The Insight Partners published latest research study on “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 global vacuum bearing market growth is driven by Increasing funding in the space sector will likely witness increased opportunities, primarily in satellite broadband internet access.
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Market Size Value inUS$ 9.96 billion in 2021Market Size Value byUS$ 16.67 billion by 2028Growth rateCAGR of 7.7% from 2022 to 2028.Forecast Period2022-2028Base Year2022No. of Pages180No. Tables88No. of Charts & Figures89Historical data availableYesSegments coveredType, Application, and MaterialRegional scopeNorth America; Europe; Asia Pacific; Latin America; MEACountry scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, ArgentinaReport coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
The thriving automotive industry in Europe supports the market growth for vacuum bearings. As per OICA 2021 statistics report, Europe motor vehicle production was at 1,63,30,509, 1,69,42,248, and 2,15,75,118 in 2021, 2020, and 2019. Also, the total passenger cars produced across the region were 1,38,03,297 in 2021, 1,45,56,548 in 2020, and 1,87,24,208 in 2019, as per the same OICA 2021 statistics report. Germany, France, Spain, the UK, and the Czech Republic are the leading countries in Europe, which produced the maximum number of motor vehicles and passenger cars. Further, the national regulatory bodies are taking numerous initiatives to support the development of the automotive industry in the region. For instance, CARS 2020 Action Plan, GEAR 2030, and Horizon 2020 are a few of the major initiatives by the governments. Horizon 2020 Plan focuses on providing funds for research & development (R&D) activities in the automotive industry by launching programs, such as the European Green Vehicles Initiative and programs on Factories of the Future and information and communications technology (ICT) for smart mobility, road transport, and logistics. Therefore, the presence of a robust automotive industry helps boost the demand for vacuum bearing due to a large number of motor vehicle productions and several European governmental schemes.
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Vacuum Bearing Market: Competitive Landscape and Key Developments
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 are the key players that are profiled in this study. In addition, several other essential market players were also studied and analyzed to get a holistic view of the global vacuum bearing market and its ecosystem.
- In early 2022, Hepcomotion announced the opening of a new Stockholding Factory in the Netherlands. This new plant is a significant endeavor for the company, and it will speed up and simplify product distribution to European clients. The new facility is set to open in January 2022. It will take over the import of all commodities from HepcoMotion's production in the UK for onward distribution throughout Europe.
- In April 2022, Schaeffler announced its 12-year partnership with Rolls Royce. With the newest production technology and manufacturing methods, Schaeffler will provide long-term support for Rolls-Royce. The contract primarily concerns developing and manufacturing engine rolling bearing systems for the widebody and business jet markets. Rolls-Royce and Schaeffler have collaborated for over 40 years, culminating in this unusual long-term alliance.
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