Precision Ball Bearings Market - Forecast(2023 - 2028)

Report Code: AIR 0275 Report Format: PDF + Excel

Precision Ball Bearings Market Overview

Precision Ball Bearings Market size was valued at $10.9 billion in 2020 and it is estimated to grow at a CAGR of 5.1% during the forecast period 2021-2026. Bearings are highly engineered mechanical components which helps the machine to move in desired directions with extreme speed and low friction. With the help of these bearings, a machine can carry heavy loads with ease and high efficiency. Ceramic Bearings have wide range of applications in both mechanical and electrical equipment such as automobiles, ceiling fans, refrigerators and many other products. Among all, asymmetry ball bearings are the commonly used bearings. These silicon nitride based bearings are designed to minimize rotational friction and carry radial and axial loads. Increasing industrial machinery and automation technologies need precision ball bearings for better performance and work output. In addition to these, increasing vehicle production and symmetry nature of angular contact bearings attract end users thereby creating further opportunities for precision ball bearing industry during the forecast period. 

Precision Ball Bearings Market Report Coverage

The report: “Precision Ball Bearings Market Report– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Precision Ball Bearings Market

By Type: Deep Groove, Angular Contact and Others
By Tolerance: Precision, High Precision
By Load: Radial, Axial
By Industry Vertical: Automotive, Aerospace, Power and Energy, Oil and Gas and Others
By Industry Vertical: Engine, Transmission, Gearbox, Actuation, Auxiliary Power, Measurement and Navigation System, Air Handling Unit, Airframe and Others
By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa)

Key Takeaways

  • North America dominates the Precision Ball Bearings Market in 2020 owing to high investments and adoption of advanced technologies which set to drive the market in this region. 
  • Adoption of angular contact type bearings increase the demand for precision ball bearings due to increased adoption in high-speed applications.
  • High usage of silicon nitride for the manufacturing of bearings has been delivering high heat resistance and the adoption of this ceramic bearings is driving the market growth.
  • Demand for miniaturized products which is a major challenge and with R&D activities might create opportunities for precision ball bearings, thereby driving the market in near future.

Precision Ball Bearings Market, By Region, 2020

Precision Ball Bearings Market

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Precision Ball Bearings Market Segment Analysis – By Product

Angular contact precision ball bearing held the major share 31.8% in 2020 of Precision Ball Bearings Market. These bearings have much higher speed than radial ball bearings due to the continuous contact of the balls to both raceways. There has been increasing demand for angular contact bearing as it provides more precise angle because both radial and axial loads that are transferred from one ring to another ring via balls along a precise contact angle. These can be used in high speed applications such as electric motors, pumps, gear boxes, clutches and others. With these factors, there is huge adoption of angular contact ball bearing which push the market.

Precision Ball Bearings Market Segment Analysis – By Application

Automotive has been the primary application for Precision Ball Bearings Market and is expected to grow at a CAGR of 5.6% during forecast period 2021-2026 despite the short term impact of Covid-19. In automotive sector, adoption of precision ball bearings has been increasing rapidly with increasing number of product and sales of vehicles. According to International Organization of Motor Vehicle Manufacturers (OICA), commercial vehicle production has been increased from 22.87 million units to 25.6 million during 2016-2019 period at global level before a significant decline due to Covid-19. There has been increasing adoption of precision ball bearings in automotive sector owing to its benefits such as high durability, corrosion resistance, high tensile strength and low maintenance cost. This further creates opportunities for the market in near future. 

Precision Ball Bearings Market Segment Analysis – By Geography

North America dominated the Precision Ball Bearings Market with a market share of 34.7% in 2020, followed by Europe and APAC. Growing demand for high efficiency and high standard products in aerospace and automotive industries set to drive the market. Additionally, the presence of large number of players and headquartered in the U.S. have been pushing the market. As North America is known for early adoption of advanced technologies, there is huge adoption of automation and robotic technologies which creates huge demand and ample of opportunities to precision ball bearings industry in this region.

Precision Ball Bearings Market Drivers

Adoption of Precision ball bearings in robotic applications

There has increasing adoption of automation technology in various industries such as automotive, aerospace, food and beverage, medical and other industries. Increasing usage of robots in industries have create more demand for precision ball bearings. The precision and accuracy of required for robots is crucial and creating high demand for precision ball bearings for performing complex tasks. Development of thin section precision ball bearings provide high speed, improve efficiency, and offer high levels of design flexibility and reduce friction. Increasing adoption of these bearings for industrial robot applications such as human assist, medical, paint spray, pick and place, welding and others set to drive the market during the forecast period. 

Adoption of advanced technologies

Adoption of advanced technologies such as artificial intelligence (AI), machine learning and others is poised to push the precision ball bearing market. Manufacturers are focusing on using these technologies for the development of advanced products and condition monitoring process for different types of bearings, which involves an artificial intelligence method. Original Equipment Manufacturers (OEM’s) are partnering with various artificial intelligence and software companies to integrate the advanced solutions with their manufacturing process and strengthen the process, thereby driving the market.

Precision Ball Bearings Market Challenges

Miniaturization of precision ball bearings is one of the major challenge

There has been increasing demand for miniaturized ball bearings in applications used in automotive, aerospace, electrical and marine and other industrial applications where the space is limited. Production of miniaturizing products has become major challenge for the OEMs. However, the companies are focusing on high research and development (R&D) activities for the introduction of small and ultra-small ball bearings. As miniaturized precision ball bearings present various maintenance and flexibility challenges. Regular maintenance is required in order to maintain longevity and smooth operation of these bearings. For the precision ball bearings, sizing and capacity options can be relatively limited. Additionally, increasing counterfeit products for precision ball bearing is anticipated to hamper the growth of the market.

Precision Ball Bearings Market Landscape

Product launches, acquisitions, expansions and R&D activities are the key strategies adopted by players in the Precision Ball Bearings Market. The market of Precision Ball Bearings top 10 companies are Schaeffler, Kaman Corporation, Cixing Group Co., Ltd, AST Bearings LLC, The Timken Company, JTEKT Corporation, GMN Paul Muller Industries GmbH & Co. Kg, Parcamor Kubar Bearings, Mechatronics, Danaher Corporation (Thomson Industries, Inc), SKF Group,  and among others

Acquisitions/Technology Launches

  • In July 2019, Kaman Corporation has expanded its GRW precision bearing operations including precision ball bearings which are used in medical, aerospace and industrial applications. This expansion had made the company in expanding its product portfolio in strengthening its position at global level. 
  • In October 2019, SK Company had acquired Presenso which is an artificial intelligence company.  This acquisition is anticipated to strengthen the company's global footprint and manufacturing capabilities of the precision ball bearings and other rotating equipment performance, thereby driving Precision Ball Bearings Market share. 

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1. Precision Ball Bearings Market Overview
2. Precision Ball Bearings Executive Summary
3. Precision Ball Bearings– Market Landscape
    3.1 Market Share Analysis
    3.2 Comparative Analysis
    3.3 Product Benchmarking
    3.4 End user profiling
    3.5 Top 5 Financials Analysis
4. Precision Ball Bearings– Market Forces
    4.1 Market Drivers
    4.2 Market Constraints
    4.3 Market Challenges
    4.4 Attractiveness of the Industry
        4.4.1 Power of Suppliers
        4.4.2 Power of Customers
        4.4.3 Threat of New entrants
        4.4.4 Threat of Substitution
        4.4.5 Degree of Competition
5. Precision Ball Bearings- Market Strategic Analysis
    5.1 Value Chain Analysis
    5.2 Pricing Analysis
    5.3 Opportunities Analysis
    5.4 Product/Market Life Cycle Analysis
6. Precision Ball Bearings Market– By Type
    6.1 Deep Groove
        6.1.1 Single Row
        6.1.2 Double Row
    6.2 Angular Contact
        6.2.1 Single Row
        6.2.2 Double Row
    6.3 Others
7. Precision Ball Bearings Market– By Load
    7.1 Radial
    7.2 Thrust (Axial)
8. Precision Ball Bearings Market– By Tolerance
    8.1 Precision Bearing (ABEC 1 and ABEC 3)
    8.2 High-Precision Bearing (ABEC 5, ABEC 7 and ABEC 9)
9. Precision Ball Bearings Market– By Application
    9.1 Engine
    9.2 Transmission
    9.3 Gearbox
    9.4 Airframe
    9.5 Actuation
    9.6 Auxillary Power and Generators
    9.7 Air Handling Unit and Pump
    9.8 Measurement and Navigation System
    9.9 Others
10. Precision Ball Bearings Market– By End Use
    10.1 Power and Energy
    10.2 Automotive
    10.3 Aerospace
    10.4 Oil and Gas
    10.5 Others
11. Precision Ball Bearings Market – By Geography
    11.1. Europe
        11.1.1 Germany
        11.1.2 France
        11.1.3 U.K
        11.1.4 Italy
        11.1.5 Spain
        11.1.6 Russia
        11.1.7 Benelux
        11.1.8 Ireland
        11.1.9 Others
    11.2 North America
        11.2.1 U.S
        11.2.2 Canada
        11.2.3 Mexico
    11.3. South America
        11.3.1 Brazil
        11.3.2 Argentina
        11.3.3 Chile
        11.3.4 Others
    11.4. APAC
        11.4.1 China
        11.4.2 Japan
        11.4.3 India
        11.4.4 South Korea
        11.4.5 Australia and New Zealand
        11.4.6 Singapore
        11.4.7 Others
    11.5 Rest of the World (RoW)
        11.5.1 Middle East
        11.5.2 Africa
12. Precision Ball Bearings Market Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Company Profiles (Overview, Financials, SWOT Analysis, Developments, Product Portfolio)
    13.1 Schaffler (Barden)
    13.2 Kaman Aerospace (Kamatics, GRW)
    13.3 Cixing Group (CW Bearings)
    13.4 AST Bearings (AST)
    13.5 Timken Company (Timken, MPB, Fafnir)
    13.6 JTEKT Corp. (Koyo Bearings)
    13.7 GMN Bearings
    13.8 Pacamor Kubar Bearings (PKB)
    13.9 Mechatronics (National Precision Bearings)
    13.10 Schatz Bearing Corp. (Schatz)