The global instrumented bearing market include growing need for energy efficient solutions, increased demand from aerospace & defense sector, and mounting application of bearing.
Global Instrumented Bearing Market size is expected to reach $165.1 billion by 2024 from $92.7 billion in 2016; growing at a CAGR of 7.5% from 2016 to 2024. A bearing is an apparatus component that restricts relative motion to the desired motion by reducing friction between the moving parts.
A highly engineered and precision-made section allows the machinery to work at high speed and carry notable loads with ease and effectiveness. For getting higher productivities and better machine control, implanted instrumentation is done in bearings.
This instrumentation may comprise of thermocouples, resistance temperature sensors, and angular position or devices sensors. The data collected from these sensors can be used in various applications such as, tire pressure monitoring, anti-lock braking system, and other industrial sectors.
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The major factor to drive the growth of global instrumented bearing market is increase in automobile production throughout the globe. Besides, growing need for energy efficient solutions, and rising application of bearing have also supported the market growth.
However, manufacturing and sales of counterfeit products is the major hindrance for the growth of the market. Moreover, perpetual demand for instrumented bearings in aerospace & defense sector, and new technological advancement is expected to generate numerous growth opportunities for the market in the forecast period.
The global instrumented bearing market is mainly classified on the basis of product type, end-user, and geography. Product type is further divided into ball bearings, roller bearings, plain bearings, and others.
The classification by end-user comprises automotive, aerospace equipment, power transmission equipment, construction machinery, oilfield machinery, farm and garden machinery, and other machineries. Based on geography, the global instrumented bearing market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
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Ball bearing held the largest market share in the year 2016, and is anticipated to endure its dominance throughout the forecast period 2016 – 2024. The growth is attributed to extensive growing applications of instrumented ball bearings in various components such as automotive wheels, motor engines, railway coaches, and consumer electronics
In 2016, Asia-Pacific occupied the largest market share with 41.9%, owing to presence of large players, expanding automotive sector, and economic stability. In terms of growth, Europe is expected to grow with fastest CAGR throughout the forecast period i.e.
2016 – 2024, driven by implementation of advanced technologies, and growing investments to develop enhanced bearing.
Schaeffler Group, which is one of the leading player in the market has recently in 2017 entered into a strategic partnership with Fraunhofer. The main aim of this partnership was to bring technologies into practical applications in a faster and more battered and targeted manner.
Major players operating in this market includes Schaeffler Group, JTEKT Corporation, NTN Corporation, NSK Ltd., The Timken Company, and SKF Group, among others.
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Scope of the Global Instrumented Bearing Market
Product Type Segments
- Roller Bearings
- Ball Bearings
- Plain Bearings
- Other Product Types
End User Segments
- Aerospace Equipment
- Construction Machinery
- Power Transmission Equipment
- Farm and Garden Machinery
- Oilfield Machinery
- Other Machineries
- North America
- South Korea
- South America
- Middle East
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