Instrumented Bearing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 06/22/2016 -- In its report, titled "Instrumented Bearing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," Transparency Market Research (TMR) provides a comprehensive analysis of the global market for instrumented bearings and presents insights into the growth drivers and restraints impacting the market's growth trajectory from 2014 to 2020. As per the findings of the report, the global instrumented bearings market, which was valued at US$523.3 mn in 2013, is anticipated to exhibit a CAGR of 8.6% between 2014 and 2020.
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The perpetual demand for instrumented bearings from the defense and aerospace industries has been substantially aiding the expansion of the global instrumented bearing market. Instrumented bearings are crucial components enabling efficiency and energy saving in the operations of several machines used in automotive, power transmission, aerospace, and other industries.
Instrumented bearings are components installed in machines to reduce friction between moving parts. These bearings are integrated with sensor units to measure the angular position of rotatable rings in comparison to the fixed ring of the bearing. The information thus obtained through these sensors is used across several applications such as adaptive cruise control, anti-lock braking systems, tire pressure monitoring systems, and others. Instrumented bearings are therefore installed in pursuit of better machine control and higher efficiency. Since instrumented bearings enable manufacturers to monitor bearing operations, the demand for this smart bearing technology has substantially increased in the last few years.
The global market for instrumented bearings at present is witnessing rising demand from the defense and aerospace industries. By product type, the instrumented ball bearings segment held the largest share in the market in 2014, accounting for US$297.1 mn. Owing to the increasing application of instrumented ball bearings as essential components in railway coaches, automotive wheels, motor engines, hard drives, consumer electronics, and others, the segment is anticipated to continue dominating the market over the report's forecast period. The roller bearings and plain bearings segments have emerged as the second and third largest segments of the market. In 2014, the roller bearings segment held a share of 34.3% in the global instrumented bearings market.
By end use, the automotive segment led the market, holding a share of 44.5% in 2014. However, over the report's forecast period, the aerospace equipment segment is likely to exhibit growth at the fastest pace.
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Regionally, the global instrumented bearings market is segmented into Asia Pacific, Europe, North America, and Rest of the World. Of these, Asia Pacific dominated the market in 2014 and is anticipated to maintain its lead until 2020. Rapid expansion of the automotive sector in Asia Pacific, coupled with economic development in countries such as India, Taiwan, China, and Malaysia, will boost the manufacturing activities in the region, which subsequently will boost the market for instrumented bearings in Asia Pacific. North America and Europe collectively held 40% of the global instrumented bearings market in 2014 and emerged as the second and third largest regional markets, respectively.
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