Marine Bearings Market Expected to Grow at CAGR of 3.1% during 2021-2026.
The marine bearings market is expected to take off to a healthy recuperation, growing at a rate of 3.1% during 2021-2026 to reach a value of US$ 5.2 billion in 2026; states Stratview Research.
Raipur, May 13, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a global market research firm announces the release of the report titled – ‘marine bearings market’ which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
What are Marine Bearings?
Bearings, also known as anti-friction components are incredibly important equipment used in a variety of motion-related applications. Marine bearings are an important part of ship's marine engine and are deployed for varied applications in the marine industry to enable rotational or linear movement while reducing friction and handling stress.
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How is the Report Helpful?
Stratview Research provides high-utility reports to help users and key decision-makers gain accurate insights into current business trends, future growth opportunities, and key success factors in the industry. There are several benefits of this report, including but not limited to –
- The report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a productive manner.
- This report helps in developing/modifying business growth strategies by leveraging reliable data.
- The report provides reliable data related to the market that refers to today’s trends and upcoming forecasts.
What are the Top Market Drivers?
The marine bearings market is mostly dependent on the organic growth of the marine industry. Port closures, low cargo demand, and the government-imposed bans associated with this unprecedented economic disaster caused huge revenue losses to industry stakeholders in 2020 and 2021.
When the shrinkage of cargo volumes turned out to be an added challenge to the structural market imbalance, the industry stakeholders adopted more discipline by cutting down on capacity and reducing costs to prioritize sustainability over the market share. As a result, the market maintained stable levels despite the reduced demand.
In addition, several governmental authorities have proposed financial provisions for the marine industry. These are among the few key factors signaling the marine bearings market to take off to a healthy recuperation.
Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
- Vessel Type – Naval & Coast Guard, Merchant Marine, Cruise & Ferry, Fishing Vessel, Yacht, Offshore, and Others.
- Bearing Type –
- Ball Bearing – Angular Contact Ball Bearing, Deep Groove Ball Bearing, and Others.
- Roller Bearing – Tapered Roller Bearing, Spherical Roller Bearing, and Others.
- Plain Bearings, and Others.
- Material Type – Metallic Bearings, Non-Metallic Bearings, and Hybrid Bearings.
- Application Type – Shaft, Rudder, Deck Equipment, and Others.
- End-User Type – OE and Aftermarket.
- Region-Wise – North America, Europe, Asia-Pacific, and the Rest of the world.
Market Insights
Based on the bearing type, Roller bearings are expected to remain the largest segment of the market during the forecast period, driven by the growing usage of tapered roller bearings across the industry for widespread applications.
Based on the material type, Metallic bearing is expected to maintain its dominant position in the market during the forecast period. The ever-present risk of corrosion in the marine industry is the biggest challenge for bearing manufacturers.
Based on Application Type, the shaft segment is projected to steer the market growth during the forecast period, owing to the pivotal role of marine shafts in transferring rotational power from the engines to the propellers, which convert them into translational motion. The Deck equipment segment which includes precision equipment like gyroscope is expected to witness significant growth during the forecast period.
Which region offers the best opportunity and growth?
Asia-Pacific is expected to be the largest and the fastest-growing market for marine bearings during the forecast period. The region has a dominant presence in the merchant marine, fishing vessel, and offshore vessel segments.
China is a dominant player in the region and it alone produces more than 90 percent of the world’s shipping containers. Although the marine-bearing supplier landscape in the region has been negatively impacted by the COVID-19 pandemic, the market is expected to recuperate gradually from 2021 onwards.
COVID-19 Impact on the market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
To know more about the covid-19 impact, and report summary, Click Here.
Who are the Top Market Players?
The supply chain of this market comprises several nodes including raw material suppliers, bearing manufacturers, container and vessel manufacturers, and end-user. Development of bearings with enhanced corrosion resistance to extend their lifespan in seawater, regional expansion, and long-term relationships with customers are the key strategies adopted by the major players to gain a competitive edge in the market.
The following are the key players in the marine bearings market.
- AB SKF
- Schaeffler Group
- Thordon Bearings Inc.
- Trelleborg AB
- The Timken Company
- Tenmat Ltd.
- CJR Propulsion Ltd.
- Emerson Bearing Co.
- Eliche Radice S.p.A.
- Waukesha Bearings Ltd.
What deliverables will you get in this report?
- In-depth analysis of the Marine Bearings market.
- Detailed market segmentation.
- Competitive-landscape analysis.
- Historical, present, and future market size analysis.
- Industry trends, technologies, and advancements.
- Growth and operation strategies adopted by key players.
- Potential segments/regions offering promising growth.
- The geographical presence of the key players.
Related reports which might be useful:
- Marine Condition Monitoring System Market Report
- All-Terrain Vehicles Market size, Trends, and Forecast.
About us –
Stratview Research is a global market research firm that offers reliable market reports, market entry strategies, strategic growth consulting, and more. The market experts compile high-quality market information to help users obtain granular level clarity on current business trends and expected future developments. Stratview Research also offers customization of the reports. Reach out to the analysts to customize the given report according to your priority/requirement.
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