Report : Europe Super Precision Bearing Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type ( Angular Contact Ball Bearings, Cylindrical Roller Bearings, and Others ) and Application ( Spindles, High Speed Rolling Mills, Printing Machinery, Precision Ball Screw, Live Centers, High Speed Turbochargers, Vacuum Pumps, Automotive, Boat Gyrostabilizers, Semiconductor Industry, Textile Machinery, Medical & Dental, Measuring Machines, and Aviation & Defense)
At 6.1% CAGR, the Europe Super Precision Bearing Market is speculated to be worth US$ 2,722.71 million by 2028, says Business Market Insights
According to Business Market Insights research, the Europe super precision bearing market was valued at US$ 1,903.38 million in 2022 and is expected to reach US$ 2,722.71 million by 2028, registering a CAGR of 6.1% from 2022 to 2028. Increasing demand from aerospace industry are the critical factors attributed to the Europe super precision bearing market expansion.
According to Textile Excellence, in May 2022, the onset of the COVID-19 pandemic led to an increase in the demand for special-purpose textiles for the medical & personal protective equipment sectors. Manufacturers of Italian textile machinery experienced growth in their sales in 2021. The exports of this machinery that produce nonwovens increased by 76% in 2019 and 85% in 2020. In addition, in June 2022, a leading trade fair for the technical & innovative textile sector was conducted in Frankfurt (Germany) for textile machinery manufacturers. This exhibition aimed to showcase the Italian machinery that can be used in different application fields of technical textiles. Such machinery requires super precision bearings to improve its efficiency, which is propelling the need for super precision bearing in textile machinery. This is expected to drive the market growth over the forecast period.
On the contrary, growing fluctuations in prices of raw materials hampers the Europe super precision bearing market.
Based on type, the Europe super precision bearing market is segmented into angular contact ball bearings, cylindrical roller bearings, and others. The angular contact ball bearings segment held 59.2% share of Europe super precision bearing market in 2022, amassing US$ 1,127.11 million. It is projected to garner US$ 1,628.12 million by 2028 to expand at 6.3% CAGR during 2022–2028.
Based on application, the Europe super precision bearing market is segmented into spindles, high speed rolling mills, printing machinery, precision ball screw, live centers, high speed turbochargers, vacuum pumps, automotive, boat gyrostabilizers, semiconductor industry, textile machinery, medical & dental, measuring machines, and aviation & defense. The spindles segment held 33.9% share of Europe super precision bearing market in 2022, amassing US$ 645.49 million. It is projected to garner US$ 903.11 million by 2028 to expand at 5.8% CAGR during 2022–2028.
Based on country, the Europe super precision bearing market has been categorized into France, Germany, the UK, Italy, Spain, Austria, Poland, Switzerland, Czech, Russia, the Rest of Europe. Our regional analysis states that Germany captured 24.5% share of Europe super precision bearing market in 2022. It was assessed at US$ 465.43 million in 2022 and is likely to hit US$ 681.92 million by 2028, exhibiting a CAGR of 6.6% during the forecast period.
Key players dominating the Europe super precision bearing market are JTEKT Corp; Nachi-Fujikoshi Corp; NSK Ltd; NTN-SNR Roulements SA; Schaeffler AG; SKF AB; The Timken Co, among others.
- 2023, NSK and Cyfuse Biomedical have agreed to collaborate in developing new technologies for regenerative medicine and cellular therapy products.
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