Owing
to the expansion of the automobile industry around the world, the
global instrumented bearing market is expected to be growing at an
8.6% CAGR between 2014 and 2020. The global market is anticipated to
reach a market value of US$938.4 million by 2020, not very far from
twice its 2013 value of US$523.3 million. Instrumented bearings refer
to mechanical elements that help in the reduction of friction that
takes place between moving components/parts within a machine. These
generally consist of sensor units that help measure the rotatable
ring’s angular position with respect to that of the fixed ring
contained in the bearing.
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These
bearings are applied in several application segments such as tire
pressure monitoring systems, adaptive cruise control, anti-lock
braking systems, and other similar industrial applications.
Electronic stability control is another prominent automotive
application area for the global instrumented bearing market. Much of
the demand for instrumented bearings comes from the aerospace and
defense industries around the world. Presently, the demand for
instrumented bearings is also influenced by the rising demand for
energy efficiency in the operations of different types of machines.
What
Drives the Market for Instrumented Ball Bearings?
The
global instrumented bearing market is segmented on the basis of
product type, end use, and geography. On the basis of product type,
the market is classified into plain bearings, ball bearings, roller
bearings, and others. Needle roller bearings, thrust roller bearings,
sensor-integrated tapered roller bearings, and cylindrical roller
bearings are the various sub-segments within the segment of
instrumented roller bearings. In 2014, the highest share in the
overall instrumented bearing market was held by the ball bearings
segment. Furthermore, this segment is expected to retain its leading
position in the market during the forecast period.
The
instrumented ball bearings segment is mainly propelled by the
extensive application of instrumented ball bearings in several
components in varied end-use industries such as hard drives, consumer
electronics, railway coaches, motor engines, and automotive wheels.
Based on end use, the global instrumented bearing market is segmented
into oilfield machinery, automotive, farm and garden machinery,
aerospace equipment, construction machinery, power transmission
equipment, and other machinery. With a market share exceeding 40%, in
2014, the largest share in the global instrumented bearing market was
held by the automotive instrumented bearings segment. This
application segment is primarily driven by increased production of
automobiles and motor vehicles.
Asia
Pacific Instrumented Bearing Market to Witness Robust Growth
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Geographically,
the global instrumented bearing market is classified into Asia
Pacific, North America, Europe, and Rest of the World. Owing to the
expansion of the instrumented bearing markets of Malaysia, China,
Singapore, Japan, Taiwan, India, and South Korea, the Asia Pacific
instrumented bearing market holds the highest share in the global
market in terms of revenue. The Asia Pacific market for instrumented
bearing is fueled primarily by high automobile production in this
region. The other two factors driving the global instrumented bearing
market are infrastructure development and rapid industrialization.
As
per industry estimates, the segment for aerospace equipment is
anticipated to grow at a 9.4% CAGR during the forecast period
2014-2020, thereby recording the highest rate of growth within the
application segment of the global instrumented bearing market. The
instrumented bearing markets of Europe and North America collectively
account for a share of more than 40% in the global market based on
revenue.
NTN
Corporation, SKF Group, JTEKT Corporation, NSK Ltd., The Timken
Company, Schaeffler Group are the prominent companies operating in
the overall instrumented bearings market.
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Press Release Of Instrumented Bearing Market
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