Global Precision Bearings Market Overview:
Precision Bearings are used when rotating components require a high amount of precision and a tight tolerance, the bearing becomes a critical component to the success of the operation. This bearing is specialized for aerospace, defense, medical, and industrial applications have led to significant growth of the global precision bearings market in the forecast period.
Growth Drivers
- In the world of technology, equipment is upgrading with respect to the time period. Increasing aerospace activities and the automobile sector in the developed and developing countries is boosting the demand for the global precision bearings market.
Roadblocks
- High Cost Associated with Precision Bearings
- Complex Maintenance Operations Hamper the Growth of the Market
Opportunities
- The rise in Rapid Demand for Production of High-Performance Industrial Machinery
Challenges
- Lack of Awareness among Customers
- Availability of Skilled Labourers
Competitive Landscape:
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are SKF (Sweden), NSK (Japan), Schaeffler AG (Germany), Nachi Europe GmbH (Germany), Timken Company (United States), Mike Davies Bearings Ltd (United Kingdom), ZYS Bearing Research Institute Co., Ltd. (China), Nomo (Sweden), Genuine Parts Company (United States) and Barden Bearings (United Kingdom). The Manufacturers having a strong hold in the market are SKF, NSK, Schaeffler AG, and Nachi Europe GmbH. Additionally, following companies can also be profiled that are part of our coverage like JTEKT (Japan), NTN (Japan), C & U Group (China), NBI Bearings (Spain), Brammer (Spain), RCB Bearing (United States) and Collective Bearings (India). Analyst at AMA Research see European Manufacturers to retain maximum share of Global Precision Bearings market by 2026. Considering Market by End Use Verticals, the sub-segment i.e. Automotive will boost the Precision Bearings market. Considering Market by Sales Channel, the sub-segment i.e. OEMs will boost the Precision Bearings market.
Latest Market Insights:
In October 2018, 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.
On 23rd January 2020, NTN is pleased to announce the addition of pre-adjusted Commercial Vehicle Wheel-End Kits to our heavy-duty product line. Combining Bower’s precision-engineered tapered roller bearing sets with a precisely-machined cone spacer, these wheel-end kits provide solutions for the heavy-duty truck industry’s most popular wheel-end applications.
What Can be Explored with the Precision Bearings Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Precision Bearings Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Precision Bearings
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Precision Bearings market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Precision Bearings market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Precision Bearings Manufacturers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Other.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.