The global cross roller bearings market is likely to gain impetus from the increasing number of automated machinery and rise in the standard of living of people. According to a report by Fortune Business Insights, titled, “Cross Roller Bearings Market Size, Share and Global Trend by Type (Single Inner and Split Outer Ring, Split Inner and Single Outer Ring, Others), By Dimension (18 to 50mm, 50 to 150mm, 150 to 250 mm, 250 to 400 mm, 400 to 630 mm, 630 to 800 mm, >800 mm), By Industrial Vertical (Industrial Machinery, Medical Systems, Robotics, Semiconductor Manufacturing Equipment) and Geography Forecast till 2026,” the global market was valued at US$ 1,261.9 Mn in 2018. The market is projected to reach US$ 1,519.9 Mn by 2026, exhibiting a CAGR of 2.36% during the forecast period from 2019 – 2026.
The report further states that manufacturers are focusing on producing customized bearings according to the requirement of the consumers. Large diameter cross roller bearings are used in agriculture, mining, and construction sectors. The demand for them is also increasing rapidly day by day. Apart from these factors, there has been a rise in the number of renewable energy industry, automated machinery, and new motion equipment across the globe. All these factors are expected to contribute to the global cross roller bearings market growth.
A Rapid Shift Towards Industrial Automation System to Boost the Robotics Segment
In terms of industry vertical, the market is grouped into industrial machinery, medical systems, robotics, and semiconductor manufacturing equipment. In 2018, the industrial machinery had acquired the highest share of the global market. This occurred because of a rise in demand for heavy machinery and equipment in the end use industries. The U.S., for instance, mainly concentrates on medical and defense sectors. Hence, the manufacturers of medical and defense equipment are in persistent need for cross roller bearings in order to provide accurate and advanced operations. Moreover, there is a rise in demand for textile machinery as the textile industry in this region is prospering due to the ever increasing population.
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Fortune Business Insights predicts that the robotics segment will also exhibit significant growth during the forecast period. This is because the manufacturers have started shifting rapidly towards industrial robots for material moving and handling as well as industrial automation systems. In the medical sector, the usage of robots has increased at a fast pace. They are being used to perform complex tasks as well as critical surgeries. Technologically advanced medical equipment and machinery are also contributing to the growth of the global cross roller bearings market.
The Timken Company and Other Key Market Players’ Focus on Strategic Acquisitions to Increase Product Portfolio
The Timken Company, a manufacturer of bearings and related components, headquartered in the U.S., announced that it has completed the acquisition of ABC Bearings Ltd., a manufacturer of spherical, cylindrical, and tapered roller bearings, in August 2018. The latter is based in India. The aim of the acquisition was to enhance Timken’s leadership position in the global tapered roller bearings market by expanding their presence in India. It would also aid in increasing the export capabilities in order to serve the market across the globe.
Earlier, in April 2017, The Timken Company had announced its acquisition of Torsion Control Products, Inc., a prominent provider of custom engineered spring couplings and other similar equipment, based in Michigan. This acquisition will aid Timken in growing its portfolio of mechanical power transmission products and bearings.
- Luoyang Ouna Bearing Co. Ltd. (ONA)
- NSK Ltd.
- JTEKT Corporation (Koyo)
- The Timken Company
- ISB Bearing
- Schaeffler Technologies AG & Co. KG
- Hiwin Corporation
- LYC Bearing Corporation
- IKO International Inc. / Nippon Thompson Co. Ltd.
- CPM S.p.A
- Luoyang Huigong Bearing Technology Co. Ltd. (CHG)
- NTN Bearing Corporation
- Franke GmbH