Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Market Overview
Trunnion spherical bearing is a special type of bearing, which is used when there is axial load on the shaft with rotational movement. Trunnion spherical bearings also allow certain misalignment of the rotating shaft, which further reduces vibrational in the machine. Due to these benefits provided by trunnion spherical bearings, it finds application in aviation industry, manufacturing industry, oil and gas industry, and others.
The global trunnion spherical bearings market was valued at US$ 37.45 Bn in 2019 and is expected to exhibit a CAGR of 4.7% during the forecast period (2020 - 2027).
Market Dynamics- Drivers
Increasing demand for trunnion spherical bearings in the aviation industry is driving growth of the global trunnion spherical bearings market during the forecast period
In the aviation industry, trunnion spherical bearings are used in rotors, as the rotor has to operate under rotating motion and with axial wind force. The aviation industry is rapidly growing in emerging economies such as India, China, and Brazil. According to a report published by India Brand Equity Foundation in March 2020, India’s international and domestic combined passenger traffic reached 293.99 Bn in January 2020 and domestic passenger traffic reached 235.44 billion. Furthermore, India has also witnessed increase in foreign direct investment (FDI). For instance, according to the Department for Promotion of Industry and Internal Trade (DPIIT), India’s aviation industry is expected to witness US$ 4.99 billion investment in the next four years (2020-2024), of which majority of the share will be spent on manufacturing aircraft under the ‘Made in India’ program. Therefore, huge investments in the aviation industry is expected to increase demand for trunnion spherical bearings, thereby driving growth of the global trunnion spherical bearings market during the forecast period.
Statistics:
Asia Pacific held dominant position in the global trunnion spherical bearings market in 2019, accounting for 37.4% share in terms of value, followed by North America, Europe, Latin America and Middle East and Africa, respectively.
Figure 1: Global Trunnion Spherical Bearings Market Share (%), in Terms of Value, By Region, 2019
Market Restraints
Short life span of trunnion spherical bearings is expected to hamper the global trunnion spherical bearings market growth during the forecast period
The use of trunnion spherical bearings is increased in various industries such as aviation, oil and gas, and others. However, there are certain limitations of trunnion spherical bearings, which may hamper growth of the global trunnion spherical bearings market. Trunnion spherical bearings have a low life span, as it has to operate under two types of stress, rotational and axial, which increases the chances of fatigue failure. Furthermore, increasing axial load causes thermal extraction and contraction in the bearing, which requires timely monitoring. All these parameters contributes to low life span and increasing maintenance cost of these bearings. Thus, short life span of trunnion spherical bearings is expected to hamper the global trunnion spherical bearings market growth during the forecast period.
Market Opportunity
The adoption of humanoid robots is expected to create lucrative growth opportunities for players operating in the global trunnion spherical bearings market
A humanoid robot is a combination of electric and mechanical parts combined with computer technology. Among the mechanical components, trunnion spherical bearings are used for joints such as robotic hands, legs, and others. Humanoid robots are yet to be commercialized, however, according to Coherent Market Insights’ analysis, it is expected to be one of the fastest growing industries over the forecast period. The humanoid robot market is expected to grow from US$ 209.54 billion in 2017 to US$ 4,321.23 billion by 2023, at a CAGR of 53.4% between 2017 and 2023. Thus, the adoption of humanoid robots is expected to create lucrative growth opportunities for players operating in the global trunnion spherical bearings market.
Figure 2: Global Trunnion Spherical Bearings Market Value (US$ Bn), 2017 - 2027
The global trunnion spherical bearings market was valued at US$ 37.45 Bn in 2019 and is projected to reach a value of US$ 54.14 Bn by 2027 at a CAGR of 4.7% between 2020 and 2027.
Competitive Landscape
Key players operating in the global trunnion spherical bearings market include AB SKF, Pratt & Whitney, Rockwell Automation, Inc., Safran S.A., Avio S.p.A., IHI Corporation, AST Bearings LLC, Thomson Industries, Inc., NTN Corporation, NSK Ltd., Schaeffler Technologies AG & Co. KG, General Electric Company, ILJIN co., ltd., JTEKT Corporation, The Timken Company, GMB Corporation, and others.
Key Developments
- Key companies in the market are focused on business expansion, in order to gain competitive edge in the market. For instance, in April 2020, Schaeffler Technologies AG & Co. KG started a new bearing production plant in Vietnam. This is company’s first production plant in South Asia region.
- In January 2020, AESSEAL, a global mechanical seal-based company, invested US$ 16 billion in its U.S. production and operation of bearings
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