At 7.0% CAGR, Asia Pacific High Heat Bearing Market is Projected to be Worth US$ 5,380.18 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the Asia Pacific high heat bearing market was valued at US$ 3,127.23 million in 2023 and is expected to reach US$ 5,380.18 million by 2031, registering a CAGR of 7.0% from 2023 to 2031. Burgeoning investments in renewable energy projects and integration of sensors and advanced technologies are among the critical factors attributed to the Asia Pacific high heat bearing market expansion.

The growing emphasis on renewable energy initiatives such as solar, wind, and geothermal energy holds a profitable potential for the expansion of the high-heat bearing market. These specialized bearings made out of materials such as alloys, ceramics, and composites can tolerate intense temperatures and chemical exposure without showing any signs of immediate degradation. As a result, they are used in a variety of industries, notably those requiring energy generation and transmission. Geothermal energy involves extracting heat from beneath the Earth's surface, where temperatures can range from 150°C to more than 400°C. Thus, the progress of the renewable energy sectors presents significant opportunities for the growth of the high heat bearings market in the coming years. Investments in renewable energy projects are growing due to the burgeoning need for clean energy owing to support extended by governments to meet sustainability goals. According to the International Energy Agency, global spending on clean energy technologies and infrastructure is on track to hit US$ 2 trillion in 2024. Moreover, various players across the world are investing in renewable energy projects. Such investments in renewable energy plants are anticipated to create lucrative opportunities for the growth of the high heat bearing market in the coming years.

On the contrary, the increased cost associated with using advanced materials in bearing manufacturing processes hampers the growth of the Asia Pacific high heat bearing market.

Based on type, the Asia Pacific high heat bearing market is segmented into plain bearings, roller bearings, and deep groove ball bearings. The roller bearings segment held 38.8% share of the Asia Pacific high heat bearing market in 2023, amassing US$ 1,214.34 million. It is projected to garner US$ 2,173.33 million by 2031 to expand at 7.5% CAGR during 2023–2031. The plain bearings segment is further sub segmented into spherical plain bearings, rod ends, and bushings.

Based on industry, the Asia Pacific high heat bearing market is segmented into metal processing, aerospace, defense, food and beverages, energy and power, manufacturing, automotive, and others. The manufacturing segment held 28.7% share of the Asia Pacific high heat bearing market in 2023, amassing US$ 896.19 million. It is projected to garner US$ 1,486.19 million by 2031 to expand at 6.5% CAGR during 2023–2031.

Based on country, the Asia Pacific high heat bearing market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 42.7% share of Asia Pacific high heat bearing market in 2023, amassing US$ 1,335.33 million. It is projected to garner US$ 2,340.38 million by 2031 to expand at 7.3% CAGR during 2023–2031.

Key players operating in the high heat bearing market are NSK Ltd; NTN Corp; RBC Bearings Incorporated; SKF AB; Global Bearing Technologies S.r.L; Dalian Chengfeng Bearing Sales Co., Ltd; Scheerer Bearing Corporation; DURBAL Metallwarenfabrik GmbH; Graphite Metallizing Corporation; and ISK bearings, among others.

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