Sales of Sliding Bearing to hit US$ 2420.0 million by 2033 amid Rising Applications in the Automotive Sector | Future Market Insights, Inc.
According to a Future Market Insights (FMI) report, the global sliding bearing market size reached US$ 952.8 Million in 2022. The revenue generated by sliding bearings sales will likely hit US$ 1051.9 Million in 2023. Demand is poised to soar at 8.7% CAGR from 2023 to 2033. Sales are anticipated to transcend at US$ 2420.0 Million by 2033.
Heating, ventilation, and air conditioning (HVAC) systems consume significant energy in buildings. Using energy-efficient sliding bearings in these systems can lead to substantial energy savings. Infrastructure projects such as high-speed railways and smart cities often require advanced sliding bearings for efficient and reliable transportation and construction equipment.
Government regulations and industry standards are increasingly emphasizing energy efficiency. This drives manufacturers and end-users to adopt energy-efficient bearing solutions. Growing awareness of environmental sustainability and the need to reduce energy consumption encourages businesses and consumers.
Advanced sliding bearings are used to invest in products and technologies that contribute to energy efficiency. As developing economies industrialize and urbanize, there is a growing demand for energy-efficient machinery and equipment. This is ultimately expected to boost the sliding bearing market in these regions.
The aerospace and defense sectors often demand sliding bearings with advanced materials due to their lightweight and high-strength properties. Reduced weight and high durability improve performance in aircraft, missiles, and military vehicles. Adopting new technologies, like 3D printing and nanotechnology, can facilitate the production of sliding bearings with advanced materials. This results in a potential reduction of manufacturing costs and drives growing demand.
Industries that require high-performance machinery may seek a competitive edge by using advanced materials in sliding bearings. This drives sales among industries where performance is critical. As emerging economies industrialize and modernize, they require sliding bearings with advanced materials. Such developments are anticipated to help meet high quality and performance standards, contributing to growing demand from these industries.
“ Soaring demand for advanced material will likely drive demand in the sliding bearing market by 2033. Key manufacturers are expand ing their product portfolios to offer a wide range of sliding bearings for various applications and industries . Lightweight and highly durable sliding bearings are expected to remain high in demand from crucial sectors like automotive and aerospace through 2033." - says a lead Future Market Insights (FMI) analyst.
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