Global Instrumented Bearing Market to be driven by Expanding Automobile Industry

2024-11-04 02:02:23 News & Society

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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.

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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.

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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.

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