The APAC vacuum bearings market is expected to grow from US$ 5,124.21 million in 2022 to US$ 8,041.30 million by 2028; it is estimated to grow at a CAGR of 7.7% from 2022 to 2028.
Increasing funding in the space sector will likely witness increased opportunities, primarily in satellite broadband internet access. For instance, In May 2020, space investments stayed resilient at US$ 25.6 billion, and the impetus for investments had to continue solid in 2021. Space launch facilities recorded strong progress in 2021, with the market forecast to expand more than 15.7% year-over-year (Y-o-Y). Space exploration continued to evolve and flourish in 2021 due to diminishing launch costs and innovations in technology. Over the long term, prices are expected to continue dropping with companies deploying more satellites in the space ecosystem. For instance, in January 2021, more than 1,000 Starlink satellites were launched into orbit by SpaceX, and the company targets to further launch 4,425 satellites in orbit by 2024. Its launch costs decline because of reusable rockets and the mass production of satellites. The launch costs for satellites, which have already dropped from US$ 200 million in the past decade to about US$ 60 million presently, have the potential to decrease further to as low as US$ 5 million. Moreover, the launch of the Space Force in December 2019 influenced and propelled public-sector investments in 2021. These factors mentioned above positively impact the demand for various types of bearings, which play a vital part in producing space shuttles and other space launch components. For example, working in high temperatures between -200°C and +280°C, GGB's plain bearings have functioned as the primary suspension modules in the robotic drilling arm of NASA's Curiosity Mars rover. Also, the self-lubricating metal-polymer bearings are GGB's essential products in the aerospace sector. Besides GGB bearings, Curiosity used Timken's precision bearings in its descent to Mars in March 2021, and so did the other two rovers before it, namely, Spirit and Opportunity. Curiosity also used Timken bearings in the center core of its carousel system as it switched to position sample cups for gathering and examining rock, soil, and atmosphere. In addition, 2 6.35 mm Timken bearings operate Curiosity's tiny vacuum pump, which supports the rover's analytical equipment. Therefore, the demand for vacuum bearings is increasing due to rising growth of APAC space sector.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC vacuum bearings market . The APAC vacuum bearings market is expected to grow at a good CAGR during the forecast period.
Increasing funding in the space sector will likely witness increased opportunities, primarily in satellite broadband internet access. For instance, In May 2020, space investments stayed resilient at US$ 25.6 billion, and the impetus for investments had to continue solid in 2021. Space launch facilities recorded strong progress in 2021, with the market forecast to expand more than 15.7% year-over-year (Y-o-Y). Space exploration continued to evolve and flourish in 2021 due to diminishing launch costs and innovations in technology. Over the long term, prices are expected to continue dropping with companies deploying more satellites in the space ecosystem. For instance, in January 2021, more than 1,000 Starlink satellites were launched into orbit by SpaceX, and the company targets to further launch 4,425 satellites in orbit by 2024. Its launch costs decline because of reusable rockets and the mass production of satellites. The launch costs for satellites, which have already dropped from US$ 200 million in the past decade to about US$ 60 million presently, have the potential to decrease further to as low as US$ 5 million. Moreover, the launch of the Space Force in December 2019 influenced and propelled public-sector investments in 2021. These factors mentioned above positively impact the demand for various types of bearings, which play a vital part in producing space shuttles and other space launch components. For example, working in high temperatures between -200°C and +280°C, GGB's plain bearings have functioned as the primary suspension modules in the robotic drilling arm of NASA's Curiosity Mars rover. Also, the self-lubricating metal-polymer bearings are GGB's essential products in the aerospace sector. Besides GGB bearings, Curiosity used Timken's precision bearings in its descent to Mars in March 2021, and so did the other two rovers before it, namely, Spirit and Opportunity. Curiosity also used Timken bearings in the center core of its carousel system as it switched to position sample cups for gathering and examining rock, soil, and atmosphere. In addition, 2 6.35 mm Timken bearings operate Curiosity's tiny vacuum pump, which supports the rover's analytical equipment. Therefore, the demand for vacuum bearings is increasing due to rising growth of APAC space sector.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC vacuum bearings market . The APAC vacuum bearings market is expected to grow at a good CAGR during the forecast period.
APAC Vacuum Bearings Market Segmentation
The APAC vacuum bearings market is segmented based on product type, application, material, and country.- Based on product type, the APAC vacuum bearings market is divided into cylindrical roller bearings, tapered roller bearings, spherical roller bearings, thrust roller bearings, and needle roller bearings. The cylindrical roller bearings segment would dominate the market in 2022. In terms of application, the APAC vacuum bearings market is categorized into automotive, manufacturing & construction, energy & power, mining, aerospace & defense, and others. The energy & power segment would dominate the market in 2022.
- Based on material, the APAC vacuum bearings market is categorized into silicon, stainless steel, hybrid, and others. The stainless-steel segment would dominate the market in 2022.
- Based on country, the APAC vacuum bearings market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. China would dominate the APAC vacuum bearings market in 2022.
Table of Contents
1. Introduction
3. Research Methodology
4. APAC Vacuum Bearing Market Landscape
5. APAC Vacuum Bearing Market - Key Market Dynamics
6. Vacuum Bearing Market - APAC Market Analysis
7. APAC Vacuum Bearing Market - By Type
8. APAC Vacuum Bearing Market - By Application
9. APAC Vacuum Bearing Market - By Material
10. APAC Vacuum Bearing Market - By Country Analysis
11. Industry Landscape
12. Company Profiles
13. Appendix
Companies Mentioned
- HepcoMotion
- NSK Ltd
- Schaeffler Technologies AG & Co. KG
- THE TIMKEN COMPANY
- TPA Motion, LLC
- GMN Paul Muller Industrie GmbH & Co. KG
- JTEKT Europe Bearings B.V
- UNASIS
- SKF
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 154 |
| Published | September 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 5124.21 Million |
| Forecasted Market Value ( USD | $ 8041.3 Million |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 9 |
