LONDON--(BUSINESS WIRE)--The global bearings market is set for steady growth over the next five years according to analysts at Infiniti Research. The growth of the market is being driven mainly by two segments; the construction industry and the food and beverage industry.
“The construction segment is the larger of the two because the construction equipment industry is larger than food processing industry. This is also evident in the comparative sizes of the bearings market for construction and food processing segments,” says Infiniti Research. In their latest study, Infiniti Research notes the bearings market in the construction segment will reach USD 6.25 million in revenue in 2022, up from USD 3.65 million in 2016.
Despite being the smaller segment, the global bearings market in the food and beverage segment is growing at a similar pace. Between 2016-2022, the bearings market in food and beverage is expected to grow at a CAGR of 6.5%, slightly slower than the construction segment which is growing at a CAGR of 7.1% during the same duration.
What’s Driving Market Growth?
Infiniti Research industrial and manufacturing analysts highlight the following factors that are contributing to the growth of the global bearings market in the construction and food and beverage segments for the forecast period 2017-2022:
Global Bearings Market for Construction Equipment
- Emerging markets with infrastructure needs continue to accelerate the growth of construction equipment manufacturing, which in-turn drives the bearing market in construction segment
- Manufacturers are introducing new products designed to meet the requirements of the construction industry, for example, bearings that have high load capacity and can operate continuously for 24X7
- Emerging technologies such as IC tagged bearings that record and relay operation data and simplify periodic inspection of vehicles are also driving the market growth
Global Bearings Market for Food and Beverages
- Growth in the end-user industry is expected to be stable and provide a consistent revenue stream for bearing manufacturers
- Introduction of new line of products specific to the food and beverage processing industry are creating new markets
- Development of value added services such as on-line systems to report the condition of bearings are also generating growth opportunities
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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.