Report : North America 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 7.2% CAGR, the North America Vacuum Bearings Market is speculated to be worth US$ 3,373.64 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America vacuum bearings market was valued at US$ 2,225.10 million in 2022 and is expected to reach US$ 3,373.64 million by 2028, registering an annual growth rate of 7.2% from 2022 to 2028. Rising growth of North America space sector and benefits of vacuum bearings.
Increasing funding in the space sector will likely witness increased opportunities, primarily in satellite broadband internet access. For instance, In May 2020, space investments stayed resilient at US$ 25.6 billion, and the impetus for investments had to continue solid in 2021. Space launch facilities recorded strong progress in 2021, with the market forecast to expand more than 15.7% year-over-year (Y-o-Y). Space exploration continued to evolve and flourish in 2021 due to diminishing launch costs and innovations in technology. Over the long term, prices are expected to continue dropping with companies deploying more satellites in the space ecosystem. For instance, in January 2021, more than 1,000 Starlink satellites were launched into orbit by SpaceX, and the company targets to further launch 4,425 satellites in orbit by 2024. Its launch costs decline because of reusable rockets and the mass production of satellites. The launch costs for satellites, which have already dropped from US$ 200 million in the past decade to about US$ 60 million presently, have the potential to decrease further to as low as US$ 5 million. Moreover, the launch of the Space Force in December 2019 influenced and propelled public-sector investments in 2021. Further, the US Space Command, which supervises space operations using personnel and assets managed by the Space Force, is expected to support aerospace & defense companies in fast-tracking investments in innovative technologies and capabilities, supporting the use of vacuum bearings. This is expected to drive the market during the forecast period.
On the contrary, fluctuating raw material prices and high maintenance cost hurdles the growth of North America vacuum bearings market.
Based on product type, the North America 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 32.6% market share in 2022, amassing US$ 725.80 million. It is projected to garner US$ 1,067.17 million by 2028 to expand at 6.6% CAGR during 2022–2028.
Based on application, the North America vacuum bearings market is categorized into automotive, manufacturing & construction, energy & power, mining, aerospace & defense, and others. The energy & power segment held 31.6% market share in 2022, amassing US$ 703.50 million. It is projected to garner US$ 1,098.79 million by 2028 to expand at 7.7% CAGR during 2022–2028.
Based on material, the North America vacuum bearings market is categorized into silicon, stainless steel, hybrid, and others. The stainless-steel segment held 40.9% market share in 2022, amassing US$ 910.51 million. It is projected to garner US$ 1,430.67 million by 2028 to expand at 7.8% CAGR during 2022–2028.
Based on country, the North America vacuum bearings market has been categorized into the US, Canada, and Mexico. Our regional analysis states that US captured 52.0% market share in 2022. It was assessed at US$ 1,157.05 million in 2022 and is likely to hit US$ 1,818.64 million by 2028, exhibiting a CAGR of 7.8% during the forecast period.
Key players dominating the North America vacuum bearings market are HepcoMotion; NSK Ltd; Schaeffler Technologies AG & Co. KG; THE TIMKEN COMPANY; Bunting Bearings, LLC; TPA Motion, LLC; GMN Paul Muller Industrie GmbH & Co. KG; JTEKT Europe Bearings B.V; UNASIS; and SKF, among others.
- In Jan 2022, HepcoMotion Opens New Stockholding Factory in Netherlands.
- In Dec 2021, NSK Launches Lineup of Bearings with World's First Bioplastic Cage.
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