The Global Sensor Bearing market is forecast to reach USD 9.20 Billon by 2028, according to a new report by Reports and Data. 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 2019. 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 2019. 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 2019. 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 2019. 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; 2018-2028)
- Speed
- Temperature
- Vibration
- Displacement
- Other
Applications Outlook (Revenue, USD Billion; 2018-2028)
- ABS
- Material Handling Equipment
- Electric Motors
- Others
End Users Outlook (Revenue, USD Billion; 2018-2028)
- Automotive
- Transportation
- Metal & Mining
- Aerospace & Defense
- Oil & Gas
- Others
The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces analysis. The report further explores the key business players along with their in-depth profiling, product portfolio, and strategic business decisions. The report has been formulated through extensive primary and secondary research and further validated by analysts, industry experts, and market professionals. The report also sheds light on the recent mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches, among others.
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Benefits of the report:
- Provides a comprehensive analysis of the competitive landscape
- Provides historical data (2017-2018) and estimations for the forecast period (2020-2028)
- Provides a futuristic outlook on drivers and restraints of the market
- In-depth 8-year forecast along with market growth prediction
- Extensive analysis of market segments based on types and applications
- Provides a competitive edge to the organization referring to this report
- Assists in formulating investment strategies and fruitful business decisions
- Contains SWOT analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis
In conclusion, the report offers a quantitative and qualitative study of the Global Sensor Bearing market containing a global as well as regional analysis of the market. The market study sheds light on crucial market information and statistical data on the basis of its drivers, limitations, opportunities, and future prospects. The report also covers the competitive landscape with the assistance of Porter’s Five Forces Analysis and SWOT analysis.
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