Increasing demand for sensor bearings from the automotive and transportation industries, and enforcement of stringent regulations accredited to mandatory installation of ABS systems in cars are key factors driving market revenue growth.
Market Size - USD 6.13 Billion in 2020, Market Growth - CAGR of 5.3%, Market Trends - Rising focus on making latest generation of smart bearings which are able to deliver high performance and reliability at lower costs.
The global sensor bearing market size is expected to reach USD 9.20 Billon in 2028, and register a CAGR of 5.3% during the forecast period. Increasing use of sensor bearings as these have an integrated sensor that measures the bearing speed and direction, which is conveyed to control systems is a major factor expected to drive market growth to a significant extent. Sensor integrated solutions have proved to be useful in a variety of industrial and automotive applications such as electric vehicles, road rollers, electric motors, forklifts, tractors, and conveyors. In addition, product features such as longer service life, low maintenance cost, and lightweight and compact design is another factor expected to drive demand for sensor bearings, thereby boosting market growth.
Some Key Findings From the Report:
For the purpose of this report, the global sensor bearing market is segmented on the basis of functionality, application, end-use, and region:
Functionality Outlook
Application Outlook
End Use Outlook
Region Outlook
Reasons to Buy the Report
Market Size - USD 6.13 Billion in 2020, Market Growth - CAGR of 5.3%, Market Trends - Rising focus on making latest generation of smart bearings which are able to deliver high performance and reliability at lower costs.
The global sensor bearing market size is expected to reach USD 9.20 Billon in 2028, and register a CAGR of 5.3% during the forecast period. Increasing use of sensor bearings as these have an integrated sensor that measures the bearing speed and direction, which is conveyed to control systems is a major factor expected to drive market growth to a significant extent. Sensor integrated solutions have proved to be useful in a variety of industrial and automotive applications such as electric vehicles, road rollers, electric motors, forklifts, tractors, and conveyors. In addition, product features such as longer service life, low maintenance cost, and lightweight and compact design is another factor expected to drive demand for sensor bearings, thereby boosting market growth.
Some Key Findings From the Report:
- Among the application segments, the ABS segment accounted for the largest revenue share of 41.9% in 2020.
- The Asia Pacific market was valued at USD 1.56 Billion in 2020, and is expected to register a robust revenue growth rate during the forecast period, owing to high product demand from rapidly growing automotive industry in the region. Countries in the region are hub for automobile production, with Original Equipment Manufacturers (OEMs) and aftermarket suppliers.
- Key players profiled in the report include The Timken Company, SKF, Fersa Bearings, SKS Bearing, ABB Group, NSK Corporation, Nachi Europe, Jtekt Corporation, Thomson Industries Inc., BRTEC, and Mageba S.A. The market players have adopted various strategies including mergers, acquisitions, partnerships, and new product developments, among other strategies, to stay ahead of the competition and expand market footprint.
- In 2019, ABB Group developed ‘ability smart sensors’ designed for mount bearings. These sensors enable customers to monitor bearings performance from any location, and it offers analytics for predictive maintenance or in early detection of potential issues with equipment.
For the purpose of this report, the global sensor bearing market is segmented on the basis of functionality, application, end-use, and region:
Functionality Outlook
- Speed
- Temperature
- Vibration
- Displacement
- Others
Application Outlook
- ABS
- Material Handling Equipment
- Electric Motors
- Others
End Use Outlook
- Automotive
- Transportation
- Metal & Mining
- Aerospace & Defense
- Oil & Gas
- Others
Region Outlook
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
Reasons to Buy the Report
- A robust analysis and estimation of the Sensor Bearing Market with four levels of quality check - in-house database, expert interviews, governmental regulation, and a forecast specifically done through time series analysis
- A holistic competitive landscape of the all the major players in the Sensor Bearing Market. The report covers their market shares, strategic initiatives, new product launches, R&D expenditure, M&As, Joint ventures, expansionary plans, product wise metric space analysis and key developments
- Go-to-market strategies specifically formulated in line with location analysis which takes into the factors such as government regulations, supplier mapping, supply chain obstacles, and feedback from local vendors
- Most deep dive segmental bifurcation available currently in the market. Our stellar methodology helps us understand the overall gamut of the supply chain and will help you explain the current market dynamics
- Special focus given on vendor landscape, supplier portfolio, customer mapping, production capacity, and yearly capacity utilization
Table of Contents
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 4. Sensor-Bearing Market Segmentation & Impact Analysis
Chapter 5. Sensor-Bearing By Functionality Insights & Trends
Chapter 6. Sensor-Bearing By Application Insights & Trends
Chapter 7. Sensor-Bearing By End Users Insights & Trends
Chapter 8. Sensor-Bearing Market Regional Outlook
Chapter 9. Competitive Landscape
Chapter 10. Company Profiles
Companies Mentioned
- Timken Company
- SKF
- Fersa Bearings
- SKS Bearing
- ABB Group
- NSK Corporation
- Nachi Europe
- Jtekt Corporation
- Thomson Industries Inc.
- BRTEC
- Mageba S.A.
