Global Instrumented Bearing Market Report, published by Variant Market Research, forecast that the global market was valued at $92.7 billion in 2016 and is expected to reach $165.1 billion by 2024; growing at a CAGR of 7.5% from 2016 to 2024.
A bearing is a machine mechanism element that obliges relative motion to only the desired motion, and lessens friction between moving parts. A highly engineered and accurate section allows the machinery to work at high speed and carry notable loads with ease and effectiveness. This instrumentation may comprise of thermocouples, resistance temperature sensors, and angular position or device sensors.
“Instrumented Bearing Market (By Product Type: Roller Bearings, Plain Bearings, Ball Bearings, And Others; By End User: Aerospace Equipment, Construction Machinery, Automotive, Power Transmission Equipment, Oilfield Machinery, Farm and Garden Machinery, And Other Machineries; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024”
The Global Instrumented Bearing Market Is Boosted by Growing Need for Energy Efficient Solution
Growing need for energy efficient solutions, mounting application of bearing, and increased demand from aerospace & defense sector are some of the key factors to drive the growth of the global instrumented bearing market. Moreover, technological innovations are expected to provide numerous growth opportunities in the coming years.
Product type, end user, and geography are the segments considered in the report. The market segmented by product type incudes roller bearings, plain bearings, ball bearings, and others. The segmentation by end-user comprise aerospace equipment, construction machinery, automotive, power transmission equipment, oilfield machinery, farm and garden machinery, and other machineries. North America, Europe, Asia-Pacific and Rest of the World (RoW) are the geographical classifications of the market.
Ball Bearing Dominated The Product Type Segment
Ball bearing accounted the major market share in the year 2016, and is anticipated to continue its supremacy throughout the forecast period, 2016 – 2024, driven by, rising application of instrumented ball bearings in several components such as railway coaches, motor engines, and automotive wheels.
Asia-Pacific holds the major market share in 2016, and is expected to grow during the forecasted period 2016 – 2024
Asia-Pacific dominated the largest share in the market with 41.9% in 2016, owing to presence of many players, increasing automotive sector, and rising economic stability. In terms of growth, Europe is expected to achieve the fastest CAGR in the forecast period, due to adoption of advanced technologies, and increasing investments to develop enhanced bearing.
Schaeffler Group, which is one of the leading player in the market has recently in 2017 entered into a strategic partnership with Fraunhofer. Major players operating in this market includes Schaeffler Group, JTEKT Corporation, NTN Corporation, The Timken Company, and SKF Group, among others.
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
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfil clients’ objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise is data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
For further information, visit https://www.variantmarketresearch.com
You can connect with us on LinkedIn here @ https://www.linkedin.com/company/variant-market-research
Head – Sales
Variant Market Research
649 Mission St, 5th Floor, San Francisco
CA 94105, United States