Owing to the
expansion of the automobile industry around the world, the global
instrumented bearing market is expected to be growing at an 8.6% CAGR
between 2014 and 2020. The global market is anticipated to reach a
market value of US$938.4 million by 2020, not very far from twice its
2013 value of US$523.3 million. Instrumented bearings refer to
mechanical elements that help in the reduction of friction that takes
place between moving components/parts within a machine. These
generally consist of sensor units that help measure the rotatable
ring’s angular position with respect to that of the fixed ring
contained in the bearing.
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These bearings are
applied in several application segments such as tire pressure
monitoring systems, adaptive cruise control, anti-lock braking
systems, and other similar industrial applications. Electronic
stability control is another prominent automotive application area
for the global instrumented bearing market. Much of the demand for
instrumented bearings comes from the aerospace and defense industries
around the world. Presently, the demand for instrumented bearings is
also influenced by the rising demand for energy efficiency in the
operations of different types of machines.
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What Drives the
Market for Instrumented Ball Bearings?
The global
instrumented bearing market is segmented on the basis of product
type, end use, and geography. On the basis of product type, the
market is classified into plain bearings, ball bearings, roller
bearings, and others. Needle roller bearings, thrust roller bearings,
sensor-integrated tapered roller bearings, and cylindrical roller
bearings are the various sub-segments within the segment of
instrumented roller bearings. In 2014, the highest share in the
overall instrumented bearing market was held by the ball bearings
segment. Furthermore, this segment is expected to retain its leading
position in the market during the forecast period.
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The instrumented
ball bearings segment is mainly propelled by the extensive
application of instrumented ball bearings in several components in
varied end-use industries such as hard drives, consumer electronics,
railway coaches, motor engines, and automotive wheels. Based on end
use, the global instrumented bearing market is segmented into
oilfield machinery, automotive, farm and garden machinery, aerospace
equipment, construction machinery, power transmission equipment, and
other machinery. With a market share exceeding 40%, in 2014, the
largest share in the global instrumented bearing market was held by
the automotive instrumented bearings segment. This application
segment is primarily driven by increased production of automobiles
and motor vehicles.
Asia Pacific
Instrumented Bearing Market to Witness Robust Growth
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Instrumented Bearing Market :
Geographically, the
global instrumented bearing market is classified into Asia Pacific,
North America, Europe, and Rest of the World. Owing to the expansion
of the instrumented bearing markets of Malaysia, China, Singapore,
Japan, Taiwan, India, and South Korea, the Asia Pacific instrumented
bearing market holds the highest share in the global market in terms
of revenue. The Asia Pacific market for instrumented bearing is
fueled primarily by high automobile production in this region. The
other two factors driving the global instrumented bearing market are
infrastructure development and rapid industrialization.
As per industry
estimates, the segment for aerospace equipment is anticipated to grow
at a 9.4% CAGR during the forecast period 2014-2020, thereby
recording the highest rate of growth within the application segment
of the global instrumented bearing market. The instrumented bearing
markets of Europe and North America collectively account for a share
of more than 40% in the global market based on revenue.
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