According to our latest market study on “Low Temperature Bearings Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Application, and Material,” the market is projected to reach US$ 752.72 million by 2028 from US$ 547.71 million in 2021; it is expected to grow at a CAGR of 4.9% from 2022 to 2028.
Emergence of Self-Lubricating Deep Groove Ball Bearings Driving Low Temperature Bearings Market Growth
The use of hydrogen as an energy source is gaining momentum through various projects worldwide. These projects often require special submersible pumps that can efficiently pump gaseous and liquid media at extremely low temperatures as low as -200°C in continuous or intermittent operations. In these pumps, the double-bearing pump shaft is a critical design element. Corrosion resistance is crucial, and only the medium washing around the bearing can be utilized as a lubricant, which makes the tribology unfavorable and demands a high-quality material pairing. Additionally, the bearings must have an extended service life even at low temperatures. NSK has developed several deep groove ball bearings explicitly for these extreme operating conditions, with unique design features that distinguish them from standard pump bearings. For example, the inner and outer rings are made of stainless steel specially designed for rolling bearings, and the rolling components are guided by a stable cage that occupies the entire interior volume of the bearing. Such developments are expected to drive the low-temperature bearings market growth over the forecast period.
The use of self-lubricating fluoroplastic material for the cage in these bearings enables low-friction operation without the need for external lubrication. Additionally, this high-performance material is exceptionally wear-resistant and exhibits good low-temperature properties, making it suitable for speeds up to 3600 rpm. The cage is comprised of two parts connected by stainless steel rivets, and in laboratory tests and practice, these deep groove ball bearings have demonstrated a longer service life compared to other bearings using a phenolic resin cage for this application. NSK offers these bearings in a range of sizes (with shaft diameters between 30 and 100 mm) that are suitable for use in large hydrogen pumping facilities and decentralized applications, such as hydrogen filling stations. These bearings are also ideal for pumps that handle other cryogenic gases, like nitrogen. As a result, the increasing demand for self-lubricating deep groove ball bearings in submersible pumps for cryogenic applications is expected to drive growth in the low-temperature bearings market over the forecast period.
The European Union (EU) is currently implementing economic reforms aimed at reducing greenhouse gas emissions (GHG), and the methods used to generate electricity are expected to play a crucial role in achieving a low-carbon transition. As demand for clean energy sources increases and a larger proportion of electricity is generated from renewable sources, GHG emissions from power plants are projected to decrease. Despite a 30% reduction in emissions from electricity generation in the EU over the past decade, this sector still contributes around 33% of direct CO2 emissions. The region's move away from coal-fired power plants has resulted in a growing demand for efficient braking systems to facilitate machinery rolling in production plants using various renewable energy sources. However, the COVID-19 pandemic is expected to reduce investments in the power sector, which could impede the growth of the low-temperature bearings market in the coming years.
Furthermore, the global operational liquefaction capacity increased from 7.2 MTPA in January 2021 By the end of 2021, the LNG industry is projected to reach a capacity of 8.7 million tonnes per annum (MTPA), indicating its growth. A survey conducted by the Gas Exporting Countries Forum shows that LNG bunker fuel is expected to account for 13% of the total bunker fuel market by 2030, a significant increase from the current 3-5%. These changes in the LNG industry's value chain require the use of cryogenic systems for LNG storage, handling, and transportation, which is driving the growth of the low temperature bearings market. Consequently, the rising demand for low-temperature bearings throughout the entire LNG value chain is likely to bolster the growth of the low temperature bearings market in the next few years.
Key Findings of Study:
The low temperature bearings market is categorized into different segments based on type, application, material, and geography. The type-based segmentation includes cryogenic bearings, plain bearings, rolling element bearings, jewel bearings, and others. The application-based segmentation includes aerospace, pharmaceutical, manufacturing, and others. The material-based segmentation includes stainless steel, ceramic, bearing steel, and others. The geographical segmentation covers North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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