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Press Release: Trunnion Spherical Bearings Market Is Expected to Exhibit a CAGR of 4.7% During the Forecast Period (2020-2027)
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
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.
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:
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