United States Industrial Component Market Size, Share, and COVID-19 Impact Analysis, By Product (Bearing, Roller Chain & Sprocket, and Shaft Couplings), By Industry Vertical (Automotive, Agriculture, Railway, Aerospace, Food & Beverage, and Others), and by United States Industrial Component Market Insights, Industry Trend, Forecasts to 2033

United States Industrial Component Market Insights Forecasts to 2033

• The United States Industrial Component Market Size is expected to Grow at a CAGR of around 9.39% from 2023 to 2033
• The U.S. Industrial Component Market Size is expected to reach a significant share by 2033.

The USA Industrial Component Market size is Expected to Grow 9.39% CAGR from 2023 to 2033, is Expected to reach a Significant Share By 2033. The U.S. industrial component Market is Growing based on automation, advanced manufacturing, and high demand in automotive, aerospace, and energy industries with the industry leaders emphasizing innovation, durability, and efficiency.

Market Overview

The U.S. industrial component industry is the industry dedicated to manufacturing, distribution, and supply of critical components used in industrial machinery, equipment, and systems by different industries. Some of the components are bearings, gears, motors, sensors, fasteners, valves, and hydraulic systems, which play a vital role in automation, manufacturing, construction, aerospace, automotive, and energy industries. Moreover, the U.S. industrial component market is driven by automation, Industry 4.0 adoption, and technological progress in smart manufacturing. The demand for high-performance, long-lasting components for aerospace, automotive, and energy industries drives expansion. Supply chain optimization, heightened industrial investments, and new IoT-based solutions are also generating fresh opportunities for growth and innovation in the market. For instance, NTN Corporation introduced a large-diameter deep groove ball bearing customized for the coaxial e-axle, a critical component of electric vehicles (EVs). The large-diameter bearings are resistant to electrical pitting, which decreases the size and weight of coaxial e-axles. This technology improves the efficiency of the e-axle, with higher rotation speeds at lower torque.

Report Coverage

This research report categorizes the market for the US industrial component market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the U.S. industrial component market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the USA industrial component market.

Driving Factors

The U.S. industrial component market is propelled by growing demand for precision engineering, growth of the manufacturing industry, and growing investments in infrastructure and industrial automation. Increased renewable energy, aerospace, and automotive sectors, as well as material science and 3D printing advancements, increase component durability, efficiency, and customization, increasing market growth. Furthermore, Webster Industries Inc. deals with engineered class chains, sprockets, and vibrating equipment products. Webster's major product lines are engineered conveyor chains, sprockets, vibratory conveyors, and apron pan conveyors. Webster's engineered conveyor chains comprise SBR chains, HSB rollerless chains, port alloy mill chains, port alloy drag chains, combination chains, cast chains, apron conveyors, and. They are critical for industrial processes that involve the effective transportation of materials, whether in production processes or bulk material handling.

Restraining Factors

The U.S. industrial component market is subject to constraints like raw material price volatility, supply chain disruptions, shortage of skilled labor, and high competition, which may hamper profitability, lead to production delays, and slow down-market growth.

Market Segmentation

The U.S. United States industrial component market share is classified into product and industry vertical.

• The bearing segment accounted for the largest share of the US industrial component market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

On the basis of product, the United States industrial component market is divided into bearing, roller chain & sprocket, and shaft couplings. Among these, the bearing segment accounted for the largest share of the United States industrial component market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This is prompted by strong demand within the automotive, aerospace, and heavy machinery sectors. Industrial bearings are pivotal in eliminating friction, improving efficiency, and ensuring smooth operation in industrial activities and are therefore a key component for numerous mechanical and automation systems.

• The automotive segment accounted for a substantial share of the U.S. industrial component market in 2023 and is anticipated to grow at a rapid pace during the projected period.          

On the basis of industry vertical, the U.S. industrial component market is divided into automotive, agriculture, railway, aerospace, food & beverage, and others. Among these, the automotive segment accounted for a substantial share of the U.S. industrial component market in 2023 and is anticipated to grow at a rapid pace during the projected period. This is spurred by huge demand for precision-engineered parts in vehicle production, electrification, and automation. Engine performance relies on bearings, chains, and couplings for engine performance, drivetrain efficiency, and safety systems, and thus the automotive industry is a strong driver of market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the USA industrial component market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Timken Company
• Regal Rexnord Corporation
• SKF USA Inc.
• Emerson Electric Co.
• Parker Hannifin Corporation
• Gates Corporation
• ABB Ltd.  
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In August 2024, Webster Industries Inc. joined hands with MPE Partners to take over Bar Holdings, Inc. (Allor Manufacturing and Plesh Industries). Allor Manufacturing is a well-known supplier of new replacement items and remanufactured products, mainly dealing with the steel industry. It produces aftermarket components, such as levelers, work rolls, chains, wheels, and bearings. The purchase of Allor Manufacturing was an asset to Webster Industries Inc. Allor Manufacturing's solid leadership core has set the company up for continued commercial and operational success.

Market Segment

This study forecasts revenue at the USA, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the US industrial component market based on the below-mentioned segments:

United States Industrial Component Market, By Product

• Bearing
• Roller Chain & Sprocket
• Shaft Couplings

United States Industrial Component Market, By Industry Vertical

• Automotive
• Agriculture
• Railway
• Aerospace
• Food & Beverage
• Others