NEWARK, Del, Sept. 12, 2023 (GLOBE NEWSWIRE) — According to a Future Market Insights (FMI) report, the global sliding bearing market size reached US$ 952.8 Million in 2022. The revenue generated by sliding bearings sales will likely hit US$ 1051.9 Million in 2023. Demand is poised to soar at 8.7% CAGR from 2023 to 2033. Sales are anticipated to transcend at US$ 2420.0 Million by 2033.
Heating, ventilation, and air conditioning (HVAC) systems consume significant energy in buildings. Using energy-efficient sliding bearings in these systems can lead to substantial energy savings. Infrastructure projects such as high-speed railways and smart cities often require advanced sliding bearings for efficient and reliable transportation and construction equipment.
Government regulations and industry standards are increasingly emphasizing energy efficiency. This drives manufacturers and end-users to adopt energy-efficient bearing solutions. Growing awareness of environmental sustainability and the need to reduce energy consumption encourages businesses and consumers.
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Advanced sliding bearings are used to invest in products and technologies that contribute to energy efficiency. As developing economies industrialize and urbanize, there is a growing demand for energy-efficient machinery and equipment. This is ultimately expected to boost the sliding bearing market in these regions.
The aerospace and defense sectors often demand sliding bearings with advanced materials due to their lightweight and high-strength properties. Reduced weight and high durability improve performance in aircraft, missiles, and military vehicles. Adopting new technologies, like 3D printing and nanotechnology, can facilitate the production of sliding bearings with advanced materials. This results in a potential reduction of manufacturing costs and drives growing demand.
Industries that require high-performance machinery may seek a competitive edge by using advanced materials in sliding bearings. This drives sales among industries where performance is critical. As emerging economies industrialize and modernize, they require sliding bearings with advanced materials. Such developments are anticipated to help meet high quality and performance standards, contributing to growing demand from these industries.
Key Takeaways from the Sliding Bearing Market:
- The global sliding bearing market is expected to witness a CAGR of 8.7% between 2023 and 2033.
- In terms of material, the metallic division is expected to expand at a CAGR of 8.5% between 2023 and 2033.
- By bearing type, the radial segment is anticipated to exhibit an 8.3% CAGR through the end of the projected period.
- The United Kingdom is set to be worth US$ 101.1 Million by 2033.
- Japan will likely dominate the market with a CAGR of 9.4% throughout the projected period.
“Soaring demand for advanced material will likely drive demand in the sliding bearing market by 2033. Key manufacturers are expanding their product portfolios to offer a wide range of sliding bearings for various applications and industries. Lightweight and highly durable sliding bearings are expected to remain high in demand from crucial sectors like automotive and aerospace through 2033.” – says a lead Future Market Insights (FMI) analyst.
Staying updated with industry trends such as Industry 4.0, automation, and IoT integration can be important for manufacturers to meet evolving customer requirements. They offer customized solutions to meet specific customer requirements, which can be a valuable strategy to secure high-value contracts.
Recent developments in the Sliding Bearing Market:
- Canam Group is an expert in creating and manufacturing metal parts in the North American building industry. The company works in the construction, structural steel, and bridge industries.
- Cosmec Inc. (Cosmec) is a structural bearings designer and manufacturer supplying the transportation infrastructure sector. Cosmec provides design and engineering services for fabricators, primary contractors, state agencies of transportation, and engineering consulting companies, along with producing structural bearings.
Key Players Profiled:
- AST Bearings LLC
- Brammer Plc
- Canam Group, Inc
- Cosmec, Inc
- Ekspan Ltd
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More Insights into the Sliding Bearing Market Report:
In its latest report, Future Market Insights (FMI) offers an unbiased global sliding bearing market analysis, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033.
To understand the global market potential, growth, and scope, the market is segmented based on the material (metallic and non-metallic), bearing type (radial, linear, thrust, angular contact, and temporal), application (engine, brakes, bogie, interior, and exterior) across different regions.
Market Segmentation Analysis:
By Bearing Type:
- Angular Contact
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About FMI – Industrial Automation:
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We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
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