Instrumented Bearing Market – Increasing Vehicle Ownership Worldwide to Bolster Instrumented Bearing Market
In the latest market study offering by Transparency Market Research (TMR), the global instrumented bearing market is projected to reach a valuation of US$938.4 million by 2020. The report, titled “Instrumented Bearing Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, states that the market, which had a valuation of US$523.3 million in 2013, will register an 8.6% CAGR from 2014 to 2020. The report analyzes the development of the global instrumented bearing market on the basis of product type, applications, and regional markets.According to the report, increase in automobile production across the globe is the primary reason driving demand for instrumented bearings. These bearings have application in automotive systems such as electronic stability control and antilock braking systems (ABS), among others.
In addition to this, perpetual demand for instrumented bearings from the aerospace and defense industries contributes significantly to the growth of the instrumented bearing market. Instrumented bearings are vital components in the operation of several machines directly related to process efficiency and energy saving. Thus, the instrumented bearing market is growing due to the growing importance of these two attributes in industry operations.By product type, in 2014, the instrumented ball bearings segment registered the highest market share, contributing US$297.1 million to the overall market. Due to increasing applications of instrumented ball bearings in components of motor engines, railway coaches, consumer electronics, automotive wheels, and hard drives, amongst others, the segment is expected to dominate the global market in the years to come.
This is followed by the roller bearing and plain bearing segments. The instrumented roller bearings segment comprises tapered roller bearings integrated with sensors, needle roller bearings, and cylindrical roller bearings. In 2014, the instrumented roller bearings segment held 34.3% of the global instrumented bearing market.By end use, in 2014, the automotive segment registered the highest revenue, contributing 44.5% of the overall market revenue.
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The expanding automotive industry worldwide is directly related to the growing demand for instrumented bearings. However, aerospace equipment is estimated to witness the fastest growth amongst all application segments of the instrumented bearings market and is expected to hold significant market share in the next few years. The aerospace equipment segment will display a CAGR of 9.4% from 2014 to 2020, according to the report.
The report divides the global instrumented market into four broad regional markets, namely North America, Asia Pacific, Europe, and Rest of the World (RoW). Among all, Asia Pacific dominated the global market for instrumented bearings in 2014 and the region is expected to lead until 2020. In this region, increasing automobile production has been the major factor driving the instrumented bearing market.In addition to this, economic development in countries such as China, India, Taiwan, and Malaysia has led to increasing manufacturing activities, which in turn is driving demand for instrumented bearing to operate machinery. North America and Europe trail Asia Pacific in terms of market revenue share in the global market for instrumented bearings. These two regions collectively held more than 40% of the market revenue in 2014.