At 5.5% CAGR, Europe Plain Bearings Market is Projected to be Worth US$ 3,552.74 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Europe plain bearings market was valued at US$ 2,311.74 million in 2023 and is expected to reach US$ 3,552.74 million by 2031, registering a CAGR of 5.5% from 2023 to 2031. Emergence of innovative eco-friendly plain bearings and increasing investments in infrastructure development projects in energy & power sector are among the critical factors attributed to drive the Europe plain bearings market growth.

Plain bearings are used in infrastructure developments such as dams, rolling stock, water gates, hydropower, and wind power projects. A wind turbine consists of several bearings, including plain bearings, that provide relative movement between several adjacent parts. Plain bearing offers a low-friction manner and offer higher efficiency. According to the International Energy Agency Report in 2023, nearly US$ 2.8 trillion was invested in the energy sector in 2023. Of these, over US$ 1.7 trillion was invested in clean energy development projects, including renewable power, wind energy, grids, storage management, low-emission fuels, and efficiency improvements for electrification. Such rising investment in the energy sector across the world can create lucrative opportunities for the plain-bearing market growth during the forecast period.

Following Chart Shows Annual Clean Energy Investment by Major Countries/Regions:

On the contrary, the fluctuating raw material prices hampers the growth of Europe plain bearings market.

Based on product type, the Europe plain bearings market is segmented into spherical bearings, rod ends, and bushings. The spherical bearings segment held 52.0% market share in 2023, amassing US$ 1,202.82 million. It is projected to garner US$ 1,886.26 million by 2031 to register 5.8% CAGR during 2023–2031.

In terms of application, the Europe plain bearings market is segmented into agriculture, construction, industrial vehicles, automotive and transportation, aerospace and defense, energy and power, and others. The automotive and transportation segment held 25.4% share of Europe plain bearings market in 2023, amassing US$ 587.36 million. It is anticipated to garner US$ 941.97 million by 2031 to expand at 6.1% CAGR during 2023–2031.

Based on country, the Europe plain bearings market is categorized into Germany, France, Italy, Spain, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 25.5% share of Europe plain bearings market in 2023. It was assessed at US$ 588.94 million in 2023 and is likely to hit US$ 873.97 million by 2031, registering a CAGR of 5.1% during 2023–2031.

Key players operating in the Europe plain bearings market are Rheinmetall AG, RBC Bearings Incorporated, The Timken Co, NTN Corp, IKO International, Inc., SKF AB, and Regal Rexnord Corp, among others.

• In June 2022, RBC Bearings Incorporated (Nasdaq: ROLL, ROLLP), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today announced it has received recognition from The Boeing Company (NYSE: BA) as one of its top suppliers at the company’s 2022 Supplier of the Year event in Los Angeles.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com