low temperature bearings Market

The low temperature bearings market was valued at US$ 547.71 million in 2021 and is projected to reach US$ 752.72 million by 2028; it is expected to grow at a CAGR of 4.9% from 2022 to 2028.

The North American low temperature bearings market is categorized into the US, Canada, and Mexico, with the region expected to offer favorable prospects for the market in the projected period. The continuous involvement of technology leaders in advancing technology has caused a commotion in the competitive market, resulting in the assimilation of cutting-edge technologies in their business operations for future growth. North American nations, particularly the US and Canada, are technologically advanced and comprise numerous sectors, such as automotive, pharmaceutical, semiconductor, and chemicals, which accelerate the growth of the low temperature bearings market in North America.

NSK has developed self-lubricating deep groove ball bearings suitable for submersible pumps that handle cryogenic gases like hydrogen and LNG. A significant design feature of these pumps is the double bearing of the pump shaft. Since corrosion resistance is crucial, the bearings need to rely only on the medium washing around them for lubrication. NSK bearings come in various sizes and can be used in large hydrogen pumping plants and decentralized applications like hydrogen filling stations. Meanwhile, SKF plans to invest approximately USD 55 million in North America to enhance its industrial presence and competitiveness. Another USD 20 million will be spent on relocating the production of Tapered Roller Bearings (TRBs) from China to a facility in Mexico. This move will augment SKF's product range in North America while supporting the company's regional manufacturing objectives.

The energy mix utilized for power generation in the US has undergone changes over time, particularly in recent years, with a growing share of power generation coming from natural gas and renewable energy sources, while coal-generated electricity output is declining. At the end of 2020, coal accounted for 20% of total utility-scale power generation, while renewable energy sources accounted for 19%. Consequently, the expanding energy and power industry in the country presents significant potential for suppliers in the low temperature bearings market.

The manufacturing sector in Canada includes 151 industries such as organic chemical manufacturing, train, subway, and transit car manufacturing, and semiconductor machinery manufacturing, with varying revenue, company, and employment growth rates. Kaman provides maintenance-free bearings that increase reliability and application life while reducing operating costs in challenging applications across various industries. Kaman's self-lubricating bearing liners come in different types tailored to specific applications, such as those requiring high-speed, high-load, high-temperature, or high-impact environments. Consequently, the expanding manufacturing sector in Canada is driving the need for mechanical components like low temperature bearings.

NTN Corporation, SKF Group, Timken Company, DuPont, Nachi-Fujikoshi Corp, Albeco Buchalter, American Roller Bearing Company, GEBR. Reinfurt GMBH and CO KG, Durofit Technologies Private Limited, and ZYS Bearing Research Institute Co. Ltd. are among the key companies operating in the low temperature bearings market.

The COVID-19 pandemic affected the majority of businesses globally. The continuous growth in the count of virus-infected patients compelled respective government authorities to impose respective curbs on the movement of humans, goods, and commodities with travel restrictions, mass lockdowns, and business shutdowns. The imposition of lockdown resulted in the lesser production of commodities and goods and lowered the frequency of service offerings. The manufacturing and aerospace industries witnessed a notable decline in their revenues due to the temporary shutdown of operations. In the first quarter of 2020, after the imposition of a nationwide lockdown in most nations, many industrial sectors came to a standstill. Further, low temperature bearings is extensively used in the pharmaceutical industry, aerospace, and manufacturing industry. However, as the situation has normalized , the low temperature bearings market is expected to grow remarkably worldwide.

The COVID-19 pandemic negatively impacted several end-use industries, such as manufacturing and aerospace, due to the interruption in the supply chain of raw materials and the temporary shutdown of production facilities. Further, low-temperature bearing is used to improve the pump performance in end-use industries; hence, the demand for the low-temperature bearing is closely tied to the functioning of production facilities. As a result, disruptions in manufacturing operations are projected to have a negative impact on the global low temperature bearings market in the future. Low temperature bearings market players globally faced severe challenges due to supply chain disruptions of low temperature bearings components, which led to a supply-demand gap that negatively influenced the low temperature bearings market growth.

The overall global low temperature bearings 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 low temperature bearings market. The process also serves the purpose of obtaining an overview and forecast for the low temperature bearings 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. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the low temperature bearings market.