Rising growth in the demand for effective and modern bearings that are durable and require low maintenance is the vital factor escalating the market growth.
The global sensor bearing market size is projected to reach nearly USD 4.5 billion in 2020. Sensor bearings are defined as semiconductor equipment which are used in numerous automotive, material handling devices and are installed in compact and hard to reach locations of various machinery where there is a need to detect the various environmental and mechanical circumstances such as temperature, vibration among others.
Rising growth in the demand for effective and modern bearings that are durable and require low maintenance is the vital factor escalating the market growth, also rise in the demand from numerous end-use industries for the product, rising demand for off-highway equipment and material handling equipment and rising demand for sensor bearings from end-use industries are the major factors among others driving the sensor bearing market. Moreover, increasing growth prospects in emerging economies, rising adoption of industrial internet of things (IIoT) in the bearing technology and rising technological advancements and modernization in the production techniques will further creates new opportunities for the sensor bearing market in the forecast period of 2021- 2028.
The study also assesses the demand using value chain analysis to highlight the different characteristics of the global sensor bearing industry. Furthermore, the sensor bearing market report covers various qualitative aspects of the industry, such as market restraints, key industry drivers, and opportunities. In addition, the report offers a comprehensive analysis of the competition by company profiles and the competitiveness of local and global vendors.
However, rising volatility of raw material prices, increasing easy access to low-quality products and falling after sales market are the major factors among others acting as restraints, while rising lack of awareness about the advantages of the sensor bearings and reluctant to utilize the product and growing number of counterfeit products will further challenge the growth of sensor bearing market in the forecast period mentioned above.
Based on functionality, the sensor bearing market is segmented into speed, temperature, vibration and other. Based on application, the sensor bearing market is segmented into ABS, material handling equipment, electric motors and others. The sensor bearing market is also segmented on the basis of end-user into automotive, transportation, metal & mining, aerospace & defense, oil & gas and others Sensor bearing market is segmented on the basis of functionality, application and end-user. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
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