According to our latest market study, titled "Vacuum Bearing Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Application, and Material," the vacuum bearing market size is projected to reach US$ 16,678.55 million by 2028 from US$ 9,967.73 million in 2021. It is expected to grow at a CAGR of 7.7% from 2022 to 2028.
Flow in Technological Advancement Driving Vacuum Bearing Market Growth
The rapid advancements in urban air mobility have raised expectations for the widespread adoption of flying cars to alleviate city congestion and provide access to remote areas such as mountainous regions and islands. Unmanned drones are also expected to be increasingly utilized for aerial photography and surveillance, disaster relief, agriculture, light cargo transportation, and hobbyist applications in the coming years. For example, NSK announced the development of a motor hub with an adjustable-pitch propeller mechanism at the Flying Car Technology Expo in November 2020. This technology enables the propeller to rotate and adjust the tilt of the blades, modifying the direction of the propulsive force and lift for flying cars.
The utilization of NSK's bearings and ball screws in the motor hub, which incorporates an adjustable-pitch propeller mechanism, is just one example of how technological progress has made it possible to produce highly sophisticated and specialized vacuum bearings. Furthermore, smart bearings, which integrate sensor units, can now be developed, further advancing the technology. As a result, the increasing technological advancements in vacuum bearings are likely to generate a growing demand for them in the future.
North America's manufacturing sector is experiencing a substantial surge, with the United States boasting one of the world's largest manufacturing industries. In recent years, there has been a change towards a service-based economy in the US, with the banking and finance and healthcare sectors seeing significant growth due to rising healthcare costs. This shift has impacted the country's global manufacturing industry share. The US manufacturing sector is expected to grow rapidly in the future, driven by several favorable factors, including increased productivity through the adoption of new technologies, declining gas prices, rising labor costs in emerging markets, and stronger protection for companies' intellectual property.
Mexico's manufacturing sector is expanding, with the government implementing initiatives to attract foreign direct investments (FDIs), the country's proximity to the US, and its ability to achieve cost competitiveness through the North American Free Trade Agreement (NAFTA). Additionally, the Canadian government is undertaking measures to increase industrialization, which is expected to attract investments for new factories. Consequently, the growth of smart factories and the emphasis on industrialization in North America are likely to bolster the region's manufacturing sector during the forecast period.
The Associated General Contractors of America (AGCA) reports that the construction industry is a significant contributor to the US economy and is currently experiencing growth. This sector has more than 680,000 employers and employs over 7 million people, generating nearly US$ 1.3 trillion worth of structures annually. Within the US construction industry, the residential sector has the highest construction volumes, particularly in single-family homes. Consumers' increasing living standards and disposable incomes are driving the demand for housing, and the country's lower interest rates on housing loans are further encouraging home purchases nationwide.
The rise in disposable income among consumers has led to an increased interest in modern product procurement, which includes enhancing the aesthetic appeal of residential and commercial buildings. This trend has contributed to the growth of vacuum bearings, as these bearings offer numerous benefits. As a result, there is a growing demand for vacuum bearings in the United States.
Key Findings of Study
The global vacuum bearing market is categorized by type, application, material, and geography. The type segment comprises cylindrical roller bearings, tapered roller bearings, spherical roller bearings, thrust roller bearings, and needle roller bearings, with cylindrical roller bearings accounting for the largest market share in 2021.
The market is divided based on application into automotive, manufacturing and construction, energy and power, mining, aerospace, defense, and others, with the energy and power sector leading the market in 2021. The material segment includes silicon, stainless steel, hybrid, and others, with the stainless steel segment holding the highest market share in 2021.
The vacuum bearing market is geographically segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM), with APAC having the highest market share in 2021.
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