The global instrumented bearing market was valued at $92.7 billion in 2016 and is projected to reach $164.84 billion by 2024, growing at a CAGR of 7.6% during the forecast period of 2017-2024.
The ball bearing segment generated the highest revenue share, accounting for more around 50% of in the global instrumented bearing market in 2016.
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A machine component which restricts the relative motion to the required motion in order to reduce the friction generated between moving parts is called as a bearing. Bearing acts as an extremely enabled and precise element which enables the machinery to move at higher speeds and bear high loads with optimum efficiency and without any difficulty.
In order to obtain better machine control, some instrumentation is installed in the bearings.
This instrumentation may include thermocouples, temperature detectors and position sensors. The information retrieved from these sensors can be used for a wide application vertical including anti-lock braking system, tire pressure monitoring and various other industrial sectors.
Global Instrumented Bearing Market Dynamics
The instrumented bearing market is majorly driven by a constant increase in the demand for instrumented bearings from the aerospace and defense industries. In nearly every industry, numerous mechanical operations require bearings as a vital component because they directly affect the processing efficiency and saves energy as well.
Moreover, the growth of the market is also hiked by the increase in applications of instrumented ball bearings in varied components of motor engines, railway coaches, consumer electronics, automotive wheels, hard drives and others. However, increasing fake and forged products and reduction in after sales market can curtail the growth of instrumented bearing market.
Emerging technological advancements are witnessed to bring future opportunities for the growth of the market.
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Global Instrumented Bearing Market Segmentation
The instrumented bearing market is segmented on the basis of product type, end user, and geography. By product type, the market is segmented into ball bearings, plain bearings, roller bearings and others.
By end user, the market is segmented as automotive, aerospace equipment, power transition equipment, construction machinery, farm and garden machinery, oil field machinery and other machinery. Geographically, the market is segmented as North America, Europe, Asia Pacific and Rest of World.
Ball bearing market generated the highest revenue in 2016 and is expected to grow at a CAGR of 7.4% during the forecast period.
Some major market players are SKF Group, Schaeffler Group, The Timken Company, NTN Corporation, JTEKT Corporation, NSK Ltd., and others. Top six players in the industry accounted for more than 80% of the market in 2016.
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GLOBAL INSTRUMENTED BEARING MARKET SEGMENTATION
By product type
- Ball bearings
- Plain bearings
- Roller bearings
By End User
- Aerospace equipment
- Power transition equipment
- Construction machinery
- Farm and garden machinery
- Oilfield machinery
- Other machinery
- North America
- Rest of World
KEY MARKET PLAYERS
- SKF Group
- Schaeffler Group
- The Timken Company
- NTN Corporation
- JTEKT Corporation
- NSK Ltd
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