Global Instrumented Bearing Market is estimated to reach $165.1 Billion by 2024; growing at a CAGR of 7.5% from 2016 to 2024. A bearing is a machine element that enable machines to move at extremely higher speed and reduces the friction between moving parts. They are capable of carrying notable loads with ease and efficiency. Moreover, these bearings are integrated with sensors for measuring angular position of rotating ring. The data collected from these sensors are used in several applications including adaptive cruise control, anti-lock braking system, and others. Bearings are found in applications ranging from airplanes, automobiles, machine tools, refrigerators, ceiling fans, and many others.
Global Instrumented Bearing Market Size and Forecast, 2015 - 2024 (US$ Billion)
Increasing demand for energy efficient solutions, growing demand from aerospace and defense sectors, and rising applications of bearings are the key factors propelling the growth of the global instrumented bearing market. However, declining after sales market and availability of fake products could hamper the market growth. Furthermore, technological advancements would create new market scope in the coming years.
The global instrumented bearing market is categorized as product type, end user, and geography. Product type segment is bifurcated as roller bearings, ball bearings, plain bearings, and others. End use includes aerospace equipment, automotive, construction machinery, power transmission equipment, farm and garden machinery, oilfield machinery, and other machineries.
Global Instrumented Bearing Market Share by Region, 2024 (value%)
Based on geographical analysis, global instrumented bearing market is classified into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers UK, Germany, France, Italy, and others. Asia-Pacific covers China, India, Japan, South Korea, and others. While, Rest of the world covers South America, Middle East, and Africa.
They key players includes Schaeffler Group, JTEKT Corporation, NTN Corporation, The Timken Company, and SKF Group, among others.
The key takeaways from the report
- The report will provide detailed analysis of Global Instrumented Bearing Market with respect to major segments such as product type, and end user
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Instrumented Bearing Market has been included in the report
- Profile of the key players in the Global Instrumented Bearing Market will be provided, which include key financials, product & services, new developments, and business strategies
Scope of the Global Instrumented Bearing Market
Product Type Segments
- Roller Bearings
- Ball Bearings
- Plain Bearings
- Other Product Types
End User Segments
- Aerospace Equipment
- Construction Machinery
- Power Transmission Equipment
- Farm and Garden Machinery
- Oilfield Machinery
- Other Machineries
- North America
- South Korea
- South America
- Middle East