PUBLISHER: DataM Intelligence | PRODUCT CODE: 1082991
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1082991
The global sensor bearing market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).
The sensor bearing is a freestanding sensor produced by bearing manufacturers for measuring speed, acceleration and direction parameters in rotating applications. Sensor bearings are used for various purposes, including speed, temperature, vibration, etc. A sensor bearing is equipped with an embedded sensor that measures bearing speed and direction and transmits the information to a control system. Bearing sensors normally measure temperature or vibration and are primarily used for condition monitoring, though external sensors can assess speed or direction.
Smaller sensor bearings for industrial machines enable more auxiliary equipment and an easier assembly process. Sensor bearings are commonly used in various applications such as wear resistance, materials handling, electric motors, etc. The market is likely to expand in the coming years due to the massive use of sensor bearings.
The sensor bearing market is being driven by growing demands for sensor bearings from end-use industries such as automotive & transportation and the regulation of strict regulations associated with the required installation of ABS systems in cars in various Asia-Pacific and European countries.
End-user demand for improved efficiency and low-maintenance bearings is propelling the market forward. In addition, AC motors are increasingly being used in various industrial applications. The necessity for accurate monitoring of the speed and direction of spinning parts has risen due to this increase.
New sensor bearing products have been launched that are more durable and can withstand harsh operating conditions. Furthermore, it will deliver high-efficiency performance at a lower cost of operation. These elements are expected to enhance the market. In addition, the market is growing due to increased demand for material handling and off-highway equipment.
Increased demand for sensor bearings from the automotive and other end-use industries and an increase in bearings in heavy machinery in industries including mining, infrastructure development, construction, agriculture and power production. Furthermore, as public awareness and demand for electric vehicles have grown, so has the use of bearing in EVs.
Furthermore, growing concern about green vehicles and continuous development in the automobile industry, the emergence of sensor bearing units and increased development of additive manufacturing technologies and materials to manufacture bearings provide lucrative opportunities, resulting in the global bearing market's growth.
One of the primary hindering blocks is the low-cost availability of classic sensor bearing substitutes. On the other hand, engineers are working on sensor bearings that can be readily integrated into end-user designs and provide high dependability, low maintenance and lower operating costs.
The pandemic had a harsh impact on the market, with many manufacturing enterprises experiencing negative consequences due to lockdown situations in major economies like China and Japan. The automobile industry, which consumes the most bearings of all other industries, has seen a significant decline in car manufacturing, owing to supply chain interruptions and restrictions on people's movement. However, situations improved in the latter quarters of 2020, as limitations were gradually lifted and industrial activities increased. Furthermore, the global rollout of the coronavirus vaccine is expected to boost market growth throughout the projection period.
By application, the sensor bearing market is segmented into ABS, material handling equipment, electric motors and others.
Stringent regulations regarding ABS make it the dominant application type.
Sensor bearings were originally used in automobiles in the mid-1980s with anti-lock braking systems (ABS). ABS systems demanded that fluctuations in the circumferential speed of the wheel be measured. At the time, leading bearing manufacturers began developing "smart" bearings with sensors. Bearing sensors were rolled out of the design as ABS systems improved and active wheel speed sensors were used instead to provide wheel speed data for anti-lock brakes, traction control and stability control systems.
ABS control systems determine the need for anti-lock braking. The ABS section of the sensor bearing market is growing due to increased demand for vehicles with anti-lock brakes in developed countries. Furthermore, since 2011 and 2014, U.S. and some European Union member countries have made the use of ABS and ESC systems in automobiles mandatory. It also contributes to the expansion of the ABS market.
Regulations have been implemented to make ABS and ESC systems mandatory in passenger vehicles. Over the anticipated period, it has aided the market expansion in the application segments. Furthermore, automotive OEMs in nations such as China, India, Japan, Germany and U.S. have increased their need for ABS systems.
Owing to the strong demand for sensor bearings from the growing automotive industry, the sensor bearing market in Asia-Pacific is likely to increase significantly. With OEMs and suppliers putting up production facilities to meet the growing demand for automotive vehicles, Asia-Pacific has emerged as a hub for automotive production. Asia-Pacific is expected to rule the global market due to China's and India's massive industrial and automotive industries and continued investments in the area.
The growing demand for trucks, buses, trains, industrial machinery and robots in China and India boosts sensor bearings in various applications. Asia-Pacific has also seen a rise in population and economic levels, which has boosted demand for automobiles. As a result, there is a rise in demand for sensor bearings.
Product launches, product approvals and organic growth tactics such as patents and events are being prioritized by several companies. Acquisitions, partnerships and collaborations were seen as inorganic growth tactics. The operations have cleared the road for market participants to expand their business and client base. With the increased demand for sensor bearing global, key participants in the sensor bearing market are expected to benefit from lucrative growth prospects.
Major global sensor bearing market companies include: NTN Corporation, The Timken Company, Schaeffler Technologies AG & Co. Kg, NSK Corporation, Jtekt Corporation, ABB Group, Thomson Industries Inc., Mageba SA, Fersa Bearings and Nachi Europe.
The global sensor bearing market report would provide access to an approx. 61 market data table, 57 figures and 205 pages.
LIST NOT EXHAUSTIVE