The European bearings market is expected to grow marginally over the forecast period with demand from the expanding oil and gas sector in the region, particularly in Eastern European countries, likely to increase. While political uncertainty and financial instability in Europe have restricted the growth of the bearings market previously, their impact is expected to reduce towards the end of 2017. New analysis from Frost & Sullivan, European Bearings Market, finds that the market earned revenues of more than $12.32 billion in 2012 and estimates this to reach $13.64 billion in 2017. The research covers ball bearings as well as tapered, needle, cylindrical and spherical roller bearings. “Europe’s plan to raise the share of renewable energy in its energy consumption mix is expected to boost the solar, bio-fuel, wind, tidal and hydro-electric energy sectors,” said Frost & Sullivan Industrial Automation and Process Control Research Analyst Guru Mahesh. “Consequently, the use of bearings for wind, tidal and hydro-electric turbines is likely to go up, fuelling market revenues.”
