Report : Asia Pacific Vacuum Bearings Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Cylindrical Roller Bearings, Tapered Roller Bearings, Spherical Roller Bearings, Thrust Roller Bearings, and Needle Roller Bearings), Application (Automotive, Manufacturing & Construction, Energy & Power, Mining, Aerospace & Defense, and Others), and Material (Silicon, Stainless Steel, Hybrid, and Others)
At 7.7% CAGR, the Asia Pacific Vacuum Bearings Market is speculated to be worth US$ 8,041.30 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC vacuum bearings market was valued at US$ 5,124.21 million in 2022 and is expected to reach US$ 8,041.30 million by 2028, registering an annual growth rate of 7.7% from 2022 to 2028. Expanding growth of APAC space sector and benefits of vacuum bearings.
The faster pace of advancements in the urban air mobility sector has been increasing expectations for the wide-scale commercialization of flying cars to reduce overcrowding in urban areas and ease access to mountainous areas and remote islands. Requirement for unmanned drones is also anticipated in aerial photography and surveillance, disaster rescue, agriculture, light cargo transport, and hobby applications. For instance, in November 2020, NSK announced the development of a motor hub with an adjustable-pitch propeller mechanism at the Flying Car Technology Expo, which helps in the rotation of the propeller and modifies the tilt of the blades to change the course of propulsive force and lift for flying cars. Also, the motor hub with an adjustable-pitch propeller mechanism utilizes bearings and ball screws produced by NSK company. Thus, numerous technological advancements are now permitting the production of highly advanced specialized vacuum bearings. Additionally, sensor units can now be assimilated into bearings; these bearings are aptly mentioned as smart bearings. Therefore, the rise in technological advancement in vacuum bearings will create future demand for vacuum bearings. This is expected to drive the market during the forecast period.
On the contrary, conflicting raw material prices and high maintenance cost hurdles the growth of APAC vacuum bearings market.
Based on product type, the APAC vacuum bearings market is divided into cylindrical roller bearings, tapered roller bearings, spherical roller bearings, thrust roller bearings, and needle roller bearings. The cylindrical roller bearings vacuum bearings segment held 32.5% market share in 2022, amassing US$ 1,663.27 million. It is projected to garner US$ 2,730.51 million by 2028 to expand at 8.6% CAGR during 2022–2028.
Based on application, the APAC vacuum bearings market is categorized into automotive, manufacturing & construction, energy & power, mining, aerospace & defense, and others. The energy & power segment held 27.4% market share in 2022, amassing US$ 1,402.75 million. It is projected to garner US$ 2,266.03 million by 2028 to expand at 8.3% CAGR during 2022–2028.
Based on material, the APAC vacuum bearings market is categorized into silicon, stainless steel, hybrid, and others. The stainless-steel segment held 49.5% market share in 2022, amassing US$ 2,535.47 million. It is projected to garner US$ 3,864.54 million by 2028 to expand at 7.3% CAGR during 2022–2028.
Based on country, the APAC vacuum bearings market has been categorized into the Australia, China, India, Japan, South Korea, and Rest APAC. Our regional analysis states that China captured 62.5% market share in 2022. It was assessed at US$ 3,202.63 million in 2022 and is likely to hit US$ 4,936.30 million by 2028, exhibiting a CAGR of 7.5% during the forecast period.
Key players dominating the APAC vacuum bearings market are HepcoMotion; NSK Ltd; Schaeffler Technologies AG & Co. KG; THE TIMKEN COMPANY; TPA Motion, LLC; GMN Paul Muller Industrie GmbH & Co. KG; JTEKT APAC Bearings B.V; UNASIS; and SKF, among others.
- In Jan 2022, Schaeffler and technology company PTC establish a strategic partnership.
- In April 2022, Timken to Acquire Spinea, Increasing Robotics and Automation Offerings in Attractive and Growing End Markets.
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