Many local and international players are engaged in the manufacturing of instrumented bearing. While this is indicative of competitive trends prevalent in the market, it also connotes a positive outlook. According to Transparency Market Research (TMR), major players such as Timken, SKF, NSK, NTN, JTEKT, and Schaeffler currently hold high market share based on revenue. It is important to note that the cumulative market share of these companies was more than 90% in 2013 indicating consolidation at top.
The smaller companies in the market are competing based on product quality. Despite exhibiting consolidation at the top, the presence of these domestic players has spiked the competition prevailing in the market. The strategies adopted by these companies therefore have a profound impact on the overall market.
According to TMR, the global instrumented bearing market, which in 2014 was valued at US$570.4 mn, is expected to reach US$938.4 mn by the end of 2020. If the figures hold true, the global instrumented bearings market will exhibit a positive CAGR of 8.6% between 2014 and 2020. By end use, the automotive sector had a clear dominance in the global market with a share of 44.6% in 2013. The increasing demand for instrumented bearings to be incorporated in motor vehicles will seal the dominance of this segment through the course of the forecast period. Regionally, Asia Pacific led the global instrumented bearing market in 2013, with a share of nearly 42%.
Growth in Automotive Industry to Drive Instrumented Bearing Sales
Because revenue contributed by the automotive sector accounts for a higher share in the overall instrumented bearing market, its expansion will create lucrative opportunities for the later. The growing vehicle production worldwide, and the increasing demand for the same from emerging nations are fuelling the use of instrumented bearing in the automotive sector. The most commonly used bearings in the industry include truck hub units, car hub unit bearings, belt tensioner units, clutch release bearings, water pump spindles, propeller shaft centering bearings, propeller shaft support bearings, and others.
Besides the automotive sector, the market is also witnessing rising demand from the aerospace and defense industry. Aerospace equipment inbuilt with specialized bearings is often used for mission critical applications. Considering this, the impact of driver is significantly high and is projected to remain so over the course of the forecast period. Additionally, the need for energy efficiency while operating diverse machineries will boost the demand for instrumented bearing across industries.
Shrinking After-sales Services Pose Threat to Market
On the downside, the shrinking after sales market is posing threat to the global instrumented bearing market. “A majority of local manufacturers in the instrumented bearing market produce the same quality of products. Given the scenario, where product differentiation is less, the manufacturers compete based on after sales services,” observed the TMR report’s author. However, the prevailing trends are pointing towards declining after-sales services, which could hinder the market’s progress.
Moreover, the increasing counterfeit product is threatening the market’s growth. The presence of unscrupulous companies mislabeling lower grades of counterfeit bearings as brands from prominent enterprises is eating away a significant share of revenue.
Nonetheless, technological advancements will help the market to grow. For instance, the leading instrumented bearing manufacturers are using micro-electro-mechanical systems (MEMS) to explore new application areas. Spurred by these factors, growth witnessed by the global instrumented bearing market is expected to be robust over the course of the report’s forecast period.
This review is based on information published by TMR in a market study, titled “Instrumented Bearing Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020.”
The report is available for sale on the company website, and it segments the global instrumented bearing market as:
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)
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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