NEWARK, Del, Sept. 12, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the global sliding bearing market size reached US$ 952.8 Million in 2022. The revenue generated by sliding bearings sales will likely hit US$ 1051.9 Million in 2023. Demand is poised to soar at 8.7% CAGR from 2023 to 2033. Sales are anticipated to transcend at US$ 2420.0 Million by 2033.
Heating, ventilation, and air conditioning (HVAC) systems consume significant energy in buildings. Using energy-efficient sliding bearings in these systems can lead to substantial energy savings. Infrastructure projects such as high-speed railways and smart cities often require advanced sliding bearings for efficient and reliable transportation and construction equipment.
Government regulations and industry standards are increasingly emphasizing energy efficiency. This drives manufacturers and end-users to adopt energy-efficient bearing solutions. Growing awareness of environmental sustainability and the need to reduce energy consumption encourages businesses and consumers.
Shape Your Roadmap the Right Way! Request Our Sample Report to Carve your Path for Expansion: https://www.futuremarketinsights.com/reports/sample/rep-gb-17925
Advanced sliding bearings are used to invest in products and technologies that contribute to energy efficiency. As developing economies industrialize and urbanize, there is a growing demand for energy-efficient machinery and equipment. This is ultimately expected to boost the sliding bearing market in these regions.
The aerospace and defense sectors often demand sliding bearings with advanced materials due to their lightweight and high-strength properties. Reduced weight and high durability improve performance in aircraft, missiles, and military vehicles. Adopting new technologies, like 3D printing and nanotechnology, can facilitate the production of sliding bearings with advanced materials. This results in a potential reduction of manufacturing costs and drives growing demand.
Industries that require high-performance machinery may seek a competitive edge by using advanced materials in sliding bearings. This drives sales among industries where performance is critical. As emerging economies industrialize and modernize, they require sliding bearings with advanced materials. Such developments are anticipated to help meet high quality and performance standards, contributing to growing demand from these industries.
Key Takeaways from the Sliding Bearing Market:
- The global sliding bearing market is expected to witness a CAGR of 8.7% between 2023 and 2033.
- In terms of material, the metallic division is expected to expand at a CAGR of 8.5% between 2023 and 2033.
- By bearing type, the radial segment is anticipated to exhibit an 8.3% CAGR through the end of the projected period.
- The United Kingdom is set to be worth US$ 101.1 Million by 2033.
- Japan will likely dominate the market with a CAGR of 9.4% throughout the projected period.
“Soaring demand for advanced material will likely drive demand in the sliding bearing market by 2033. Key manufacturers are expanding their product portfolios to offer a wide range of sliding bearings for various applications and industries. Lightweight and highly durable sliding bearings are expected to remain high in demand from crucial sectors like automotive and aerospace through 2033." - says a lead Future Market Insights (FMI) analyst.
Competitive Landscape:
Staying updated with industry trends such as Industry 4.0, automation, and IoT integration can be important for manufacturers to meet evolving customer requirements. They offer customized solutions to meet specific customer requirements, which can be a valuable strategy to secure high-value contracts.
Recent developments in the Sliding Bearing Market:
- Canam Group is an expert in creating and manufacturing metal parts in the North American building industry. The company works in the construction, structural steel, and bridge industries.
- Cosmec Inc. (Cosmec) is a structural bearings designer and manufacturer supplying the transportation infrastructure sector. Cosmec provides design and engineering services for fabricators, primary contractors, state agencies of transportation, and engineering consulting companies, along with producing structural bearings.
Key Players Profiled:
- AST Bearings LLC
- Brammer Plc
- Canam Group, Inc
- Cosmec, Inc
- Ekspan Ltd
Secure Your Spot in the Market with our Comprehensive Report. Buy Today: https://www.futuremarketinsights.com/checkout/17925
More Insights into the Sliding Bearing Market Report:
In its latest report, Future Market Insights (FMI) offers an unbiased global sliding bearing market analysis, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033.
To understand the global market potential, growth, and scope, the market is segmented based on the material (metallic and non-metallic), bearing type (radial, linear, thrust, angular contact, and temporal), application (engine, brakes, bogie, interior, and exterior) across different regions.
Market Segmentation Analysis:
By Material:
- Metallic
- Non-metallic
By Bearing Type:
- Radial
- Liner
- Thrust
- Angular Contact
- Other
By Application:
- Engine
- Brakes
- Bogie
- Interior
- Exterior
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About FMI – Industrial Automation:
The Industrial Automation division of Future Market Insights (FMI) Research offers a novel approach and innovative perspective in analyzing the industrial automation market. The team is renowned for comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector. Our expertise in distinctive analysis of installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry.
We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:
Marine Bearings Market Size: The global Marine Bearings Market is projected to reach a valuation of US$ 8,543.0 Million by 2032, marking significant growth from its 2022 value of US$ 5,622.0 Million, with a steady compound annual growth rate (CAGR) of 4.3% anticipated throughout the forecast period.
Bridge Bearings Market Share: In 2021, the global Bridge Bearings Market held a value of US$ 674.33 Million, with expectations to climb to US$ 705.8 Million in 2022. Projections indicate that by 2028, the market is poised to attain US$ 935 Million, reflecting a robust compound annual growth rate (CAGR) of 4.8% over the upcoming forecast period.
Depth Filtration Market Growth: The Depth Filtration Market is poised to achieve a value of US$ 5.4 Billion by 2033, with a projected CAGR of 8.5% during the period from 2023 to 2033.
Oil & Gas Terminal Automation Market Forecast: The global Oil & Gas Terminal Automation Market is expected to exceed US$ 1,406.04 Million in 2023 and is projected to grow at a 7.9% CAGR, reaching approximately US$ 2,787.5 Million by 2033, driven by industry expansion.
Water Automation and Instrumentation Market Overview: FMI forecasts the Water Automation And Instrumentation Market to hit US$ 48 Billion by 2033, driven by automation's role in optimizing water treatment processes. It's expected to grow at an 8.1% CAGR from 2023 to 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
