The instrumented bearing market was valued at $92.7 billion in 2016 and is projected to reach $164.84 billion by 2024, growing at a CAGR of 7.6% during the forecast period of 2017-2024.The ball bearing segment generated the highest revenue share, accounting for more around 50% of in the global instrumented bearing market in 2016.
A bearing is a machine element that restricts relative motion to the desired motion by reducing the friction between moving parts. A highly engineered and precision-made component enables the machinery to move at high speed and carry remarkable loads with ease and efficiency. For getting higher efficiencies and better machine control, embedded instrumentation is done in bearings. This instrumentation may include thermocouples, resistance temperature detectors, and angular position sensors. The data gathered from these sensors can be used for numerous applications such as anti-lock braking system, tire pressure monitoring, and other industrial sectors.
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Market Dynamics
Constantly increasing demand for instrumented bearings from the aerospace and defense industries is a major driving agent for the instrumented bearing market. Bearings being a vital component in the operation of several machines and being directly related to processing efficiency and energy saving is required in nearly every mechanical industry. Increasing applications of instrumented ball bearings in components of motor engines, railway coaches, consumer electronics, automotive wheels, and hard drives, amongst others are the key drivers for the growth of the instrumented bearing market. However, increase in counterfeit products and shrinking after sales market can act as a restraint to the instrumented bearing market growth. Emerging technological advancements are witnessed to help the growth of new product segments.
Market Segmentation
The segmentation of the instrumented bearing market is done on the basis of product type, end user, and geography. By product type, the market is segmented as ball bearings, plain bearings, roller bearings and others. By end user, the market is segmented as automotive, aerospace equipment, power transition equipment, construction machinery, farm and garden machinery, oil field machinery and other machinery. Geographically, the market is segmented as North America, Europe, Asia Pacific and Rest of World. Ball bearing market generated the highest revenue in 2016 and is expected to grow at a CAGR of 7.4% during the forecast period.
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Some major market players are SKF Group, Schaeffler Group, The Timken Company, NTN Corporation, JTEKT Corporation, NSK Ltd., and others. Top six players in the industry accounted for more than 80% of the market in 2016.
Global Instrumented Bearing Market Segmentation
By product type
Ball bearings
Plain bearings
Roller bearings
Others
By End User
Automotive
aerospace equipment
power transition equipment
construction machinery
farm and garden machinery
oilfield machinery
other machinery
By Geography
North America
Europe
Asia-Pacific
Rest of World
Key Market Players
SKF Group
Schaeffler Group
The Timken Company
NTN Corporation
JTEKT Corporation
NSK Ltd
others
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