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The global market for bearings, valued at $84billion in 2015, is projected to grow by 67 per cent to $140 billion by 2022. Nigeria, Mexico and Indonesia are projected to drive the growth due to rapid industrialisation.
A new report by the Allied Market Research entitled, ‘Bearings Market by Bearing Type and Bearing Outer Diameter: Global Opportunity and Forecast, 2014-2022’, states that the market is expected to grow by 7.5 per cent growth from 2016 to 2022.
“Rapid industrialization in potential regions, such as Mexico, Indonesia, Nigeria, and Russia drives the industrial bearings industry,” says the Allied Market Research report. “The implementation of bearings across various applications is expected to reinforce the need for replacements and renovations, thereby accelerating market demand.”
Bearings are antifriction devices used in rotating equipment to minimize resistance and reduce wear and tear. They are used in various industries including automotive, electrical, mining & construction, and railway and aerospace.
The report also said that upsurge in the production of motor vehicles in Asian economies such as China, India, and South Korea are expected to provide opportunities to key vendors in this market. This trend is projected to continue and drive the bearings market growth in the future.
The bearings market in Nigeria is currently facing crises of confidence with upsurge in the activities of fraudulent operators who sell fake bearings believed to be imported from China.
An executive of a global manufacturing firm told BusinessDay at a recent event that large quantities of bearings sold in the Nigerian market are fake ones.
“What we see is that these fraudulent people take original parts to China and have them produced and labelled with original equipment manufacturers and import them to Nigeria,” said the executive who craved anonymity.
The researcher said that the ball bearings segment, with up to 51% market revenue share, dominated the market in 2014. The segment is projected to continue its dominance throughout the forecast period, due to increase in application of ball bearings in technologically advanced applications such as telescope, weather satellites, exercise equipment, and turbines.
They also found that Asia-Pacific was the highest revenue contributor in 2014, accounting for close to 37% share of the overall bearings market.
ISAAC ANYAOGU
