Sensor Bearing Market Revenue Analysis, Company Revenue Share, Global Forecast Till 2027

Global Sensor Bearing Market Forecast to 2027

The global Sensor Bearing Market is forecasted to grow at a rate of 5.3% from USD 5.63 billion in 2019 to USD 8.70 billion in 2027. The major factor driving the market is the increasing demand for sensor bearings from the automotive and transportation industries. The enforcement of stringent regulations accredited to the mandatory installation of ABS systems in cars in various countries of Europe and the Asia Pacific are also propelling the growth of the market.

The demand for sensor bearings has increased at a consistent pace over the years owing to the demand for sensor application such as material handling, ABS, electric motors, and so on. Sensor bearings were introduced with the anti-locking braking system (ABS) in automobiles in the mid-1980s. As bearing systems evolved, bearing sensors phased out of the design in favor of active wheel speed sensors to provide wheel speed data for traction control.

The market in the Asia Pacific region is forecasted to grow owing to the high demand from the automotive industry. The region is a hub for automotive production, with suppliers and original equipment manufacturer setting up production facilities to fulfill the demand of the rising populations. Increase in disposable income and a high standard of living has also raised the demand for the sensor bearing market.

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Key participants SKF, The Timken Company, ABB Group, Fersa Bearings, Nachi Europe, NSK Corporation, Jtekt Corporation, BRTEC, Thomson Industries Inc., and Mageba S.A. among others

Further key findings from the report suggest

• Sensor bearings are not practical for everyday use but are ideal for reducing the size of the equipment and weight in the application where speed and direction measurement is crucial. Enhancement in the latest generation of smart bearing is able to deliver high performance and reliability at lower costs.
• On the basis of functionality, speed held the largest market share of 27.4% in the year 2018. Almost all the vehicles on the road are equipped with wheel speed sensors.
• ABS held the largest market share of 41.7% in the year 2018. Anti-locking braking system or ABS is a safety anti-skid braking system used in several vehicles. ABS prevents the wheels from locking up during braking, thus keeping tractive contact with the surface of the road.
• Automotive sector held the largest market share of 25.6% in the year 2018. Several countries have implemented safety regulations to avoid the increasing number of accidents and create awareness among the public. ABS is being installed in several vehicles, especially passenger vehicles, in India, Japan, and countries in Europe.
• North America held the largest market share of 36.7% in the year 2018. High level of investment in research and development of sensors and sophisticated system for automotive are fuelling the market. The region also has strict regulations to implement sensor bearings in the vehicles.
• ABB has developed the ‘ability smart sensors’ for mounted bearings. The sensors allow customers to monitor bearings irrespective of their locations, and it also offers analytics that helps in the early identification of potential issues with associated equipment.

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For the purpose of this report, Reports and Data have segmented into the global sensor bearing market on the basis of functionality, applications, end-users and region:

Functionality Outlook (Revenue, USD Billion; 2016-2027)

• Speed
• Temperature
• Vibration
• Displacement
• Other

Applications Outlook (Revenue, USD Billion; 2016-2027)

• ABS
• Material Handling Equipment
• Electric Motors
• Others

End Users Outlook (Revenue, USD Billion; 2016-2027)

• Automotive
• Transportation
• Metal & Mining
• Aerospace & Defense
• Oil & Gas
• Others

Regional Analysis Covers:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Benefits of Global Sensor Bearing Market Report:

• Comprehensive analysis of the changing market dynamics
• A futuristic outlook on different factors influencing the market
• An 8-year forecast of the market growth and expected revenue growth
• Ease of understanding of the market, key segments, and their future growth
• In-depth analysis of the competitive landscape to give an advantageous edge for the companies
• Extensive insight into the market with in-depth analysis of the segmentation

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