Posted On: 2020-02-26
Industrial applications would drive the growth of Europe bearings market over the coming years - 6Wresearch
Bearings find application in automotive, railway & aerospace, mining & construction equipment, machinery tools, and others. However, the bearings market in Europe is expected to be driven by the growth in industrial applications only. Further, increased demand for sophisticated, high efficiency and lower maintenance bearings in industrial applications would lead to steady growth in the bearing market in Europe over the coming years.
According to 6Wresearch, Europe bearing market size is projected to grow at a CAGR of 3.4% during 2019–2025. The Automotive OEM’s and aftermarket sales are effected by the destocking in the region and the trend is likely to continue over the coming years as well. However, higher adoption of smart bearings in applications such as wind turbines, aerospace, railway and others in Europe are expected to reduce the replacement market of bearings as these bearings are capable of self-diagnosing upcoming faults and failures.
According to Shefali, Assistant Manager, 6Wresearch, “Both ball and roller bearings provide opportunities for high-quality bearing manufacturers in Europe as these bearing types are utilized in several industrial application including heavy industries, oil & gas facilities, construction equipment and others.”
According to Gurbani Kaur, Senior Research Analyst, 6Wresearch, “Innovation and digitalisation has led to an increase in the demand for bearings in industrial segment including heavy industries, railway off highways and others. The European bearings market is dominated by few major global players that have significant share and presence across several applications and regions. Some of the major players in Europe bearings market include JTEKT, SKF, NTN Corporation, Timken, NSK Global, Schaeffler Group and others.
“Europe Bearing Market (2019-2025)" report provides an in-depth analysis with 22 figures with 06 tables, covered in 200 pages. The report estimates and forecast the overall Europe bearings market by types, sales channels, applications and Countries including Germany, France, Italy and Rest of Europe. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.