needle bearing for the reduction of torque and friction. In addition, the company is also able to introduced construction based equipments that reduce errors, saves time & money required for the construction process..
Globally, a noticeable market trend is evident Value Oriented Consumers
The Industrials sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as JTEKT (Japan), NSK (Japan), NTN (Japan), Schaeffler AG (Germany), SKF (Sweden), C & U Group (China), NBI Bearings (Spain), Brammer (Spain), RCB Bearing (United States) and Timken (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Market players are focusing on providing Cast Resin Current Transformers with higher quality along with complying all regulatory standards to fascinate more end users. They are also focusing on the introduction of numerous advanced & attractive features to further offer qualified Cast Resin Current Transformers. The market is fragmented owing to the presence of several international and local providers. The high focus on the offering cost effective product offerings. Besides, the numerous industry profitability has led the entry of new players, in turn, increasing the level of rivalry in the already competitive market.
Key Developments in the Market:
In October 2021, Schaeffler India merged with INA Bearings India and LUK India. These mergers will strengthen the market presence and offer a full range of mobility solutions in transmissions, engines and chassis components.
In October 2020, Schaeffler India launched a locally manufactured current insulated bearing. These innovative product offers safety and lifespan of bearings for industrial markets such as wind, electric motors, railways and others. It is also beneficial for new business portfolio and raise market penetration.
Influencing Trend:
Value Oriented Consumers and Rise in Investments Projects such as Infrastructure, Mining and Others
Market Growth Drivers:
In the world of technology, equipment is upgrading with respect to the time period. An increasing number of construction activities boost the demand for needle bearing for the reduction of torque and friction. In addition, the company is also able to introduced construction based equipments that reduce errors, saves time & money required for the construction process.
Challenges:
Lack of Awareness among Customers. and Availability of Skilled Labourers
Restraints:
High Installation Cost Associated with Roller Bearings and Complex Maintenance Operations Hamper the Growth of the Market
Opportunities:
Rapid Demand for Production of High-Performance Industrial Machinery and Growing in Number of Offshore Wind Farms
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Needle Bearings Market
- Analysis about New Entrants in Needle Bearings Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Needle Bearings Study Sheds Light on
The Needle Bearings Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Needle Bearings industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Needle Bearings industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.