Vacuum Bearing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cylindrical Roller bearings, Tapered Roller Bearings, Spherical Roller Bearings, Thrust Roller Bearings, and Needle Roller Bearings), Application (Automotive, Manufactur

Vacuum Bearing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cylindrical Roller bearings, Tapered Roller Bearings, Spherical Roller Bearings, Thrust Roller Bearings, and Needle Roller Bearings), Application (Automotive, Manufacturing & Construction, Energy & Power, Mining, Aerospace & Defense, and Others), and Material (Silicon, Stainless Steel, Hybrid, and Others)

The vacuum bearing market size was valued at US$ 9,967.73 million in 2021 and is projected to reach US$ 16,678.55 million by 2028. It is expected to grow at a CAGR of 7.7% from 2022 to 2028.

The vacuum bearing market in North America and Europe is expanding significantly. The growth of these regions' manufacturing and construction sectors is the main driving factor behind this growth. With the escalating renovation and new infrastructural projects, the flourishing construction sector is expected to drive the market during the forecast period.

Over the past few years, several economies, such as the US and Canada, have experienced massive infrastructural development, which has maximized the region's vacuum bearing demand. With the growth in the manufacturing and construction sectors, the demand for vacuum bearings is also increasing as vacuum bearings are used in earthquake-resistant building technology known as base isolation. Therefore, the increase in manufacturing and construction sectors in these regions will aid the vacuum bearing market growth over the coming years.

The APAC vacuum bearing market is reporting a rise due to the growing construction sector in this region. The construction sector is expected to be driven by increased spending on affordable housing development. Several governments of countries such as Indonesia and India actively provide land and construction costs subsidies. For instance, in India, the government initiated the Housing for All project in 2022, which is expected to drive the country's low-cost residential construction segment throughout the forecast period. Furthermore, under the Pradhan Mantri Awas Yojana, the Indian government has decided to provide interest subvention of 3% and 4% for loans of up to US$ 18,000 and US$ 13,500 to the lower strata of the society for buying and building homes. Thus, the growing construction sector creates huge opportunities for vacuum bearing manufacturers.

In the MEA and SAM, the vacuum bearing market is augmenting due to the rising automotive sector in both regions. The production of commercial vehicles in the MEA is increasing steadily. As per the Organisation Internationale des Constructors d'Automobiles (OICA) 2021 report, South Africa produced 259,820 commercial vehicles in 2021, 209,002 in 2020, and 283,318 in 2019. Thus, the continuous production of commercial vehicles across the region supports the market's growth in the MEA.

Further, the national regulatory bodies of various countries in the SAM have realized the importance of the automotive sector and are taking initiatives to develop the automotive sector. For instance, an initiative by the Brazilian authority regarding Route 2030 was announced in 2017, following the country's exit from recession. Route 2030 offered US$ 535 million as tax incentives to eligible automotive manufacturers in 2019 and will offer US$ 382 million annually till 2030. The program applies specifically to profitable auto companies actively investing in research and development, especially those developing technologies that boost energy efficiency within Brazil. Therefore, the rising automotive sector will help increase the demand for vacuum bearings as vacuum bearings help enhance car performance and boost efficiency by lessening the pressure on the brakes while the car is in motion. Bearings also allow the vehicle to readjust when traversing over rough terrain and dampen shocks and vibrations from sudden braking activity.

The key companies operating in the vacuum bearing market include HepcoMotion; NSK Ltd.; Schaeffler Technologies AG & Co. KG; THE TIMKEN COMPANY; Bunting Bearings, LLC; TPA Motion, LLC; GMN Paul Müller Industrie GmbH & Co. KG; JTEKT Europe Bearings BV; UNASIS; and SKF.

The need for vacuum bearings was prevalent during the pre-COVID-19 era due to the growing urban population. Due to the increasing population, infrastructural development was increasing. According to the article published by the Journal of Commerce Online, the US Department of Transportation (DOT) allocated grants of ~US$ 856 million to Infrastructure for Rebuilding America (INFRA) for constructing 20 projects across the US. Thus, the need for developing infrastructure supported the market's growth in North America.

In 2020, the limited availability of workforce, shortage of materials and supplies, reduction in productivity rates, and suspension and cancellation of projects/contracts hindered the vacuum bearing market. For instance, in June 2020, the renovation work carried out at the University of Delaware's Worrilow Hall academic building was also impacted by COVID-19. The contractors had to revise their project plans to overcome the effects of the scarcity of materials and workers.

According to a national survey conducted by the Associated General Contractors of America (AGCA), out of 1,077 respondents, 78% of the contractors responded that they were experiencing project delays. Therefore, the overall impact of the COVID-19 pandemic on the market in North America was negative in 2020.

The overall global vacuum bearing market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Vacuum Bearing Market analysis with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. Participants in this process include industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the vacuum bearing market.

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List of Companies:

HepcoMotion
NSK Ltd.
Schaeffler Technologies AG & Co. KG
THE TIMKEN COMPANY
Bunting Bearings, LLC
TPA Motion, LLC
GMN Paul Müller Industrie GmbH & Co. KG
JTEKT Europe Bearings B.V.
UNASIS
SKF