vacuum bearing Market

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 is experiencing significant expansion in North America and Europe, primarily due to the growth of their manufacturing and construction sectors. The flourishing construction industry, with increasing renovation and new infrastructure projects, is anticipated to be the main driving factor behind the market's growth throughout the forecast period.

In recent years, significant infrastructural development in the US and Canada has led to a surge in demand for vacuum bearings in the region. The growth of manufacturing and construction sectors has further increased the demand for vacuum bearings, mainly due to their use in earthquake-resistant building technology such as base isolation. Hence, the expansion of these sectors is expected to drive the growth of the vacuum-bearing market in North America and Europe in the foreseeable future.

The vacuum bearing market in the APAC region is witnessing growth, which can be attributed to the rising construction sector in this area. The construction industry is projected to be fueled by increased investment in affordable housing development. Governments of countries like Indonesia and India actively provide subsidies for land and construction costs. For example, in India, the government launched the Housing for All project in 2022, which is expected to boost the country's low-cost residential construction segment in the forecast period. Additionally, through the Pradhan Mantri Awas Yojana, the Indian government has committed to providing interest subvention of 3% and 4% for loans of up to US$ 18,000 and US$ 13,500 to the lower strata of society for purchasing and building homes. Thus, the expanding construction sector presents significant opportunities for vacuum bearing manufacturers.

The vacuum bearing market is witnessing growth in the MEA and SAM regions, primarily driven by the increasing automotive sector. In the MEA, there has been a steady rise in the production of commercial vehicles. According to the 2021 report by Organisation Internationale des Constructeurs d'Automobiles (OICA), South Africa manufactured 259,820 commercial vehicles in 2021, 209,002 in 2020, and 283,318 in 2019. This sustained production of commercial vehicles in the region is expected to fuel the growth of the vacuum bearing market.

In addition, various regulatory bodies in the SAM region have recognized the significance of the automotive industry and are taking measures to promote its growth. One such initiative is Route 2030, launched in Brazil in 2017 after the country emerged from a recession. Under this program, eligible automotive manufacturers were offered tax incentives of US$ 535 million in 2019 and will continue to receive US$ 382 million annually until 2030. The program focuses on profitable auto companies actively investing in research and development, particularly those developing energy-efficient technologies within Brazil. Thus, the growing automotive industry in the region is expected to drive the demand for vacuum bearings, which can improve car performance and efficiency by reducing the pressure on the brakes during motion, absorbing shocks and vibrations during sudden braking, and adjusting to rough terrain.

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 M?ller Industrie GmbH & Co. KG; JTEKT Europe Bearings BV; UNASIS; and SKF.

Prior to the COVID-19 pandemic, the demand for vacuum bearings was driven by the growing urban population and corresponding infrastructure development. The US Department of Transportation (DOT) allocated approximately US$ 856 million in grants to Infrastructure for Rebuilding America (INFRA) to construct 20 projects across the United States, as reported by the Journal of Commerce Online. This focus on infrastructure development supported the growth of the vacuum bearing market in North America.

The vacuum bearing market was negatively impacted in 2020 due to various factors including limited workforce availability, shortage of materials and supplies, reduced productivity rates, and the suspension or cancellation of projects and contracts. A specific example of this impact occurred in June 2020 when the renovation work at the University of Delaware's Worrilow Hall academic building was affected by COVID-19. As a result of the scarcity of materials and workers, the contractors had to revise their project plans.

In 2020, the vacuum bearing market in North America was negatively affected by the COVID-19 pandemic. A national survey by the Associated General Contractors of America (AGCA) revealed that 78% of the 1,077 respondents, who were contractors, reported experiencing project delays.

To determine the global vacuum bearing market size, a comprehensive research approach involving both primary and secondary sources has been employed. The secondary research has been conducted using internal and external sources to collect qualitative and quantitative data pertaining to the market. The aim of this process is to obtain an overview and forecast for the analysis of the vacuum bearing market, covering all its segments. Moreover, several primary interviews have been conducted with industry experts and commentators to validate the data and gain further analytical insights into the market. The participants in these interviews include VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as research analysts, valuation experts, and key opinion leaders, who possess a specialization in the vacuum bearing market.