In its report,
titled “Instrumented
Bearing Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2014 - 2020,” Transparency Market
Research (TMR) provides a comprehensive analysis of the global market
for instrumented bearings and presents insights into the growth
drivers and restraints impacting the market’s growth trajectory
from 2014 to 2020. As per the findings of the report, the global
instrumented bearings market, which was valued at US$523.3 mn in
2013, is anticipated to exhibit a CAGR of 8.6% between 2014 and 2020.
The perpetual demand
for instrumented bearings from the defense and aerospace industries
has been substantially aiding the expansion of the global
instrumented bearing market. Instrumented bearings are crucial
components enabling efficiency and energy saving in the operations of
several machines used in automotive, power transmission, aerospace,
and other industries.
Instrumented
bearings are components installed in machines to reduce friction
between moving parts. These bearings are integrated with sensor units
to measure the angular position of rotatable rings in comparison to
the fixed ring of the bearing. The information thus obtained through
these sensors is used across several applications such as adaptive
cruise control, anti-lock braking systems, tire pressure monitoring
systems, and others. Instrumented bearings are therefore installed in
pursuit of better machine control and higher efficiency. Since
instrumented bearings enable manufacturers to monitor bearing
operations, the demand for this smart bearing technology has
substantially increased in the last few years.
The global market
for instrumented bearings at present is witnessing rising demand from
the defense and aerospace industries. By product type, the
instrumented ball bearings segment held the largest share in the
market in 2014, accounting for US$297.1 mn. Owing to the increasing
application of instrumented ball bearings as essential components in
railway coaches, automotive wheels, motor engines, hard drives,
consumer electronics, and others, the segment is anticipated to
continue dominating the market over the report’s forecast period.
The roller bearings and plain bearings segments have emerged as the
second and third largest segments of the market. In 2014, the roller
bearings segment held a share of 34.3% in the global instrumented
bearings market.
By end use, the
automotive segment led the market, holding a share of 44.5% in 2014.
However, over the report’s forecast period, the aerospace equipment
segment is likely to exhibit growth at the fastest pace.
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Regionally, the
global instrumented bearings market is segmented into Asia Pacific,
Europe, North America, and Rest of the World. Of these, Asia Pacific
dominated the market in 2014 and is anticipated to maintain its lead
until 2020. Rapid expansion of the automotive sector in Asia Pacific,
coupled with economic development in countries such as India, Taiwan,
China, and Malaysia, will boost the manufacturing activities in the
region, which subsequently will boost the market for instrumented
bearings in Asia Pacific. North America and Europe collectively held
40% of the global instrumented bearings market in 2014 and emerged as
the second and third largest regional markets, respectively.
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Research (TMR) is a global market intelligence company providing
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