"The bearing market of Saudi Arabia stands as a pivotal and thriving sector within the country's robust industrial landscape. With a strong emphasis on economic diversification and the development of non-oil industries, Saudi Arabia has witnessed remarkable growth in its manufacturing and construction sectors, thereby fueling the demand for bearings. As a vital component in various machinery and equipment applications across diverse sectors such as automotive, aerospace, energy, and manufacturing, bearings play a fundamental role in ensuring the smooth and efficient operation of mechanical systems. The market is being influenced by changing trends such as the increasing usage of innovative bearing technologies such as ceramic and hybrid bearings, the desire for customised and application-specific solutions, and a focus on energy efficiency and sustainability. Industry participants prioritise constant innovation, tight quality control, and a customer-centric strategy to remain competitive in this dynamic context. As Saudi Arabia's bearing market continues to thrive, industry stakeholders must adapt to changing market dynamics, exploit technical improvements, and form strategic alliances to capitalise on the enormous growth prospects that lie ahead. According to the report title, ""Saudi Arabia Bearing Market Overview, 2027,"" published by Bonafide research, the market is projected to grow rapidly over the forecast period, driven by the demand for mounted bearings. By the end of the forecast period 2027, the ball bearing segment is expected to account for nearly half of the market. The bearing market in Saudi Arabia is governed by a government-established regulatory structure that ensures compliance, quality control, and fair competition. Regulations in manufacturing processes, product quality, importation and exportation procedures, and safety requirements are all implemented by the government. SASO and other government organisations play an important role in establishing and enforcing industry standards, conducting inspections, and certifying products. The Vision 2030 plan focuses on industrial development and diversification in the bearing sector, as well as supporting innovation, knowledge transfer, and local manufacturing capabilities. Saudi Arabia encourages openness and control by developing and implementing government laws, which benefits consumers, industry stakeholders, and economic progress. This is due to increased air passenger and air cargo use. The threats and geopolitical situations demand more aerial defence aircraft. Unmounted bearings have a major market share as they are traditional bearings that were introduced first in the market space. OEM bearing demands are high as they require bearings in different forms to manufacture and assemble the equipment or products, such as automobiles or appliances that they make. Aftermarkets generally cater to replacing and maintaining the original equipment, appliances, or other machinery and have less market share. Stainless steel bearings are in demand over the coming years as they can withstand high heat. Mounted bearings are expected to drive future market demand with wide scale application. Increased efficiency and long life of bearings that demand less maintenance are the other factors that created more demand for bearings. However, competitive products in the market may act as a market restraint. There would be more demand for specialised bearings to optimise the costs of machines and increased adoption of sensor-based bearing units coupled with the Internet of Things are expected to be growth opportunities for bearings.
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globallyDownload Sample
Railways and agriculture are projected to utilise more bearings in the forecast period as this industry focuses on reducing costs and enhancing the lifetime of rails and machines. Railway gearboxes use bearings to lessen shocks caused due to friction between motors and wheels running on tracks. The advancements in technology have reduced the maintenance costs for railways and strengthened cage strength. The innovations in agriculture IoT have led to increased utilisation and monitoring of equipment and machineries that further accelerate market demand for bearings in the country. Agriculture equipment like horizontal and vertical conveyors, worm conveyors, auxiliary transmissions, ploughs, and harvesters have boosted demand for mounted bearings in recent years. Chrome steel is the most widely used material to make bearings as it is both cost-effective and durable. Bearings can also be made from other materials like stainless steel, carbon steel, brass, plastics, ceramics, and other types. Stainless steel bearings are used in corrosive atmospheres as they are resistant and hard but not suitable for salt water and other chemicals. Ceramics are used for extreme temperatures, while plastic bearings are used where less load and speed is required. The supply and demand chain for bearings was highly disturbed amid the pandemic. Trade restrictions led to shortages of parts and raw materials from the Asia Pacific region. This resulted in delayed production orders and a reduced workforce, which halted OEM production lines. The automotive sector was highly affected, but the demand for electric vehicles increased amid the pandemic, which created new demands for bearings, which supported the market growth. After the pandemic, the technological advancements in the bearing market are expected to significantly drive demand. The high import duties levied and scarce raw materials have led to a rise in the cost of bearings. Considered in this report • Geography: Saudi Arabia • Historic year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Saudi Arabia Bearing market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation
By product type in the report: • Ball Bearing • Roller Bearing • Plain Bearing • Others (Magnetic Bearing, Fluid Bearing, Disc Harrow Bearing, etc.) By application type in the report: • Automotive • Industrial • Aerospace • Others (Railway, Agriculture, etc.) By installation type in the report: • Unmounted Bearing • Mounted Bearing
By distribution channel in the report: • Original equipment manufacturers (OEMs) • Aftermarket By material type in the report: • Metal • Stainless Steel • Chrome Steel • Carbon Steel • Brass • Others (Plastic, Ceramic, etc.) The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to bearing industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. "