High Voltage Motor Sleeve Bearing Market Size Worth USD 4.37 Billion, Globally, by 2030 at a CAGR of 8.0%
As per the report by Fortune Business Insights, the global High Voltage Motor Sleeve Bearing Market size is projected to reach 4.37 billion in 2030, at a CAGR of 8.0% during the forecast period, 2023-2030
The global high voltage motor sleeve bearing market size was valued at USD 2.37 billion in 2022. The market is projected to grow from USD 2.55 billion in 2023 to USD 4.37 billion by 2030, exhibiting a CAGR of 8.0% during the forecast period.
High voltage motor sleeve bearings serve as essential components positioned on both ends of the motor, enabling precise alignment of the axial shaft and ensuring optimal lubrication through hydrodynamic lubrication techniques. These bearings are skillfully crafted from durable or ionized materials, providing an extensive lifespan. Fortune Business Insights presents this information in their report titled "Global High Voltage Motor Sleeve Bearing Market, 2023–2030."
September 2022: The Timken Company acquired GGB bearing Technology, a division of Enpro. This deal will create diverse product offerings for Timken with special bearing products such sleeve and custom bearings.
The global production sector experienced significant disruption as a result of the COVID-19 pandemic, leading to a range of challenges including fluctuating material prices and decreased demand. This had a particularly negative effect on the machinery and manufacturing industry, as demand dwindled and operational costs soared, particularly in densely populated countries such as China, India, and others.
Rapid urbanization in Asian countries is driving the development of commercial spaces and infrastructure. With the United Nations projecting an additional 2.5 billion people in the world's urban population by 2050, concentrated mainly in Asia and Africa, the rising population and infrastructure needs in the renewable industry are expected to drive the demand for electricity generation motors. Consequently, the high voltage motor sleeve bearing market growth is positioned for the forecast period.
However, the emergence of alternative options, such as rolling element bearings and magnetic bearings, present potential obstacles to the revenue growth of the market.
The high voltage motor sleeve bearing research report offers an exhaustive analysis of the global market, emphasizing prominent companies, types of equipment, and primary product applications. Moreover, it provides valuable insights into market trends, noteworthy industry advancements, SWOT analysis, and the competitive landscape. Furthermore, the report encompasses numerous factors that have played a pivotal role in driving market growth in recent times.
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