Super Precision Bearing Market to Outstrip $ 13,100.28 Mn by 2028 Growing Sturdy at 6.9% CAGR | The Insight Partners
According to The Insight Partners research reports on Super Precision Bearing can help you gain crucial insights regarding the key drivers and opportunities.
NEW YORK, UNITED STATES, April 28, 2023 /EINPresswire.com/ -- According to our latest market study on “Super Precision Bearing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Angular Contact Ball Bearings, Cylindrical Roller Bearings, and Others) and Application (Spindles, High Speed Rolling Mills, Printing Machinery, Precision Ball Screw, Live Centers, High Speed Turbochargers, Vacuum Pumps, Automotive, Boat Gyrostabilizers, Semiconductor Industry, Textile Machinery, Medical & Dental, Measuring Machines, and Aviation & Defense),” the market is projected to grow from US$ 8,780.12 million in 2022 to US$ 13,100.28 million by 2028; it is estimated to register a CAGR of 6.9 from 2022 to 2028.
Rising Awareness Regarding Super Precision Bearing to Provide Lucrative Opportunities for Super Precision Bearing Market Growth During Forecast Period
Super precision bearings used across various industries must follow strict standards such as ISO class 4 and 02 for performance, weight, and quality. The bearing should withstand extreme loads, high pressure, and variability in temperature during the operations. These bearings provide superior mechanical properties, high strength, rigidity, enhanced safety performance, and low friction and wear. These performance characteristics influence manufacturers to adopt this super precision bearing technology in their facility, which is propelling the super precision bearing market growth.
Manufacturers are becoming aware of the key benefits of installing super precision bearings to boost operational performance in their facility. FutureSwiss provides iSpeed3 Series sensor less motors developed with super precision hybrid ceramic bearings. The bearings are used for these motors to increase their spindle life. In addition, Niigata Machine Techno USA Inc. launched HN800-V horizontal machining center (HMC) in March 2022. They used seven sets of wide-spaced, super precision angular contact and roller bearings to achieve extreme precision performance. Moreover, super precision bearing manufacturers are providing the bearing solution to marine gyroscope manufacturers for improved performance by decreasing friction and noise. Further, manufacturers are building small robots to work in compact spaces. They are increasingly concerned about boosting production in compact spaces and adapting robot technologies to boost precision and accuracy in operations. These robot applications are highly dependent on high-precision bearings, such as super precision bearings in rotatory joints. Thus, rising awareness regarding the use of super precision bearings in various applications such as gyroscopes will boost its demand and create an opportunity for the super precision bearing market in the coming years.
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Companies Profiled in this report includes: SKF AB, Schaeffler AG, JTEKT Corp, The Timken Co, Austin Engineering Co Ltd, NSK Ltd, Nachi-Fujikoshi Corp, NTN-SNR Roulements SA, Luoyang Huigong Bearing Technology Co Ltd, and RBC Bearings Inc
Super Precision Bearing Market: Industry Overview
The super precision bearing market is segmented based on type, application, and geography. Based on type, the market is segmented into angular contact ball bearings, cylindrical roller bearings, and others. Based on application, the market is divided into spindles, high speed rolling mills, printing machinery, precision ball screw, live centers, high speed turbochargers, vacuum pumps, automotive, boat gyrostabilizers, semiconductor industry, textile machinery, medical & dental, measuring machines, and aviation & defense. By geography, the super precision bearing market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The super precision bearing market in Asia Pacific is projected to witness significant growth from 2022 to 2028. Based on country, the APAC super precision bearing market is segmented into Australia, China, India, Japan, South Korea, Taiwan, and the Rest of APAC. The growth of the super precision bearings market in Asia Pacific is attributed to the growing presence of many aircraft manufacturers and increasing initiatives by the government for the manufacturing of aircraft. In December 2022, the Indian government approved the allotment of 50 acres of land to Tata Advanced System Limited (TASL) for setting the final assembly line and MRO for 19-seater turboprop aircraft manufacturing. Further, according to the Trading Economics report in January 2023, the total auto sales in China will increase by 3% Y-O-Y to reach 27.6 million, and NEVs sales will surge by 35% to reach 9 million by the end of 2023. Thus, the increasing sales requires the production of these automobiles that use super precision bearings. Moreover, in February 2022, Boeing's Defense, Space & Security segment announced its plan to generate ~US$ 70 billion in revenue from sales to militaries in Asia Pacific over the next five years.
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Super Precision Bearing Market: Competitive Landscape and Key Developments
SKF AB, Schaeffler AG, JTEKT Corp, The Timken Co, Austin Engineering Co Ltd, NSK Ltd, Nachi-Fujikoshi Corp, NTN-SNR Roulements SA, Luoyang Huigong Bearing Technology Co Ltd, and RBC Bearings Inc are among the leading players profiled in the super precision bearing market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments are mentioned below:
In 2022, NSK and Cyfuse Biomedical agreed to collaborate in developing new technologies for regenerative medicine and cellular therapy products.
In 2022, the Italian company of NTN Group launched PROFTEC, an integrated people development approach that enables the global bearing producer to identify and grow the technical resources needed to succeed in its future challenges.
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