Middle East & Africa Bearing Market Outlook, 2027

Middle East & Africa Bearing Market Outlook, 2027

The MEA-bearing market is expanding primarily as a result of the flourishing mining industry. However, the MEA-bearing market's expansion is hampered by changing raw material prices. Throughout the projected period, the MEA bearing market was dominated by the internal gear segment. The bearing market is divided into ball and roller segments based on the rolling component. Throughout the projection period, the ball category maintained a bigger market share. The bearing market is divided into many categories based on application, including wind and solar energy; aerospace & military; medical; industrial equipment; oil & gas; mining; and others. A significant portion of the MEA market was made up of the industrial machinery segment. The market is divided into South Africa, Saudi Arabia, the UAE, and the rest of the MEA based on country. In 2020, the UAE held a significant market share for MEA bearings. The market for bearings is being driven by the growing desire for lightweight components across various industrial sectors.

According to the research report, Middle-East and Africa Bearing Market Outlook, 2027 published by Bonafide Research, the bearing market is anticipated to grow at a 6.71% CAGR in terms of value during this forecasted period. Technical advancements and innovations are always taking place in the bearing business. In the bearing industry, technical discoveries and developments are on-going. Additionally, market participants in the automotive components sector are gradually changing how they do business to reflect the changing regulatory environment. The rising popularity of electric cars has also become a prospect for people in the battery industry. These advancements are expected to gain a lot of traction. A few industry participants are also working on the development of wear-resistant bearings with high load capacities. The increased need for smooth motion in the automotive sector in recent years is a prominent trend that is anticipated to have an influence on the rate of innovation in the bearing market.

The market for bearings is anticipated to face restraints due to high raw material and production costs. Emerging nations’ rapid industrialization creates a new market potential for bearings. The bearing industry is facing difficulties in achieving the appropriate level of accuracy in design and production. This region has three countries that are taken for study. These countries are continuously increasing their demand for bearing products due to the large-scale construction of buildings and machines. These machines are generally for the construction of buildings. Therefore, the demand for bearings requires a lot, which as a result has boosted the market economy for this region. In this region, the majority of the economy is generated from oil and gas. They mine a lot and export it all over the world. Mining requires the best product of bearing which can lubricate, and mining oil can be easily done. Many countries from this region have installed huge machinery and continuous mining has been done. In recent times, many companies are also trying to come up with new types of products that will increase the durability of bearing products. To be able to do mining for gas and oil, they have to use the best product that will have the best result.

The industry immediately changed to meet the expectations by expediting value chain processes and developing future capabilities. There is a tonne of potential as the Indian car sector continues to develop. The makers of bearings are anticipated to gain from growing applications in every industry, including defence and aerospace, farm equipment, medical and robotics, home appliances, and household items. The market will continue to rise as manufacturers increasingly focus on producing lighter bearings by implementing modern technology and lightweight alloys. The government's increased emphasis on infrastructure development, particularly in rural regions, and an increase in industrial activity will both contribute to the expansion of the bearing market in the area.

COVID-19 Impact
The COVID-19 epidemic presented difficulties for almost all businesses. In 2020, global demand and investment fell precipitously as a result of the epidemic. A number of industries suffered as a result of the unexpected halt in output, including mining, construction, and food and beverage. The supply chains of numerous sectors have been affected by the suspension of production and attention to the health and safety of employees and workers. Global GDPs and the production of different industrial sectors have both seen a significant contraction as a result of an abrupt impact on the economy and restrictions on the movement of people and commodities. Due to the epidemic, production and sales have been steadily declining. Businesses in a variety of industries use a variety of strategies to maintain their viability.

Major Companies present in the Market:
SKF Corporation, NTN Corporation, NSK Limited, JTEKT Corporation, The Timken Company, Schaeffler AG, Daido Metal Company Limited, Regal Rexnord Corporation, HKT Bearings Limited, RKB Bearing, THK Co. Ltd.

Considered in this report:
• Geography: Middle-East and Africa
• Historic year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecasted year: 2027

Aspects covered in this report:
• Middle-East and Africa bearing Market with its value and forecast along with its segments
• Country wise Bearing market analysis
• Application wise bearing market distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:
• UAE
• Saudi Arabia
• South Africa

By product type in the report:
• Ball Bearing
• Roller Bearing
• Plain Bearing
• Others (Magnetic Bearing, Fluid Bearing, Disc Harrow Bearing, etc.)

By application type in the report:
• Automotive
• Industrial
• Aerospace
• Others (Railway, Agriculture, etc.)

By installation type in the report:
• Unmounted Bearing
• Mounted Bearing

By distribution channel in the report:
• Original equipment manufacturers (OEMs)
• Aftermarket

By material type in the report:
• Metal
• Stainless Steel
• Chrome Steel
• Carbon Steel
• Brass
• Others (Plastic, Ceramic, etc.)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to solar panel coating industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.