NEW YORK, Aug. 18, 2022 (GLOBE NEWSWIRE) — The Global Miniature Ball Bearing Market Size is valued at USD 1,735 Million in 2021 and is estimated to achieve a market size of USD 3,643 Million by 2030; growing at a CAGR of 8.9%.
The demand for miniature and small-sized ball bearings is increasing owing to the ongoing need for the downsizing of machines. Miniature ball bearings are small-sized deep groove ball bearing with an inner diameter as small as 0.6 mm and an outer diameter of less than 9mm. These ball bearings are capable of efficiently withstanding small axial loads and are suitable for all kinds of applications with high speed, low noise, low friction, and low vibration. Some of the leading applications include several kinds of industrial equipment, instrumentation, computers, automobiles, and various household appliances.
Miniaturization of several industrial equipment and increasing demand for compact and lightweight devices are supporting the miniature ball bearing market share. In addition, advancements in ball bearing materials are one of the recent trends in the miniature ball bearing industry.
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|Market||Miniature Ball Bearing Market|
|Miniature Ball Bearing Market Size 2021||USD 1,735 Million|
|Miniature Ball Bearing Market Forecast 2030||USD 3,643 Million|
|Miniature Ball Bearing Market CAGR During 2022 – 2030||8.9 %|
|Miniature Ball Bearing Market Analysis Period||2018 – 2030|
|Miniature Ball Bearing Market Base Year||2021|
|Miniature Ball Bearing Market Forecast Data||2022 – 2030|
|Segments Covered||By Type, By Application, And By Region|
|Miniature Ball Bearing Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||The Timken Company, NTN Corporation, Huanchai Bearing Group Co., Ltd, SKF AB, Kitanihon Seiki Co., Ltd., FAG Kugelfischer GmbH, Shanghai Lily Bearing Manufacturing Co., Ltd, Pacamor Kubar Bearings, Inc, NSK Ltd., MinebeaMitsumi Inc., and GRW High Precision Ball Bearings.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
COVID-19 Impact on the Global Miniature Ball Bearing Market Value
The arrival of the COVID-19 pandemic has wreaked havoc on a variety of manufacturing industries, including automotive, aerospace, robotics, machine tools, and household electrical appliances. All of these industries’ production was either halted or continued with a skeleton crew. As a result, the number of components required in the equipment, such as miniature ball bearings, was kept to a bare minimum. Extended lockdowns, restrictions to travel, halting of manufacturing, and disrupted supply chains were the major aspects that held back the miniature ball bearing market growth. On top of that, the manufacturing plants of miniature ball bearings suffered the same during the coronavirus pandemic. The rapid spread of the virus in 2020 and 2021 significantly declined the miniature ball bearing market revenue. However, with the resumption of manufacturing and the opening of lockdowns, the industry is expected to perform well beginning in 2022 as well as contribute to significant market size and growth in the coming years.
The rapid adoption of miniature ball bearing in the automotive industry fuels the market growth
Manufacturers of miniature ball bearings are taking steady but careful steps to serve the expanding automotive sector. Automotive ball bearing manufacturers have geared up to take advantage of the growing automotive industries, particularly in emerging markets such as China and India. The demand for automotive bearings has increased rapidly in recent years, owing to increased demand for bearings from OEM sectors; in addition, rising vehicle parc and increasing awareness about periodic vehicle maintenance were key driving factors of automotive bearings demand in the aftermarket sector. Key players around the world are looking to expand their sales activities for new clients in a bid to enhance their business operations. NMB-Minebea India Pvt Ltd, for example, sees tremendous potential for its product line, which includes ball bearings, load cells, stepping motors, microactuators, and small DC motors. The major player intends to serve the domestic market primarily through imports from its production facilities in Japan, China, and Thailand.
Growing advancements in the miniature ball bearings industry create significant growth opportunities in the coming years
Ball bearings may appear to be a simple component, but much innovation and engineering goes into developing ball bearings that are more effective, last longer, and are less expensive. As the demand for high-performance bearings grows, market players are combining advanced sensor units into ball bearing designs. The sensor modules aid in the digital monitoring of the tool’s axial movement, acceleration, deceleration, load capacity, and rotation speed. Furthermore, the Internet of Things (IoT) has facilitated the adoption and ongoing monitoring of connected machinery and devices. The industrial internet of things (IIoT), combined with falling sensor costs, has accelerated the adoption of these technologies, allowing for remote monitoring of automated analysis, real-time data, and instantaneous alerts. This development boosted the growth of the ball-bearing market over the forecasting period.
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Miniature Ball Bearing Market Segmentation
The global market is divided into three segments: type, application, and region.
Based on type, the market is divided into open miniature ball bearings, dust cover miniature ball bearings, and others (flanged outer, extended inner). According to our miniature ball bearing industry analysis, the dust cover miniature ball bearings dominated the market with maximum shares, whereas the open ball bearings are likely to witness the fastest growth in the coming years.
The application segment is further split into household electrical appliances, industrial, instrumentation and semiconductor equipment, information and telecommunications equipment, machine tools, medical, robotics, small motors, and others (aircraft application, office automation equipment, gear heads, and tape guide assemblies).
Miniature Ball Bearing Market Regional Outlook
The global miniature ball bearing market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is the maximum revenue generating region in the miniature ball bearing market. The presence of key players, increasing industrialization in China, Japan, and India, rapidly rising automotive sectors, and growing demand for computers and robots are key drivers propelling the Asia-Pacific miniature ball bearing market. North America is the fastest-growing region in the industry due to the rising innovation by US players in producing ball bearings, technological advancements in the region, and growing expenditure in the aerospace sector.
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Miniature Ball Bearing Market Players
Some prominent miniature ball bearing companies covered in the industry are FAG Kugelfischer GmbH, GRW High Precision Ball Bearings, Huanchai Bearing Group Co., Ltd, Kitanihon Seiki Co., Ltd., MinebeaMitsumi Inc., NTN Corporation, NSK Ltd., Pacamor Kubar Bearings, Inc, Shanghai Lily Bearing Manufacturing Co., Ltd, SKF AB, and The Timken Company.
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