The bearings market is expected to grow by USD 11.02 billion during 2021-2025, according to the new report from Technavio This marks a significant market slow down compared to the 2020 growth estimates due to the impact of the COVID-19 pandemic, in the first half of 2021. In addition, the report projects the market to accelerate at a CAGR of about 3%.
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The bearings market is driven by the strong demand for high-quality bearings. In addition, the growing adoption of automation in the manufacturing process is anticipated to boost the growth of the Bearings Market.
The high-quality bearings employed in industrial goods and household appliances reduces friction, ensures more efficient, less energy-intensive, and more environment-friendly operations. The machine with less friction lasts longer and reduces the breakdown time, which further results in high productivity. Adopting advanced bearings helps most of the vendors to control the manufacturing cost by reducing the frictional losses significantly. In addition, OEMs are more concerned about increased safety requirements through low fuel consumption and emissions, which will further drive the demand for highly reliable customized bearings during the forecast period.
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Source: CISION PR Newswire