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Bearings Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research
“Bearings Market Size Expected To Surpass $110
Million By 2024”
The bearings market is primarily driven by process industries and their need to conserve energy. It is projected to generate more than USD 110 million in revenue by 2024. Technological advances and demand from oil & gas, automotive, and construction industries will lead to market growth. The fluctuating prices of steel pose a challenge for the market. The worldwide market is segmented according to products, applications, and regions. Products encompass ball bearings, roller bearings, and others. Tapered and split bearings are 2 types of roller bearings. ‘Others’ consist of thrust, angular contact, and self-aligning ball bearings. Ball bearings are predicted to lead the bearings market over the forecast period (2016-2024) due to its ability to reduce friction between different machine components. Deep groove bearings are simple in design and used in radial loads. They are estimated to garner huge growth in the next six years on account of being lowmaintenance. Split roller bearings are used in shafts and other hard to reach locations. Electronics, agriculture equipment & machinery, mining & construction equipment, railway & aerospace, and automotive constitute as major market applications. Demand for automotive components will trigger market
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