Instrumented Bearings Market: New Opportunities on the Horizon as Defense Sector Experiences Growing Interest, reports TMR
A number of global and local manufacturers have been actively participating in the global instrumented bearing market. A number of manufacturers are competing with each other on the basis of product quality and pricing. Top players such as SKF, NSK, Timken, JTEKT, Schaeffler, and NTN have been enjoying high market shares on the basis of revenue. In this market, the threat from new entrants is low owing to the fact that new entrants have to heavily invest in costly machinery utilized in making bearings to be employed in heavy-duty applications, Transparency Market Research (TMR) finds in the new study.
The global instrumented bearing market stood at US$570.4 mn in 2014 and is predicted to rise at an 8.60% CAGR between 2014 and 2020. In terms of type, the segment of instrumented ball bearing led the market in 2014 in terms of revenue and is predicted to maintain its dominance all through the forecast period. This is due to the growing demand for instrumented ball bearings in numerous components including automotive wheels, motor engines, railway coaches, consumer electronics, and hard drives.
Aerospace Equipment to Hold Lucrative Opportunities in Forthcoming Years
On the basis of end-use, the segment of instrumented bearings held a dominant share of over 40% in the market in terms of revenue in 2014. The reason for the dominance of this segment is the growing manufacturing of motor vehicles globally. On the other hand, the segment of aerospace equipment is predicted to hold lucrative opportunities in the market for instrumented bearing in the coming years and will gain immense growth in forthcoming years. This is due to the fact that aerospace equipment needs specialized bearings that are employed in mission critical applications.
In terms of geography, Asia Pacific held a significant share in the market in the past and is predicted to maintain its superiority all through the forecast horizon. This is due to the soaring demand for instrumented bearings in nations such as Japan, China, India, Taiwan, South Korea, Malaysia, and Singapore. Additionally, the rising manufacturing of automotive in this region will also contribute to the growth of the market in this region.
Increasing Technological Advancements to Bolster Growth of Instrumented Bearing Market
The growing manufacturing of automobiles globally is positively impacting the development of the market for instrumented bearing. In addition, the increasing requirement for energy efficiency in the operation of numerous kinds of machinery will provide impetus to the growth of this market. Numerous efficient instrumented ball bearings proving unique lubricants and less friction are being introduced in the market, thus ensuring reliable and efficient functioning of the bearings.
“The growing advancements in technology will also positively influence the growth of this market,” says a TMR analyst. On the other hand, the contraction in the after sales market and the growing threat from internal substitutes may impede the growth of the instrumented bearing market, states a TMR analyst
Nevertheless, the increasing inclination toward instrumented bearings from the industry of defense will bring in new opportunities in the global instrumented bearing market, hence providing impetus to the growth of the overall market.
This information is based on the findings of a report published by Transparency Market Research titled, “Instrumented Bearing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
The instrumented bearing market is segmented as follows:
- Ball Bearing
- Plain Bearing
- Roller Bearing
- Aerospace equipment
- Power transmission equipment
- Construction machinery
- Farm and garden machinery
- Oilfield machinery
- Other machineries
- 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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