Instrumented Bearing Market Revenue Will Reach $164.84 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Instrumented Bearing Market by product type (Ball bearings, Plain bearings, Roller bearings),Industry Trends, Estimation & Forecast, 2016-2024”, the global Instrumented Bearing Market was valued at $92.75 billion in 2016, and is projected to reach $164.84 billion by 2024, growing at a CAGR of 7.6% from 2017 to 2024.
In 2016, the ball bearing segment generated the highest revenue share, accounting to more around 50% of in the global instrumented bearing market in 2016. Among major regions, Asia Pacific instrumented bearing market was the highest revenue generating market valued at $38.81 billion in 2016.
“Associated technologies such as micro ball bearing technology for MEMS will help manufacturers monitor bearing operations constantly to ensure robustness, low friction and moving parts stability. Instrumented bearings are integrated with sensors to provide information on their surrounding environment, including vibration, temperature, direction, speed, load, levels of debris and other factors. The usage of MEMS technology will enable the instrumented bearing manufacturers to explore new application areas”
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The ball bearing market segment lead the global instrumented bearing market garnering a revenue of $48.17 billion in 2016 as a result of increased application of instrumented ball bearings as an essential component in railway coaches, automotive wheels, motor engines, hard drives, consumer electronics, and others. However, the instrumented roller bearing market is expected to witness the highest CAGR of 7.9% during the forecast period owing to their higher efficiency and prolonged life.
Automotive segment lead the global instrumented bearing market holding nearly 44% of the total market
The automotive segment generated a revenue of $41.2 billion in 2016 and is expected to grow with a CAGR of 7.4% during the forecast period as a result of ever growing need of vehicle production all over the globe. The growing production of vehicles globally is directly influencing the growth in demand for instrumented bearings used in automotive parts as automotive bearings are used in car hub units, truck hub units, belt tensioners, water pump spindles and others. However, the highest growth rate of 8.3% is expected to be witnessed by aerospace equipment segment.
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Asia Pacific region lead the global instrumented bearing market in 2016 growing with a CAGR of 7.5% during the forecast period
Geographically, the global instrumented bearings market is segmented into Asia Pacific, Europe, North America, and Rest of the World. Asia-Pacific region generated the highest revenue of $38.81 billion in 2016 and will continue leading the market till 2024.
A sudden expansion of the automotive sector in Asia Pacific region, along with economic development in countries such as India, Taiwan, China, and Malaysia, is supposed to drive the manufacturing activities in the region, which eventually will boost the market for instrumented bearings in Asia Pacific region. However, Europe is expected to have the highest CAGR of 7.8% over the forecast period.
Global Instrumented Bearing Market Key Findings
- The Ball bearing market segment lead the global instrumented bearing market garnering a revenue of $48.17 billion in 2016.
- Asia Pacific region lead the global instrumented bearing market in 2016 growing with a CAGR of 7.5% during the forecast period
- The automotive segment generated a revenue of $41.2 billion in 2016 and is expected to grow with a CAGR of 7.4% during the forecast period
- Europe is expected to have the highest CAGR of 7.8% over the forecast period
To know more about the report, visit at https://www.esticastresearch.com/report/instrumented-bearing-market
The key market players are SKF Group, Schaeffler Group, The Timken Company, NTN Corporation, JTEKT Corporation, NSK Ltd., and others. The instrumented bearing market is a consolidated market and six top players acquired more than 80% of the market share in 2016. These key players include NSK Ltd., JTEKT Corp., NTN Corp., The Timken Company, SKF Group, and Schaeffler Group.