The Instrumented Bearing Market was valued at $92.7 billion in 2016 and is projected to reach $164.84 billion by 2024, growing at a CAGR of 7.6% during the forecast period of 2017-2024.The ball bearing segment generated the highest revenue share, accounting for more around 50% of in the global instrumented bearing market in 2016.

Bearings are the machine components which are used in order to support the rotating member of the machine assembly such as, a shaft. They are the key elements which lead to the transmission of load from a rotating member to a stationary member, also known as frame or housing. They permit the relative motion of two members keeping the minimum friction. Bearings have made a crucial contribution to the development and advancement of various industries that rely on machinery such as automobile, electrical and mechanical. With the advancements in technology a greater need of precision and control got generated. In order to attain higher efficiency, machine control and accuracy, bearings are instrumented with various types of devices such as thermocouples, pressure sensors and many others. These instrumented bearings are highly efficient and reliable to be used for various kinds of applications such as pressure monitoring, machine temperature supervision, anti-lock braking system and various others. The increasing application of these bearings in different industries is expected to boost the instrumented bearing market in the upcoming future.

The Instrumented Bearing Market was valued at $92.7 billion in 2016 and is projected to reach $164.84 billion by 2024, growing at a CAGR of 7.6% during the forecast period of 2017-2024.The ball bearing segment generated the highest revenue share, accounting for more around 50% of in the global instrumented bearing market in 2016.

Bearings are the machine components which are used in order to support the rotating member of the machine assembly such as, a shaft. They are the key elements which lead to the transmission of load from a rotating member to a stationary member, also known as frame or housing. They permit the relative motion of two members keeping the minimum friction. Bearings have made a crucial contribution to the development and advancement of various industries that rely on machinery such as automobile, electrical and mechanical. With the advancements in technology a greater need of precision and control got generated. In order to attain higher efficiency, machine control and accuracy, bearings are instrumented with various types of devices such as thermocouples, pressure sensors and many others. These instrumented bearings are highly efficient and reliable to be used for various kinds of applications such as pressure monitoring, machine temperature supervision, anti-lock braking system and various others. The increasing application of these bearings in different industries is expected to boost the instrumented bearing market in the upcoming future.

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Market Determinants

A never ending demand of instrumented bearings as a result of their versatile utility in nearly every existing core industry is a major determinant which is expected to confirm a substantial growth of instrumented bearing market in the present scenario. Moreover, the high efficiency and energy saving quality of highly engineered bearings is also a major factor which is driving the growth of the very market. With increasing military and defense budgets, a considerable growth of military vehicles and equipment has been witnessed. This can bring growth opportunities for the instrumented bearing market in the near future. Expanding usage of instrumented ball bearings in equipment and structures such as electrical motors, motor engines, railway carriages, automotive vehicles and robots is expected to put forward a future growth platform for the instrumented bearing market during the forecast period. However, availability of cheap counterfeit substitutes, lack of technical awareness and declining after sales market might act as a hampering agent for the growth of market.

INSTRUMENTED BEARING MARKET DETERMINANTS-IMPACT ANALYSIS, 2017 Vs. 2024

instrumented bearing market size
Market Segmentation

The segmentation of the instrumented bearing market is done on the basis of product type, end user, and geography. By product type, the market is segmented as ball bearings, plain bearings, roller bearings and others. By end user, the market is segmented as automotive, aerospace equipment, power transition equipment, construction machinery, farm and garden machinery, oil field machinery and other machinery. Geographically, the market is segmented as North America, Europe, Asia Pacific and Rest of World. Ball bearing market generated the highest revenue in 2016 and is expected to grow at a CAGR of 7.4% during the forecast period.

Some major market players are SKF Group, Schaeffler Group, The Timken Company, NTN Corporation, JTEKT Corporation, NSK Ltd., and others. The top six players in the industry accounted for more than 80% of the market in 2016.

GLOBAL INSTRUMENTED BEARING MARKET SEGMENTATION
By Product Type

By End Use

By Geography

KEY MARKET PLAYERS
• SKF Group
• Schaeffler Group
• The Timken Company
• NTN Corporation
• JTEKT Corporation
• NSK Ltd

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