The global sensor bearing market is anticipated to reach a value of around USD 7.8 billion by 2028. Increasing demand for the sensor bearing from automotive & other end-use industries, and rise in the use of bearing in heavy machinery in sectors such as mining, infrastructure development, construction, agriculture, and power generation, these factors will foster the market growth.
The sensor bearing industry has a positive outlook due to high growth in the food processing industry. The bearing manufacturers have developed the sensor bearing a standalone sensor for the measurement of speed, acceleration and direction parameters in rotating applications. Sensor bearings are utilized for various functionality such as speed, temperature, vibration, and other. A sensor bearing has an integrated sensor that measures bearing speed & direction which is transmitted to a control system. Though external sensors can be used to determine speed or direction, bearing sensors typically measure temperature or vibration and are primarily used for condition monitoring.
The compact sensor bearings for industrial machinery offers enhanced opportunities to downscale associated equipment, and simplify the assembly process. Sensor bearings are majorly adopted across different applications such as abs, material handling equipment, electric motors, and others. Therefore, owing to the wide adoption of sensor bearings, market finds lucrative opportunities in upcoming years.
Sensor Bearing Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 4.5 billion|
|Segment Covered||Functionality, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East & Africa|
Key Segments of the Global Sensor Bearing Market
Functionality Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Metal & Mining
- Oil & Gas
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global sensor bearing market.
- Sensor Bearing is widely used for various end uses, owing to their excellent properties and the market is expected to gain traction over the coming years
- With the growing personal care uses, there is a rise in the demand for sensor bearing which is further expected to have a positive impact on the overall market growth
What does the report include?
- The study on the global sensor bearing market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the sensor bearing industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on Functionality and End Use. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global sensor bearing market. The report will benefit: Every stakeholder involved in the sensor bearing market.
- Managers within the sensor bearing industry looking to publish recent and forecasted statistics about the global sensor bearing market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global sensor bearing market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Increasing demand for the sensor bearing from automotive & other end-use industries, and rise in the use of bearing in heavy machinery in sectors such as mining, infrastructure development, construction, agriculture, and power generation, these factors will foster the market growth. Hence the growing investment in the mining and construction activities is anticipated to support the growth of the market. The demand for higher efficiency and low maintenance bearings for the end-users is fueling the growth of the market. Also, there is surge in usage of AC motors across wide range of industrial applications. This surge has fueled the demand for accurate monitoring of speed and direction of rotating elements.
Advancements in new launched products of sensor bearings that durable and may meet hard operating conditions. Furthermore, will provide highly efficient performance at lower operating costs. This factor is anticipated to boost market. In addition, rising demand for material handling equipment and off-highway equipment fuels the market growth. Thus, aforementioned factors are expected to escalate the global sensor bearing market during the forecast period. There are certain restraints and challenges faced which will hinder the market growth.
The major factors driving the sensor bearing market are increasing demand for sensor bearings from end-use industries, such as automotive and transportation, and the enforcement of stringent regulations related to the mandatory installation of ABS systems in cars in various Asia Pacific and European countries. The demand for sensor bearings used to measure the speed of rotating shafts and wheels is increasing in the automotive industry. Presently, over 90% vehicles that ply on roads are equipped with wheel speed sensors. Additionally, the US and some member countries of the European Union have made the use of ABS and ESC systems mandatory in passenger cars since 2011 and 2014, respectively, thereby leading to the increasing demand for sensor bearings.
The market, by application, has been segmented into food & beverages, cosmetics & personal care products, and pharmaceuticals. The food & beverages segment is projected to be the largest segment during the forecast period. Sensor Bearing are widely used in dairy products, followed by confectionery, meat & poultry products, beverages, bakery, sauces & dressings, and other applications. The reason for the increasing use of sensor bearing in the food industry is its ability to modify the properties of food as an emulsifier, stabilizer, gelling agent, and fat replacer.
ABS control systems determine the requirement of using anti-lock braking. High demand for vehicles with ABS in developed countries is leading to the growth of the ABS segment of the sensor bearing market. Moreover, the US and some member countries of the European Union have also made the use of ABS and ESC systems mandatory in vehicles since 2011 and 2014, respectively. This is also leading to the growth of the ABS segment.
Key players in the market include SKF (Sweden), Schaeffler Technologies AG & Co. KG (Germany), NTN Corporation (Japan), Timken (US), NSK Corporation (Japan), JTEKT Corporation (Japan), ABB Group (Switzerland), Mageba SA (Switzerland), BRTEC (China), ABB Group (Switzerland), Fersa Bearing SA (Spain), and Nachi Europe GmbH (Germany). These players have expanded their geographical presence through new product launches, acquisitions, and expansions.