Report : South & Central America Low Temperature Bearing Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Cryogenic Bearings, Plain Bearings, Rolling Element Bearing, Jewel Bearing, and Others), Material (Stainless Steel, Ceramic, Bearing Steel, and Others), and Application (Aerospace, Pharmaceutical, Manufacturing, and Others)
At 5.1% CAGR, the South & Central America Low Temperature Bearing Market is speculated to be worth US$ 26.48 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America low temperature bearing market was valued at US$ 18.99 million in 2021 and is expected to reach US$ 26.48 million by 2028, registering an annual growth rate of 5.1% from 2021 to 2028. Emergence of self-lubricating deep groove ball bearings and strengthening demand for low temperature bearings across entire LNG (liquified natural gas) value chain.
A growing number of projects are pushing hydrogen as an energy source. Special submersible pumps are frequently used in these projects, which can reliably pump gaseous and liquid media in continuous or intermittent operation at temperatures as low as -200°C. The double bearing of the pump shaft is a significant design element in such pumps. Corrosion resistance is critical, and no other lubricant than the medium washing around the bearing can be utilized. On the other hand, this tribology is unfavorable since it lays high demands on the material pairing. Furthermore, the bearings must have a long service life even at low temperatures. NSK has designed a variety of deep groove ball bearings expressly for these extreme operating circumstances, with several critical design features that set them apart from standard pump bearings. The inner and outer rings, for example, are constructed of stainless steel designed specifically for rolling bearings. The rolling components (also composed of stainless steel) are guided by a stable cage that occupies the whole interior volume of the bearing. In contrast, the cage material, a self-lubricating fluoroplastic, allows low friction bearing operation without external lubrication. Furthermore, at speeds up to 3600 rpm, the high-performance fluoroplastic is exceptionally wear-resistant and has good low-temperature qualities. The cage is made up of two parts that are connected by stainless steel rivets. These deep groove ball bearings have a much longer service life in laboratory tests and practice than other bearings for this application, such as those with a cage constructed of strong phenolic resin. The NSK bearings come in various sizes (shaft diameters ranging from 30 to 100 mm) and are suitable for big hydrogen pumping facilities and decentralized applications, such as hydrogen filling stations. Bearings are also ideal for pumps that handle other cryogenic gases, such as nitrogen. Thus, the emerging trend of self-lubricating deep groove ball bearings for submersible pumps in cryogenic applications is likely to drive the low temperature bearings market over the forecast period.
On the contrary, heavy cost of raw material.
Based on type, the South & Central America low temperature bearing market is segmented into cryogenic, bearings, plain bearings, rolling element bearing, jewel bearing, and others. The rolling element bearing segment held 54.5% market share in 2021, amassing US$ 10.35 million. It is projected to garner US$ 14.19 million by 2028 to expand at 4.8% CAGR during 2021–2028.
Based on application, the South & Central America low temperature bearing market is segmented into aerospace, pharmaceutical, manufacturing, and others. The aerospace segment held 47.6% market share in 2021, amassing US$ 9.03 million. It is projected to garner US$ 12.27 million by 2028 to expand at 4.7% CAGR during 2021–2028.
Based on material, the South & Central America low temperature bearing market is categorized into stainless steel, ceramic, bearing steel, and others. The bearing steel segment held 44.4% market share in 2021, amassing US$ 8.44 million. It is projected to garner US$ 11.36 million by 2028 to expand at 4.6% CAGR during 2021–2028.
Based on country, the South & Central America low temperature bearing market has been segmented into Brazil, Argentina, and Rest of SAM. Our regional analysis states that Brazil captured 60.1% market share in 2021. It was assessed at US$ 11.41 million in 2021 and is likely to hit US$ 16.79 million by 2028, exhibiting a CAGR of 5.9% during the forecast period.
Key players dominating the South & Central America low temperature bearing market are SKF; Gebr. Reinfurt GmbH & Co. KG; THE TIMKEN COMPANY; Carter Manufacturing LTD.; and NSK Europe Ltd. among others.
- In April 2022, SKG Group and Amazon Web Services have entered into agreement of collaboration to with an aim of reinventing the field of industrial machine reliability and predictive maintenance jointly.
- In December 2020, GRW has launched its online website for sales of bearings.
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