Food Service Equipment Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2025. —
Food safety being a top priority, professional food service equipment has gained traction in the last few years, and the global food service equipment market is expected to register a CAGR of 5.16% over the forecast period of 2017 -2023, proclaims Market Research Future (MRFR) in a meticulously analyzed research report. Towering demand for food service equipment from hotels, restaurants, catering businesses and clubs can be attributed to the growth of the global food service equipment market. Increasing focus on cleanliness and hygiene coupled with regulatory requirements to meet FDA and government-specified standards pertaining to food processing and sanitation boost the growth of the market. Moreover, various regulatory authorities have laid down regulations to reduce the use of fluorinated greenhouse gasses in commercial refrigeration is also expected to support the market growth over the forecast period. Growth in the hospitality industry and the trend of capital spending by restaurant operators moving in a positive direction has been a plus for the market growth. The growth of the hospitality industry is approaching a significant high which is also expected to reflect positively on the growth of the global food service equipment market. Moreover, demand for the best of class service and quality from the hospitality and food & beverage industry has catalyzed merger activities in the market which further spurs the market growth. However, the high capital investment could hinder the growth of the market over the forecast period.
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The global bearing market has been segmented on the basis of product and application. On the basis of product, the bearing market is segmented into plain bearing, ball bearing, roller bearing and others. Among these, the ball bearing segment dominated the global bearing market in 2015. However, the roller bearing segment is anticipated to dominate the market during the forecast period as this product provides reduced friction and can sustain heavy radial load and shock or impact loading as compared to ball bearing.
On the basis of application, the global bearing market is segmented into automotive, electronics, aerospace, construction and others. Among these, the automotive segment is dominating the global bearing market and the aerospace segment is anticipated to project the fastest growth during the forecast period.
Detailed Regional Analysis:
On the basis of region, the global bearing market has been segmented into North America, Europe, Asia-Pacific and the rest of the world. Among these regions, Asia-Pacific is anticipated to dominate the global bearing market due to the rapid expansion of automotive, construction and other industries in this region. The robust growth of automotive, construction, mining and aerospace industries in North America and European region is fueling the expansion of the bearing market in this region. The rapid infrastructural and industrial development is influencing the expansion of the global bearing market in the rest of the world.
The constant surge in investment for research and development by the major manufacturers to introduce innovative products in the market is triggering the competition among the players of the global bearing market. In May 2018, NTN Corporation (Japan) has launched a new product called ‘sHUB,’ a hub bearing with steering assist function, which can be equipped on the front wheels of the vehicles.
The leading players in the global bearing market are NTN Corporation (Japan), Svenska Kullagerfabriken AB (Sweden), Schaeffler Group (Germany), NSK Ltd. (Japan), The Timken Company (U.S.), JTEKT Corporation (Japan), Robert Bosch GmbH (Japan), The Danaher Corporation (U.S.), GKN plc.(U.K.) Minebea Mitsumi, Inc. (Japan) and others.
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