Global Instrumented Bearing Market Report, published by Fior Markets, forecast that the global market 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 element that limits 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.
“Instrumented Bearing Market (By Product Type: Roller Bearings, Ball Bearings, Plain Bearings, And Others; By End User: Aerospace Equipment, Automotive, Construction Machinery, Power Transmission Equipment, Farm and Garden Machinery, Oilfield Machinery, And Other Machineries; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024″
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Growing Need for energy efficient solution to drive the Global Instrumented Bearing Market
Factors driving the growth of the global instrumented bearing market include growing need for energy efficient solutions, increased demand from aerospace & defense sector, and mounting application of bearing. Though, decreasing after sales market and availability of counterfeit products could hinder the market growth. Besides, technological innovations would provide several growth opportunities in the forecasted years.
Product type, end user, and geography are the key segments included in the global instrumented bearing market. By product type, the market is bifurcated into roller bearings, ball bearings, plain bearings, and others. End user segment comprises aerospace equipment, automotive, construction machinery, power transmission equipment, farm and garden machinery, oilfield 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).
Ball Bearing accounted for the largest market share in the product type segment
Ball bearing accounted for the largest market share in 2016, and is expected to continue its dominance during the forecast period 2016-2024. Demand for these instrumented ball bearings is credited to mounting application of instrumented ball bearings in numerous components such as motor engines, railway coaches, hard drives, automotive wheels, and consumer electronics.
Asia-Pacific dominates with maximum market share in 2016, and is expected to grow during the forecasted period
Asia-Pacific held the largest share in the market with 41.9% in 2016, driven by presence of large players, expanding automotive sector, and economic stability. North America held second largest market share with 24.1%. In terms of growth, Europe is anticipated to dominate with fastest CAGR during the forecast period, owing to adoption of advanced technologies, and increasing investments to develop enhanced bearing.
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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. Similarly, NTN Corporation, which is the major player in the Japanese market, is focusing on developing countries, due to rising demand and potential market in these regions. Major players operating in this market includes Schaeffler Group, JTEKT Corporation, NTN Corporation, The Timken Company, and SKF Group, among others.