How do bearing manufacturers take advantage?
Bearing manufacturers need to continuously work with their customers to understand their challenges and shortcomings. Simultaneously, bearing suppliers need to encourage an innovative culture among their technical teams so that they are able to provide innovative and sophisticated solutions to meet the demands and challenges faced by the customers.
In order to develop smart bearings, manufacturers must work towards establishing partnerships with IIoT platform providers and analytics solution providers to integrate these capabilities to develop smart bearings. With such partnerships in place, bearing manufacturers will be able to widen their solution portfolios to include bearings service (such as predictive maintenance) and thereby, increase their revenue. This will be important for bearing manufacturers in Europe to differentiate themselves from low-priced bearing imports and sustain their revenues.
The European bearings market is a continuously evolving market with constant improvements in bearing designs and the integration of new technologies with bearings. In order to stay ahead of the curve, it is important that bearing manufacturers invest significant time, effort and money in building partnerships with companies offering complementary technologies and in the research and development of new and innovative bearing designs and also in the development of robust testing mechanisms to validate the performances of these new designs.