2020 Bearing Market Outlook And Industry Report [Quick]

Bearings are key mechanical parts in the manufacturing industry chain. It can not only reduce friction but also support the load, transmit power, and maintain positioning, thereby promoting the efficient operation of equipment. The global bearing market is about 40 billion U.S. dollars and is expected to reach 53 billion U.S. dollars by 2026, with a compound annual growth rate of 3.6%. 

In industry (especially automotive and aerospace), the trend of "integrated bearings" is increasing. People develop this type of bearing to minimize the number of bearing components in the final assembled product. Therefore, the use of "integrated bearings" reduces equipment costs and increases reliability. It provides easier installation and prolongs service life. The demand for "application-specific solutions" is increasing significantly worldwide. 

The bearing industry is turning to the development of new special bearings. Therefore, bearing suppliers provide professional customized bearings to meet the special requirements of agricultural machinery, automotive turbochargers and other applications. 

Bearing designers use sophisticated simulation software tools to better match the bearing design with actual operating conditions. Nowadays, the computer and analysis codes used in bearing design and analysis have reasonable engineering certainty. It can predict bearing performance, life and reliability. As people place higher demands on existing assets in terms of increasing output and increasing efficiency, it becomes more and more important to understand when problems start to occur.

Bearing condition monitoring can dynamically monitor various equipment parameters, helping to detect failures before catastrophic failures occur. Bearing OEMs continue to develop “smart bearings” with sensing functions. This technology enables the bearing to continuously transmit its operating status through internally powered sensors and data acquisition electronics.

Even under harsh working conditions, advanced bearing materials extend the life of the bearing. The bearing industry currently uses materials that were not easily available a few years ago, such as hard coatings, ceramics and new special steels. These materials can greatly improve performance and efficiency. In some cases, special bearing materials enable heavy equipment to operate effectively without lubricants. 

These materials and specific heat treatment conditions and geometric structures can handle extreme temperatures and processing conditions, such as particle contamination and extreme loads.

As the global bearing industry responds to emission regulatory requirements and safety standards. R&D expenditure seems to be a strategic decision to lead the market.