The Market is Segmented by Bearing Type (Ball Bearing [Angular Contact Ball Bearing, Deep Groove Ball Bearing, and Others], Roller Bearing [Tapered Roller Bearing, Spherical Roller Bearing, Cylindrical Roller Bearing, and Others], Plain Bearings, and Others), by Material Type (Metallic Bearings, Non-Metallic Bearings, and Hybrid Bearings), by End-Use Industry Type (Automotive, Medical, Semiconductors, Industrial, and Others), by Application Type (Robot Joints, Manipulators, Industrial Robots, Swivelling Units of Robot, and Robot Transmission), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Insights
The Robotics Bearings Market is to grow at a CAGR of 6.0% during 2021-2026 to reach the figure of US$ 1.4 Billion in 2026.
Segment Analysis
Based on the bearing type, the market is segmented into ball bearings, roller bearings, plain bearings, and others. Ball bearings are further classified as angular contact ball bearings, deep groove ball bearings, and others. Analogously, roller bearings are further classified as tapered roller bearings, cylindrical roller bearings, spherical roller bearings, and others. Ball bearings are expected to remain the largest segment of the market during the forecast period. Deep groove ball bearings are preferred for the majority of robotics and automation applications.
Based on the end-use industry type, the market is segmented as automotive, medical, semiconductor, industrial, and others. Automotive is projected to be the leading segment of the market during the forecast period. Robots are an integral part of making automotive plants competitive, as they not only boost capacity, improve quality, and reduce warranty costs, but also reduce labor costs. The medical industry is likely to witness the highest growth. Robots are transforming the practice of medicine and are being popularly deployed in surgery, influencing product demand during the study period.
Top key vendors in the market:
The report mentions a list of key players in the Robotics Bearings Market. Some of them are mentioned below –
- AB SKF
- Schaeffler Technologies AG Co. KG
- The Timken Company
- CU Bearing Group
- JTEKT Corporation
- NSK Ltd.
- NTN Corporation
- LYC Bearing Corporation
- MinebeaMitsumi Group
- TMB Bearing (Zhejiang Tianma Bearing Co. Ltd.)
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Which region is expected to dominate the market?
In terms of region, Asia-Pacific is expected to remain the largest market over the next five years, owing to the rapid development of robotic systems by companies in Japan, South Korea, and China. The growth in the region is primarily driven by high financial and regulatory support from governments, the dominance of the automotive industry, and low-cost manufacturing units. Companies worldwide rely on Asia-Pacific manufacturing now more than ever. Availability of raw materials developed supply chain, and huge indigenous demand is other advantages offered by the region.
Europe is the second-most important market for robotics bearings, on account of Germany, being the fifth-largest country globally for industrial robotics and its significant position in the automotive and medical industries.
Key Questions Answered in The Report:
- Which region will show higher and rapid growth?
- Who are the top key players in the Robotics Bearings Market?
- How will the market change in the upcoming five years?
- What was the impact of Covid19 on the market?
- Which application/ service/product will take a lion's share of the market?
- What are the market drivers and constraints?
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