The global Miniature Ball Bearings market is expected to grow at a CAGR of 10.2% during 2017 – 2023 to reach USD 1,770.4 Million by 2023. Factors propelling the growth of miniature ball bearings market include high demand from automotive sector and increasing application among various end-user industries. The report segments the miniature ball bearings market by Type (Open Miniature ball bearings and Dust Over Miniature ball bearings), by Application (Small Motors, Information and Telecommunication Equipment, Instrumentation and Semiconductor Equipment, Household Electrical Appliances, Medical, Industrial, Automotive, Machine Tools, Robotics, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World). The report studies the global miniature ball bearings market over the forecast period (2017-2023).
In the recent years, technology has witnessed rapid advancements, and with it has come a line of new products in various fields including household electrical appliances, medical equipment, automotives, machine tools and many others. The product innovations present a challenge to bearing manufacturers since there are ever increasing demands to offer bearings with accuracy, high performance, and reliability. Equipment manufacturers have a multitude of bearing requirements including higher speeds, less torque, zero maintenance, less noise and vibration, withstanding harsh environments, integration into units, and many more. Miniature ball bearings provide an ideal solution for a wide variety of light duty instrument and precision applications. Ball bearings with Internal Diameter (ID) less than 10mm and outer diameter (OD) of 20 mm or less are classified as miniature ball bearings, and are sometimes referred to as micro bearings or instrument bearings.
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Key Findings from Global Miniature Ball Bearings Market
- On the basis of type, dust over miniature ball bearings segment was dominating the miniature ball bearings market, in 2016 in terms of value and volume both and is expected to continue dominating the market throughout the forecast period. The enhanced properties of dust over miniature ball bearings and its demand in various applications such as automotive and medical are driving the growth of this segment. This segment is expected to grow at a significant rate and register the highest CAGR, over the forecast period.
- On the basis of application, automotive segment was holding the largest share of miniature ball bearings market in terms of both value and volume, in 2016 and is forecasted to remain the largest market, throughout the forecast period
- Household electrical appliances application of miniature ball bearings is anticipated to be the fastest growing application segment of global miniature ball bearings market in terms of both value and volume, during the forecast period. The growth of this segment is attributed to increasing spending capacity and improving lifestyle of consumers
- Geographically, Asia-Pacific region was leading the miniature ball bearings market, in 2016 and is anticipated to be the fastest growing market for miniature ball bearings, over the forecast period. Expanding infrastructure and industrialization are the factors driving the growth of miniature ball bearings market in this region
- Key players in miniature ball bearings market are Minebea Group, NSK, SKF, Kitanihon Seiki, FAG, Timken, NTN, GRW Bearings, Pacamor Kubar, HUANCHI, Lily Bearings, among others
Miniature Ball Bearings- Potential in Robotics and Automation
Robotic automation is playing an increasingly large role in modern life. Manufacturers are realizing their potential to reduce costs, increase production and provide greater efficiency and competitiveness. More portable and affordable robotic arms are allowing increasing numbers of companies to enjoy the benefits of automation. Robots are also being used in hazardous environments, eliminating the risk of injury and disease. Robotic applications require bearings with compact design, low weight and miniaturization. Miniature ball bearings have huge potential in robotic applications as they are high precision with good rotational accuracy and reliability.
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Miniature Ball Bearings Market- Regional Insight
Asia-Pacific was holding the largest market share of miniature ball bearings market, in 2016 and is anticipated to dominate the market, throughout the forecast period. Further, Asia-Pacific’s miniature ball bearings market is anticipated to grow at a significant rate and register the highest CAGR, during the forecast period. Asia-Pacific is a hub of manufacturing activities. Major demand of miniature ball bearings comes from gearboxes, pumps, automobiles, industrial and medical sector among others. The miniature bearing business carters to the requirement of replacement market directly linked to automotive and industrial sectors. The increase in infrastructure and the industrialization have led to the growth of Asia-Pacific miniature ball bearings market. North America was holding the second largest share of miniature ball bearings market, in 2016 and is forecasted to sustain its position, throughout the forecast period. North American miniature ball bearings market is driven by the increasing consumption of miniature ball bearings in automobile industry. The demand of luxury and smart vehicles in North America is on the rise. Automobile manufacturers demand for high quality miniature ball bearings for specialized parts. The bearing manufacturers are focusing on securing long term contracts with the automobile companies to establish market in North America.
Miniature Ball Bearings for Light Duty Instruments and Precision Applications, to Witness a CAGR of 10.2% during 2017 – 2023
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