According to the recent research report titled ‘Global Super precision bearing Market Size study with COVID Impact, By Type (Angular Contact Ball Bearings, Cylindrical Roller Bearings, Double Direction Angular Contact Thrust Ball Bearings, Axial-Radial Cylindrical Roller Bearings and Others) and By Application (Machine Tools, Medical and Dental, Aviation & Defense, Precision Equipment and others) and Regional Forecasts 2020-2027’, available with Market Study Report, global super precision bearing market was valued at USD 770 million in 2019 and is projected to expand with a CAGR of 4.51% during 2020-2027.
 

Focus towards technological advancements in order to improve the efficiency and reliability of super precision bearing systems is majorly driving the market growth.
 

For those uninitiated, bearings are machine element that limit relative motion to desired motion and helps in reducing friction between moving parts. In this context, super precision bearings are designed for usage in machine tool spindles as well as other precision applications as they are of high precision. They are generally used by precision equipment, aviation & defense equipment, medical & dental equipment, and machine tools.
 

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Axial radical cylindrical roller bearings, double angular contact ball bearings, cylindrical roller bearings, and angular contact ball bearings are the main types available super precision bearings.
 

Surging demand for high precision and efficient products is likely to influence the market size. As per Statista, the demand for machine tools globally was worth USD 181 billion in the year 2019. The Brazil market has witnessed a growth from USD 13.4 million in the year 2017 to USD 39 million through 2025.
 

Citing the regional landscape, worldwide super precision bearing industry is segmented into Latin America North America, Asia-Pacific, Europe, and Rest of the world.
 

The report claims that Asia Pacific is expected to hold major share of super precision bearing industry. Economies such as Australia, Turkey, Russia, Israel, the United States, and China are likely to contribute to the product demand.
 

Meanwhile, Middle Eat & Africa and Latin America markets are also expected to showcase commendable growth throughout the forecast period, with South Africa and Brazil seem to be emerging industries. Technological advancements to provide better efficiency and reliability is the factor driving the market growth in the two regions.
 

Major contenders in global super precision bearing market are NTN Corporation, ZWZ Bearings, C&U Group, ZYS International Co. Ltd., Timken Company, Koyo Bearings, AB SKF, NSK Ltd., Nachi-Fujikoshi Corporation, and Schaeffler Group.