Trunnion Spherical Bearings Market
Trunnion spherical bearings are special type of bearings that are used in equipment that is undergoing two types of stresses, namely axial and rotational. The demand for trunnion spherical bearings has increased in the recent past, owing to rapid adoption of industrial automation in various industries such as oil and gas, chemical, manufacturing, energy, and others. Furthermore, key players in the market are also providing customized trunnion spherical bearings, which will increase demand for trunnion spherical bearings in the near future. For instance, SKF bearing is providing customized bearing for the aviation industry.
The global trunnion spherical bearings market is estimated to account for US$ 60,840 Mn in terms of value by the end of 2030.
Market Dynamics
Increasing demand for trunnion spherical bearings in the manufacturing industry is expected to create lucrative growth opportunities during the forecast period. Manufacturing industry is rapidly growing, owing to increasing demand for electronic components in the world. Electronic component manufacturers are adopting various technologies such as robotics for manufacturing, as it increases the production rate and reduces the production cost by reducing material waste. All production machines such as drilling, rotating equipment, turbines, and others are equipped with trunnion spherical bearings. These are main equipment in any manufacturing plant. Therefore, growing manufacturing industry will drive growth of the global trunnion spherical bearings market over the forecast period. In February 2019, according to a report published by the United Nations Industrial Development Organization, the manufacturing sector registered 3.6% CAGR in 2018.
Furthermore, increasing demand for mining equipment is expected to drive the global trunnion spherical bearings market growth during the forecast period. According to Coherent Market Insights’ analysis, the global mining market was valued at US$ 346.8 billion in 2019 and is expected to register a CAGR of 4.2% over the forecast period 2020-2025. Increasing demand for automation in the mining industry will create growth opportunities for key players. Furthermore, mining equipment such as drilling, grinding, crusher, and others operates under harsh environment such as high temperature, dust, and humidity, which will increase the need for servicing. Among all these machines, bearing is one of the major components that need constant monitoring and servicing, as its life span is affected by environmental parameters. Thus, increasing demand for mining equipment provides growth opportunities to both the new product market and after service market.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 60 market data tables and 40 figures on "Global Trunnion Spherical Bearings Market- Global forecast to 2030”.
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