Global instrumented bearing market was valued at USD 523.3 million in 2013, growing at a CAGR of 8.6% from 2014 to 2020 to account for USD 938.4 million in 2020.
Albany, NY -- (SBWIRE) -- 08/16/2017 -- Global instrumented bearing market was valued at USD 570.4 million in 2014, growing at a CAGR of 8.6% from 2014 to 2020. Bearings are machine elements that are primarily used for reducing friction between moving parts. Instrumented bearings are integrated with sensor units for measuring angular position of the rotatable ring with respect to the fixed ring of the bearing. The information collected through these sensors are used in various applications such as anti lock braking system, adaptive cruise control, tire pressure monitoring system and other industrial sectors.
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The global instrumented bearing market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). The instrumented bearing market is primarily driven by increase in automobile production globally. In addition, the growing demand for instrumented bearings from defense and aerospace industry is also influencing the growth of this market. Need for energy efficiency while operating various types of machinery is also contributing to the growth in demand for instrumented bearings globally.
Geographically, Asia Pacific led the instrumented bearing market in 2014 and the region is expected to continue its dominance in 2020. The growing demand for instrumented bearings in countries such as China, Japan, India, South Korea, Taiwan, Singapore, and Malaysia is primarily driving the Asia Pacific market. Increasing automobile production in the region is the main factor driving the Asia Pacific instrumented bearing market. In addition, growing industrialization and infrastructure development in the region is also contributing to the growth of instrumented bearing market.
The instrumented bearing market is segmented on the basis of type into instrumented ball bearing, instrumented plain bearing, instrumented roller bearing and others. Among all, instrumented ball bearing segment held the highest market revenue share in 2014 and is expected to remain so during the forecast period. Demand for instrumented ball bearings is attributed to growing application of Instrumented ball bearings in various components such as motor engines, automotive wheels, railway coaches, hard drives and consumer electronics among others.
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The instrumented bearing market is further segmented by end-use into automotive, aerospace equipment, power transmission equipment, construction machinery, farm and gardening machinery, oilfield machinery and others. Automotive instrumented bearings held the highest revenue share accounting for more than 40% of the overall market in 2014. The increase in production of motor vehicles is heavily influencing the growing demand for automotive-instrumented bearings globally. Aerospace equipment is analyzed to be the fastest growing application segment in instrumented bearing market and is expected to attain a significant growth in the recent future.