Summery:

Low Temperature Bearings Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Cryogenic Bearings, Plain Bearings, Rolling Element Bearing, Jewel Bearing, and Others), Material (Stainless Steel, Ceramic, Bearing Steel, and Others), and Application (Aerospace, Pharmaceutical, Manufacturing, and Others)

Description:

The low temperature bearings market was valued at US$ 547.71 million in 2021 and is projected to reach US$ 752.72 million by 2028; it is expected to grow at a CAGR of 4.9% from 2022 to 2028.

Market Overview:

The energy mix used to generate power in the US has shifted throughout time, particularly in recent years. Natural gas and renewable energy sources are growing their proportion of power generation in the country, while coal-fired electricity output is decreasing. Coal accounted for 20% of total utility-scale power generation by the end of 2020, while coal accounted for 19% of total utility-scale energy generation. As a result, the country's expanded energy & power industry presents a huge potential for the low temperature bearings market suppliers.

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NTN Corporation, SKF Group, Timken Company, DuPont, Nachi-Fujikoshi Corp, Albeco Buchalter, American Roller Bearing Company, GEBR. Reinfurt GMBH and CO KG, Durofit Technologies Private Limited, and ZYS Bearing Research Institute Co. Ltd. are among the key companies operating in the low temperature bearings market. 

The low temperature bearings market in North America is segmented into the US, Canada, and Mexico. The region is expected to provide lucrative opportunities to the low temperature bearings market during the forecast period. The continuous contribution of tech giants in technological advancements has created a stir in the competitive market across the region, thereby integrating advanced technologies in their respective business processes for better future growth. North American countries, especially the US and Canada, are technologically advanced and comprise numerous industries, such as automotive, pharmaceutical, semiconductor, and chemicals, which propels the growth of low temperature bearings market in North America.

The energy mix used to generate power in the US has shifted throughout time, particularly in recent years. Natural gas and renewable energy sources are growing their proportion of power generation in the country, while coal-fired electricity output is decreasing. Coal accounted for 20% of total utility-scale power generation by the end of 2020, while coal accounted for 19% of total utility-scale energy generation. As a result, the country's expanded energy & power industry presents a huge potential for the low temperature bearings market suppliers.

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Impact of COVID-19 Pandemic on Low Temperature Bearings Market

In North America, the COVID-19 pandemic caused enormous concern and economic damage. The US was one of the worst-affected countries due to the pandemic globally, which led the government to put restrictions on several industrial, commercial, and public activities to prevent the spread. As a result, the demand for low temperature bearings progressively decreased due to the closure of various manufacturing units and shortage of workforce, which is indirectly hampering the growth of low temperature bearings market.

Moreover, the business conditions were quite robust in the second half of fiscal 2021 as organizations and individuals adjusted to the new environment. Nonetheless, with the recovery in economic circumstances, many businesses were able to get back on track. For instance, in fiscal 2021, Pacamor Kubar Bearings, the US-based mechanical equipment firm, set new records for net sales, non-GAAP gross margins, operating income, net income, and EPS. As a result, the restoration of operations in nations such as the US and Canada is a favorable indicator for the low temperature bearings market

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