News Bearing market will exceed the mark of $ 140 bln by 2022
According to current research of the analytical agency Allied Analytics LLP, for the period from 2014 to 2022 the growth of bearing market, on average, will increase by 7,5% or $ 140,792 millions of dollars. The reason for this phenomenon is that the demand for bearings is constantly increasing, both from automakers and other companies engaged in various fields of industry.
It is no secret that the main production is concentrated in the South-Asian countries now, and in the same region, there has been being an increasing demand for cars for some time. Japan, India, China, PRC, South Korea are the states, that already needed the bearings of high quality. Aerospace, aviation and defense industry of each state still a need for similar kind of products, this means that the demand for them will not run out and will grow steadily.
Leading bearing manufacturers react sensitively to all changes in demand, and always offer the relevant products. So now, providers offer to their potential consumers not only the spherical bearings and all the other varieties, but also high-tech models with electronic components. BBF is among these innovative companies, not so long ago started a technical conversion of their plant to produce the products that meet all necessary requirements.
Analysts from Allied Analytics LLP concluded that to do their best the, the leading bearing manufacturers should focus their efforts on development and production of fundamentally new products. Modernization of production, as well as the merger of several small firms for the joint venture formation – these conditions will promote more intensive development of the industry.