Vacuum Bearing Market Research Report and Outlook by 2028

In 2021, the vacuum bearing market was valued at approximately US$ 9,967.73 million and is anticipated to grow to around US$ 16,678.55 million by 2028, reflecting a compound annual growth rate (CAGR) of 7.7% from 2022 to 2028.

The vacuum bearing market is witnessing robust growth in North America and Europe, largely driven by advancements in their manufacturing and construction industries. The booming construction sector, characterized by a rise in both renovation projects and new infrastructure developments, is expected to be a key factor propelling market growth throughout the forecast period.

In recent years, the United States and Canada have seen substantial infrastructural advancements, leading to an increased demand for vacuum bearings in these regions. The expansion of the manufacturing and construction sectors has significantly contributed to this demand, particularly due to the application of vacuum bearings in earthquake-resistant technologies, such as base isolation systems. Consequently, the ongoing growth in these sectors is likely to further stimulate the vacuum bearing market in North America and Europe in the coming years.

Meanwhile, the vacuum bearing market in the Asia-Pacific (APAC) region is also on the rise, primarily due to the expanding construction industry. This growth is expected to be driven by heightened investments in affordable housing initiatives. Governments in countries like Indonesia and India are actively supporting these developments by providing subsidies for land and construction expenses. For instance, India launched the Housing for All initiative in 2022, which aims to enhance the low-cost residential construction sector during the forecast period. Additionally, the Pradhan Mantri Awas Yojana program in India offers interest subsidies of 3% and 4% for loans up to US$ 18,000 and US$ 13,500, respectively, to assist lower-income groups in purchasing and constructing homes. Thus, the burgeoning construction sector presents considerable opportunities for manufacturers of vacuum bearings.

In the Middle East and Africa (MEA) and South America (SAM) regions, the vacuum bearing market is also experiencing growth, primarily fueled by the automotive sector's expansion. In the MEA region, there has been a consistent increase in the production of commercial vehicles. According to a 2021 report from the Organisation Internationale des Constructeurs d'Automobiles (OICA), South Africa produced 259,820 commercial vehicles in 2021, up from 209,002 in 2020 and 283,318 in 2019. This ongoing production trend is expected to bolster the vacuum bearing market.

Furthermore, various regulatory bodies in the SAM region have acknowledged the importance of the automotive industry and are implementing measures to foster its growth. One notable initiative is Route 2030, introduced in Brazil in 2017 following the country's recovery from a recession. This program offers tax incentives totaling US$ 535 million in 2019, with an annual allocation of US$ 382 million until 2030 for qualifying automotive manufacturers. The focus is on profitable automotive companies that are investing in research and development, particularly in energy-efficient technologies within Brazil. As a result, the expanding automotive sector in the region is expected to drive the demand for vacuum bearings, which enhance vehicle performance and efficiency by alleviating brake pressure during operation, absorbing shocks and vibrations during sudden stops, and adapting to challenging terrains.

Key players in the vacuum bearing market include HepcoMotion, NSK Ltd., Schaeffler Technologies AG & Co. KG, THE TIMKEN COMPANY, Bunting Bearings, LLC, TPA Motion, LLC, GMN Paul M?ller Industrie GmbH & Co. KG, JTEKT Europe Bearings BV, UNASIS, and SKF.

Before the onset of the COVID-19 pandemic, the demand for vacuum bearings was largely driven by the increasing urban population and the corresponding need for infrastructure development. The US Department of Transportation (DOT) allocated around US$ 856 million in grants to the Infrastructure for Rebuilding America (INFRA) program to support 20 projects across the United States, as reported by the Journal of Commerce Online. This emphasis on infrastructure development significantly contributed to the growth of the vacuum bearing market in North America.

However, the vacuum bearing market faced challenges in 2020 due to the COVID-19 pandemic, which resulted in limited workforce availability, material shortages, decreased productivity, and the suspension or cancellation of various projects and contracts. A specific instance of this impact was observed in June 2020 when renovation work at the University of Delaware's Worrilow Hall was disrupted due to COVID-19, leading contractors to revise their project plans due to material and labor shortages.

In 2020, the vacuum bearing market in North America was adversely affected by the pandemic. A national survey conducted by the Associated General Contractors of America (AGCA) revealed that 78% of the 1,077 contractor respondents reported experiencing project delays.

To accurately assess the global vacuum bearing market size, a thorough research methodology involving both primary and secondary sources has been utilized. Secondary research involved gathering qualitative and quantitative data from various internal and external sources to provide a comprehensive overview and forecast of the vacuum bearing market across all segments. Additionally, numerous primary interviews were conducted with industry experts and stakeholders to validate the data and gain deeper analytical insights. Participants in these interviews included VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as research analysts and valuation experts, who specialize in the vacuum bearing market.