Instrumented Bearing Market
Instrumented Bearing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Press Release :
Instrumented Bearing Market - Snapshot
Bearings are those components of machines that are mainly utilized for the reduction of friction between moving parts of a machine. Elements mainly utilized for the purpose of reducing friction between moving parts. Instrumented bearings are fitted with the sensor units for the purpose of measurement of angular position of rotatable ring. This angular position is measured against the fixed ring of the bearing. The information thus gathered through sensors are utilized in many applications such as tire pressure monitoring system, adaptive cruise control, anti lock braking system, and many other industrial sectors. The global instrumented bearing market is forecasted to observe growth in its rising from various industrial sectors.
Increased Demand from the Defense and Aerospace Sectors to Bolster Demand
Bearings assist in hassle-free and efficient loading and carrying of loads. Bearings find use in applications such as
- Machine tools
Rising demand for solutions that are energy efficient solutions together with burgeoning demand from defense and aerospace sectors is expected to support growth of the global instrumented bearing market in years to come. Widening scope of applications for bearings is likely to come up as important factor in the expansion of the global instrumented bearing market in the near future.
Rising demand for instrumented bearing from the aerospace and defense sector together with the need for energy efficient solutions is likely to amplify the growth of the global instrumented bearing market.
Global instrumented bearing market was valued at USD 570.4 million in 2014, growing at a CAGR of 8.6% from 2014 to 2020. Bearings are machine elements that are primarily used for reducing friction between moving parts. Instrumented bearings are integrated with sensor units for measuring angular position of the rotatable ring with respect to the fixed ring of the bearing. The information collected through these sensors are used in various applications such as anti lock braking system, adaptive cruise control, tire pressure monitoring system and other industrial sectors.
The global instrumented bearing market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). The instrumented bearing market is primarily driven by increase in automobile production globally. In addition, the growing demand for instrumented bearings from defense and aerospace industry is also influencing the growth of this market. Need for energy efficiency while operating various types of machinery is also contributing to the growth in demand for instrumented bearings globally.
Geographically, Asia Pacific led the instrumented bearing market in 2014 and the region is expected to continue its dominance in 2020. The growing demand for instrumented bearings in countries such as China, Japan, India, South Korea, Taiwan, Singapore, and Malaysia is primarily driving the Asia Pacific market. Increasing automobile production in the region is the main factor driving the Asia Pacific instrumented bearing market. In addition, growing industrialization and infrastructure development in the region is also contributing to the growth of instrumented bearing market.
The instrumented bearing market is segmented on the basis of type into instrumented ball bearing, instrumented plain bearing, instrumented roller bearing and others. Among all, instrumented ball bearing segment held the highest market revenue share in 2014 and is expected to remain so during the forecast period. Demand for instrumented ball bearings is attributed to growing application of Instrumented ball bearings in various components such as motor engines, automotive wheels, railway coaches, hard drives and consumer electronics among others.
The instrumented bearing market is further segmented by end-use into automotive, aerospace equipment, power transmission equipment, construction machinery, farm and gardening machinery, oilfield machinery and others. Automotive instrumented bearings held the highest revenue share accounting for more than 40% of the overall market in 2014. The increase in production of motor vehicles is heavily influencing the growing demand for automotive-instrumented bearings globally. Aerospace equipment is analyzed to be the fastest growing application segment in instrumented bearing market and is expected to attain a significant growth in the recent future.
The global instrumented bearing market is expected to witness substantial growth during the forecast period. This is due to the increasing demand of bearings across various application sectors such as automotive, defense and aerospace and industrial sector. The increase in automobile production globally is stimulating the growth in demand for instrumented bearings and associated components. Instrumented bearings are used in various automotive systems such as antilock braking systems (ABS) and electronic stability control (ESC) among others. Aerospace equipment was the fastest revenue generating end-use segment in 2014.
Factors such as rising demand from defense and aerospace industries and need for energy efficient solutions in various industries is also expected to influence the market growth. Aerospace equipment requires specialized bearings that are used for mission critical applications. These bearings need to be monitored very closely in order to ensure zero error operability.
Asia Pacific led the global instrumented bearing market in 2014 and the region is expected to continue its dominance in 2020. The region’s dominance is due to growing industrialization in countries such as China, India, Japan, and South Korea. Moreover, increasing motor vehicle production in the region is further contributing to the growth of instrumented bearing market in Asia Pacific. North America and Europe followed Asia Pacific in the global instrumented bearing market to collectively account for more than 40% of the global market revenue share in 2014. Europe registered fastest growth from 2014 to 2020, owing to its flourishing automobile industry.
This market research study analyzes the instrumented bearing market on a global level and provides estimates in terms of revenue (USD million) from 2014 to 2020. It recognizes the drivers and restraints affecting the industry and analyzes their impact over the forecast period. Moreover, it identifies the significant opportunities for market growth in the coming years. The report will help manufacturers, suppliers and distributors understand the present and future trends in this market and formulate their strategies accordingly.
The market has been segmented on the basis of geography as North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW), and these have been estimated in terms of revenue (USD billion). In addition, the report has segments based on end-use, which includes automotive, aerospace equipment, power transmission equipment, construction machinery, farm and gardening machinery, oilfield machinery and others. It also has segments on the basis of product type which includes instrumented ball bearings, instrumented plain bearings, instrumented roller bearings and others. All these segments have also been estimated on the basis of geography in terms of revenue (USD million).
For better understanding of the instrumented bearing market, we have given a detailed analysis of the supply chain. A detailed Porter’s five forces analysis has been given for the better understanding of the intensity of the competition present in the market. Furthermore, the study comprises a market attractiveness analysis, where the applications are benchmarked based on their market scope, growth rate and general attractiveness.
The report provides company market share analysis of various industry participants. The key players have also been included on the basis of regions including North America, Europe, Asia Pacific and Rest of the World. Major market participants mentioned in this report include SKF Group, Schaeffler Group, The Timken Company, NTN Corporation, JTEKT Corporation, NSK Ltd., and others.
Instrumented Bearing Market: By type
- Ball Bearing
- Plain Bearing
- Roller Bearing
Instrumented Bearing Market: By end-use
- Aerospace equipment
- Power transmission equipment
- Construction machinery
- Farm and garden machinery
- Oilfield machinery
- Other machineries
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
- North America
- Asia Pacific
- Rest of the World (RoW)