Global Sensor Bearing Market By Functionality (Speed, Temperature, Vibration, Displacement, Others), Application (ABS, Material Handling Equipment, Electric Motors, Others), End-Use Industry (Automotive, Transportation, Metal & Mining, Oil & Gas, Aerospace & Defense, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Sensor Bearing Market
Global Sensor Bearing Market is expected to rise from its initial estimated value of USD 4.97 billion in 2018 to an estimated value of USD 7.61 billion by 2026, registering a CAGR of 5.47% in the forecast period of 2019-2026. This rise in market value can be attributed to the increased demand for the effective and efficient levels of product being offered.
Market Definition: Global Sensor Bearing Market
Sensor bearings are semiconductor equipment that are used in various automotive, material handling devices; they are installed in compact and hard to reach locations of various machinery where there is a need to detect the various environmental and mechanical circumstances such as temperature, vibration, etc.
- Growth in demand for effective and modern bearings that are durable and require low maintenance; this factor is expected to act as a driver for the market growth
- Increase in demand from various end-use industries for the product is expected to drive the market growth
- Increased demand for off-highway equipments and material handling equipment; this factor is expected to drive the market growth
- Vulnerable nature of the materials used in the production of the products acting as a restraint to the market growth
- Availability of cheaper substitute products which perform just as effectively is expected to act as a restraint to the market growth
- Lack of after-sales services provided by various major manufacturers hindering the growth of the market
Segmentation: Global Sensor Bearing Market
- By Functionality
- By Application
- Material Handling Equipment
- Electric Motors
- By End-Use Industry
- Metal & Mining
- Oil & Gas
- Aerospace & Defense
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
- North America
Key Developments in the Market:
- In March 2019, ABB announced the launch of wireless condition-monitoring bearing sensor that is proven to enhance the safety of the application they are installed in and also provides regular information regarding the bearing to the user informing them when to schedule the maintenance for the same.
- In October 2018, Schaeffler AG announced that they had completed the merger of INA Bearings India Private Limited and LuK India Private Limited with Schaeffler India Ltd. The combined organisation will be a leader of automotive and industrial products supplier in the market as it will be able to provide bearings, mobility solutions and other transportation services across different industrial applications.
Competitive Analysis: Global Sensor Bearing Market
Global sensor bearing market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of sensor bearing market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Sensor Bearing Market
Few of the major competitors currently working in sensor bearing market are JTEKT Corporation; THE TIMKEN COMPANY; mageba; Beijing Zhongxuan Bailian Technology Co., Ltd.; Harbin Bearing Manufacturing Co., Ltd.; Nachi Europe GmbH; Schaeffler AG; NTN Corporation; SKF; NSK Ltd.; Thomson Industries, Inc.; Fersa Bearings; ABB; Thermometrics Corporation and Waukesha Bearings Corporation.
Research Methodology: Global Sensor Bearing Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved