The analysts forecast the global roller bearings market to grow at a CAGR of 4.33% during the period 2017-2021.
Global Roller Bearings Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years.
The latest trend gaining momentum in the market is increase in size of rotor diameter. Unlike conventional power plants, wind energy generation is highly dependent on the meteorological conditions, especially wind speed. The maximum energy that can be harnessed by wind turbines is roughly proportionate to the swept area of the rotor. Technological advances and blade designs are the main factors leading to the increase in wind turbine output and capacity.
According to the report, one of the major drivers for this market is rise in offshore installation. Offshore wind energy has been present in small numbers. Countries worldwide are beginning to invest in installing offshore wind farms. Though the technology presents some inherent difficulties such as the higher cost of installation, complex and costly maintenance operations, many governments have committed themselves to installing more offshore wind power.
Further, the report states that one of the major factors hindering the growth of this market is cartelization and competition. Competition in the bearing industry, especially ball and roller bearings, has intensified on a global level, and the pace of change in the business environment has accelerated. To restrict the entry of new competitors and maintain market dominance, key players are colluding and fixing the prices of bearings.