Sensor Bearing Market Growth, Revenue Share Analysis, Company Profiles, and Forecast To 2027
Global Sensor Bearing Market Forecast to 2027
The global Sensor
Bearing Market is forecasted to grow at a rate of 5.3% from USD 5.63
billion in 2019 to USD 8.70 billion in 2027. The major factor driving the
market is the increasing demand for sensor bearings from the automotive and
transportation industries. The enforcement of stringent regulations accredited
to the mandatory installation of ABS systems in cars in various countries of
Europe and the Asia Pacific are also propelling the growth of the market.
The demand for sensor bearings has
increased at a consistent pace over the years owing to the demand for sensor
application such as material handling, ABS, electric motors, and so on. Sensor
bearings were introduced with the anti-locking braking system (ABS) in
automobiles in the mid-1980s. As bearing systems evolved, bearing sensors
phased out of the design in favor of active wheel speed sensors to provide
wheel speed data for traction control.
The market in the Asia Pacific region
is forecasted to grow owing to the high demand from the automotive industry.
The region is a hub for automotive production, with suppliers and original
equipment manufacturer setting up production facilities to fulfill the demand
of the rising populations. Increase in disposable income and a high standard of
living has also raised the demand for the sensor bearing market.
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Key participants SKF, The Timken Company, ABB Group, Fersa Bearings, Nachi Europe, NSK
Corporation, Jtekt Corporation, BRTEC, Thomson Industries Inc., and Mageba S.A.
among others
Further key
findings from the report suggest
- Sensor bearings are not practical for
everyday use but are ideal for reducing the size of the equipment and weight
in the application where speed and direction measurement is crucial.
Enhancement in the latest generation of smart bearing is able to deliver
high performance and reliability at lower costs.
- On the basis of functionality, speed held
the largest market share of 27.4% in the year 2018. Almost all the
vehicles on the road are equipped with wheel speed sensors.
- ABS held the largest market share of
41.7% in the year 2018. Anti-locking braking system or ABS is a safety
anti-skid braking system used in several vehicles. ABS prevents the wheels
from locking up during braking, thus keeping tractive contact with the
surface of the road.
- Automotive sector held the largest market
share of 25.6% in the year 2018. Several countries have implemented safety
regulations to avoid the increasing number of accidents and create
awareness among the public. ABS is being installed in several vehicles,
especially passenger vehicles, in India, Japan, and countries in Europe.
- North America held the largest market
share of 36.7% in the year 2018. High level of investment in research and
development of sensors and sophisticated system for automotive are
fuelling the market. The region also has strict regulations to implement
sensor bearings in the vehicles.
- ABB has developed the ‘ability smart
sensors’ for mounted bearings. The sensors allow customers to monitor
bearings irrespective of their locations, and it also offers analytics
that helps in the early identification of potential issues with associated
equipment.
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For the purpose of this report, Reports and
Data have segmented into the global sensor bearing market on the basis of
functionality, applications, end-users and region:
Functionality
Outlook (Revenue, USD Billion; 2016-2027)
- Speed
- Temperature
- Vibration
- Displacement
- Other
Applications
Outlook (Revenue, USD Billion; 2016-2027)
- ABS
- Material Handling Equipment
- Electric Motors
- Others
End Users Outlook
(Revenue, USD Billion; 2016-2027)
- Automotive
- Transportation
- Metal & Mining
- Aerospace & Defense
- Oil & Gas
- Others
Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France,
Rest of EU)
Asia Pacific (India, Japan, China,
South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil,
Argentina, Rest of Latin America)
Middle East & Africa (Saudi
Arabia, U.A.E., South Africa, Rest of MEA)
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Benefits of Global Sensor Bearing Market
Report:
· Comprehensive analysis of the changing market
dynamics
· A futuristic outlook on different factors
influencing the market
· An 8-year forecast of the market growth and
expected revenue growth
· Ease of understanding of the market, key
segments, and their future growth
· In-depth analysis of the competitive landscape
to give an advantageous edge for the companies
· Extensive insight into the market with
in-depth analysis of the segmentation
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