LONDON--(BUSINESS WIRE)--The global bearings market is expected to witness significant growth over the next five years according to the latest market intelligence study from Infiniti Research. Two segments in particular, being the construction and food and beverage segments, are driving the growth of the global bearings market.
According to Infiniti’s manufacturing research analysts, “In 2016, the combined market size for bearings in the construction and food and beverage segments is growing at an average CAGR of 9.1% in terms of revenue and 6.8% in terms of volume.”
“In terms of global market size, the construction equipment industry is larger than food processing industry. This is also evident in the comparative sizes of bearings market for construction and food processing segments,” added Infiniti Research. Bearing revenue and volume for construction is expected to grow at a higher rate compared to the food and beverages segment due to the faster paced growth of the global construction equipment industry.
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Infiniti Research’s manufacturing analysts highlight the following key findings for the construction and food and beverage segments of the global bearings industry for the forecast period 2017-2022:
Bearing Market in the Construction Industry
- Revenue for this segment is growing at a CAGR of 9.3% through 2022.
- By application, earth moving equipment contributes the highest share in the bearing market for the construction equipment industry, worth USD 1.34 billion in 2016.
- Excavations and mining is the second largest segment, valued at USD 853 million in 2016.
Bearing Market in the Food and Beverage Industry
- Revenue for this segment is growing at a CAGR of 8.8% through 2022.
- The food and beverage segment is highly regulated by the HACCP program for reducing the risk of safety hazards in foods.
- The highest share of bearings by application for food and beverage is contributed by the beverage bottling industry with a revenue of USD 318.2 million in 2016.
Top 10 Vendors
- Schaeffler Group
- JTEKT Corp.
- LYC Bearing Corp.
- Nachi Fujikoshi Corp.
- C&U Group
- SKF AB
- NSK Ltd.
- NTN Corp.
- Minebea Mitsumi Inc
- Harbin bearing Group Co.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
With 14 years of experience and offices across three continents, Infiniti Research has been instrumental in providing a complete range of competitive intelligence, strategy, and research services for over 550 companies across the globe.