No. of Pages: 109 | Report Code: BMIRE00031842 | Category: Manufacturing and Construction
The Middle East & Africa plain bearings market was valued at US$ 1,079.02 million in 2023 and is expected to reach US$ 1,543.40 million by 2031; it is estimated to register a CAGR of 4.6% from 2023 to 2031.
Several key players in the market are developing advanced spherical bearings for automotive and industrial applications. For instance, in November 2023, Igus, specializing in motion plastics, launched the ECO P210 Plain Bearing Series. This ECO P210 plain bearing is chemical-resistant and has a wide range of applications in various industrial machines, including agitators, filtration devices, laboratory mills, and car washes. Such introductions of innovative plain bearings by key players operating in the market is likely to bring in new trends in the market.
The Middle East & Africa is expected to witness a moderate growth rate in the plain bearings market during the forecast period. Market growth in this region owing to is ascribed to industries such as oil & gas, automotive, manufacturing, and aerospace in the UAE, Saudi Arabia, South Africa, and Rest of the Middle East & Africa. Over the past few years, governments of Middle Eastern countries have been focusing on strengthening their nonoil GDP contributions. Thus, the UAE and Saudi Arabia are concentrating on the development of industries such as construction, manufacturing, mining, and renewable energy by rolling out supportive government policies and taking initiatives to cater to the rising power demand using clean energy sources—in turn contributing to a reduction in dependency on conventional fuels. In June 2022, a Saudi Arabian energy company signed an agreement with the Egyptian government with a project cost worth US$ 1.5 billion to develop a major wind project in Egypt. The facility would be built with a capacity of 1.1 GW of wind power upon completion, providing electricity to more than 1 million homes. Morocco, Egypt, and South Africa have successfully harnessed their wind potential and attracted private capital to set up wind parks. Such developments in wind energy installation are expected to fuel the demand for plain bearings in wind turbine applications in the region.
The growing number of passenger cars and commercial vehicles on the road and the increasing adoption of electric vehicles are among the positive trends in the automotive sector in the Middle East & Africa, which benefit the plain bearings market. In January 2023, BMW announced the establishment of a car manufacturing plant in Africa. It marks a significant development in the automotive industry, reflecting its commitment to expanding its presence in the region. The significant investment of US$ 150 million underlines the dedication efforts of BMW to foster the growth potential of the African automotive sector. Thus, the upscaling vehicle production operations and rising investments by automotive players are expected to create ample opportunities for the plain bearings market growth in the Middle East & Africa from 2023 to 2031.
Middle East & Africa Plain Bearings Market Strategic Insights
Get more information on this report Middle East & Africa Plain Bearings Market Segmentation Analysis
The Middle East & Africa plain bearings market is categorized into product type, application, and country.
Based on product type, the Middle East & Africa plain bearings market is segmented into spherical bearings, rod ends, and bushings. The spherical bearings segment held the largest Middle East & Africa plain bearings market share in 2023.
In terms of application, the Middle East & Africa 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 the largest Middle East & Africa plain bearings market share in 2023.
By country, the Middle East & Africa plain bearings market is segmented into South Africa, the UAE, Saudi Arabia, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa plain bearings market share in 2023.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1,079.02 Million |
| Market Size by 2031 | US$ 1,543.40 Million |
| Global CAGR (2023 - 2031) | 4.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
Rheinmetall AG, RBC Bearings Incorporated, The Timken Co, SKF AB, and Regal Rexnord Corp are some of the leading companies operating in the Middle East & Africa plain bearings market.
The Middle East & Africa Plain Bearings Market is valued at US$ 1,079.02 Million in 2023, it is projected to reach US$ 1,543.40 Million by 2031.
As per our report Middle East & Africa Plain Bearings Market, the market size is valued at US$ 1,079.02 Million in 2023, projecting it to reach US$ 1,543.40 Million by 2031. This translates to a CAGR of approximately 4.6% during the forecast period.
The Middle East & Africa Plain Bearings Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Plain Bearings Market report:
The Middle East & Africa Plain Bearings Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Plain Bearings Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Plain Bearings Market value chain can benefit from the information contained in a comprehensive market report.
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