The Global Trunnion Spherical Bearings Market, By Type (Split Spherical Roller Bearings and Non-split Bearings), By Industry (Aviation, Oil and Gas, Manufacturing, Energy, and Others), By Distribution Channel (Online Sales, Company Direct Sales, and Distributor Sales), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 54.1 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.

Market Definition

Trunnion spherical bearing is primarily used in machines that operate under two stresses, rotational and axial. These two stresses may cause damage to the machine by creating vibrations in the machine, thereby reducing its life. These bearings provide good quality to the machine and is a cost-effective way to reduce the vibrations in the machine. There are various types of trunnion spherical bearings available in the market such as spherical roller bearings and non-split bearings.

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 Driver

Increasing demand for ball mills is expected to propel the global trunnion spherical bearings market growth during the forecast period

A ball mill is a grinder machine, which is used for mixing and grinding of different types of materials into fine powder. The ball mill is an important equipment used in manufacturing plants of cement, refractory material, glass ceramics, fertilizer, silicates, and others. The demand for ball mills is increasing in all these industries. According to Coherent Market Insights’ analysis, the global ball mill market is expected to exhibit a CAGR of 6.3% during the forecast period 2020-2027. Hence, increasing demand for ball mills in various industries is expected to propel the global trunnion spherical bearings market growth during the forecast period.

Market Opportunity

Rising demand for windmills is expected to create lucrative growth opportunities for key players operating in the global trunnion spherical bearings market

In windmills, trunnion spherical bearings are attached between the rotating blade and generator to protect the shaft and gear system. The adoption of windmills are increasing in the energy sector, as the energy sector is shifting from non-renewable energy to renewable energy. According to International Renewable Energy Agency, a UAE-based international intergovernmental organization, wind energy production increased 16% from 2013 to 2016 and it is expected to increase by 25% to 30% across the globe by 2050. Among various regions, Asia Pacific region is expected to be the fastest growing region with 50% adoption of wind power. Thus, rising demand for windmills is expected to create lucrative growth opportunities for players operating in the global trunnion spherical bearings market.

Market Restraints

High manufacturing cost of trunnion spherical bearings is expected to restrain growth of the global trunnion spherical bearings market during the forecast period

The increasing raw material prices is expected to restrain growth of the global trunnion spherical bearings market during the forecast period. According to Coherent Market Insights’ analysis, raw material price contributes to over 60% of total manufacturing cost. Furthermore, trunnion spherical bearings are mainly made from steel and other alloy materials. Hence, increase in price of these materials will increase the overall product cost. Therefore, high manufacturing cost of trunnion spherical bearings are expected to restrain growth of the global trunnion spherical bearings market during the forecast period.

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 acquisition, in order to expand its presence in the global market. For instance, in January 2020, National Engineering Industries Ltd (NEI), a part of CK Birla Group, an India-based company, acquired Kinex bearings, a Slovakia-based bearing manufacturing company, for US$ 2.4 billion. Through this deal, CK Birla Group is expected to expand its global presence.

Segmentation

Market Taxonomy:

  1. By Type:
  • Split Spherical Roller Bearings
  • Non-split Bearings
  1. By Industry:
  • Aviation
  • Oil and Gas
  • Manufacturing
  • Energy
  • Others
  1. By Distribution Channel:
  • Online Sales
  • Company Direct Sales
  • Distributor Sales
  1. By Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
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