The new bearing isolators market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Bearing Isolators Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the bearing isolators market.
"One of the primary growth drivers for this market is the Multiple Benefits of Bearing Isolators," says a senior analyst for the Industrials industry at Technavio.
Bearing isolators are helpful in providing containment and protection of bearings from external contamination for bearing lubrication. They provide multiple advantages that increase their adoption among various end-user industries such as oil and gas and chemical processing and manufacturing. Some of the major benefits of bearing isolators are the materials used in bearing isolators are chemical resistant and offer a low coefficient of friction. Bearing isolators help in sealing leaks completely. Bearing isolators seal in all types of bearing lubricators, including splash, flooded, forced, and oil mist. Bearing isolators are highly effective in gearbox applications. Therefore, multiple benefits of bearing isolators are increasing their demand across various end-user industries, which, in turn, is driving the growth of the global bearing isolators market.
As the markets recover Technavio expects the bearing isolators market size to grow by USD 87.63 million during the period 2020-2024.
Bearing Isolators Market Segment Highlights for 2020
The bearing isolators market is expected to post a year-over-year growth rate of -4.33%.
Expansion in the global oil and gas market, along with the recent growth in the oil and gas industry globally, has led to a hike in demand for bearing isolators, which are used in high torque rotating equipment used in the oil and gas industry.
Bearing isolators are integrated into compressors, gearboxes, motors, pillow blocks, pumps, and steam turbines equipment, which are used widely in the oil and gas industry.
The majority of the infrastructure in this industry has become old and needs renovation for continued efficient operations. This scenario is mostly visible in the Middle East, which is currently dominating the oil and gas reserves.
37% of the growth will originate from the North America region.
Factors such as the rise in unconventional exploration and production (E&P) activities, such as the drilling of shale reserves in the US and oil sands in Canada will significantly drive bearing isolators market growth in this region over the forecast period.
The US and Canada are the key markets for bearing isolators in North America. Market growth in this region will be faster than the growth of the market in Europe, MEA, and South America.
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The bearing isolators market size is expected to accelerate at a CAGR of over 1% during the forecast period.
The bearing isolators market is segmented by End-user (Oil and gas, Mining and metal processing, Paper and pulp, and Food and beverage), Geography (North America, Europe, APAC, MEA, and South America), and Material (non-metallic bearing isolators and metallic bearing isolators).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including ABB Ltd., Aesseal Plc, Beacon Gasket & Seals Co., Ebara Corp., EnPro Industries Inc., Flowserve Corp., Parker Hannifin Corp., Smiths Group Plc, The Timken Co., and Waukesha Bearings Corp.
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