About Sensor bearing
The global sensor bearing market is expected to witness stable growth over the forecast period. Development of sensor based bearing, and further incorporation of IoT digitalization, is expected to technological drive the market. Sales of these devices is observed to show a hike during 2016-2019, owing to the automotive industry issuing out replacements of ABS systems for cars, tractors, and other vehicles, which have been already sold.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Billion) |
CAGR | 5.0% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Europe and Asia Pacific Manufacturers will contribute the maximum growth to Global Sensor bearing market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
SKF (Sweden),, Schaeffler Technologies AG & Co. KG (Germany),, NTN Corporation (Japan),, Timken (US),, NSK Corporation (Japan),, JTEKT Corporation (Japan),, Mageba SA (Switzerland),, BRTEC (China),, ABB Group (Switzerland), and Nachi Europe GmbH (Germany) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are ABB Group (Switzerland),, Wafangdian Bearing Group, (China),, Fersa Bearing SA (Spain),, NMB-MINEBEA THAI LTD. (Thailand), and C&U GROUP LTD. (China).
Segmentation Overview
AMA Research has segmented the market of Global Sensor bearing market by Type (ABS, Material Handling Equipment, Electric Motors and Others), Application (Motor management, Steering, Speed and position sensing, Measurement of angular position and Other) and Region.
On the basis of Type, ABS are dominating the market in the year 2023 where as Electric motors stood as second largest market share.
On the basis of application, Speed and position sensing segment is dominating the market in the year 2023 where as motor management segment stood as second largest market .On the basis of geography, the market of Sensor bearing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Spain, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by End users, the sub-segment i.e. Automotive will boost the Sensor bearing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Attention towards Passenger Safety Leading to Regulatory Reforms and Large Pool of Market Players Existing, allowing for Economy Pricing
Market Growth Drivers:
Mandating of ABS Systems within the European and Asia Pacific Region and Rising Application of Sensor Bearing in Automated and Electric Cars
Challenges:
Presence of Counterfeiting Players
Restraints:
Inconsistency in Expenditure towards Raw Material Leading to Price Fluctuations and Easy Availability of Low Quality Products
Opportunities:
Application of IoT in Electronic Stability Control (ESC) System and Anti-Braking System (ABS), Exploring Untapped Geographic Regions to Increase Total Market Revenue Capacity and Enhancing Re-usability of Products
Market Leaders and their expansionary development strategies
In December 2023, SPM Instrument UK announced a partnership with Rotary Bearings Industrial. This partnership marks a collaborative effort between SPM Instrument UK and Rotary Bearings Industrial to develop and provide technical support, aiming to expand their customer base in condition monitoring solutions.
In January 2023, NSXe Co. LTD., a Japan-based company providing services for mechanical equipment installation and maintenance, newly released a Wi-Fi vibration sensor, “conanair,” in the U.S. in January 2023. NSXe’s Wi-Fi sensor enables users to detect bearing damage at a much lower cost than before. The company has started its digital marketing through online database Engineering360.
Regulatory reforms with concern to safety is currently being carried out for the automotive industry. This regulatory amendment, is expected to boost product demand in regions such as Asia Pacific and Europe. In 2016, the European Commission mandated the of use anti-lock braking systems (ABS) in high speed tractors (>60km/hr). They are currently reviewing, if the same should also be mandated for tractors with speed limit of 40-60 km/hr and are expected to issue a statement by 2021. This is being met by opposition from the European Agricultural Machinery association, CEMA, by stating that tractors must not be treated as automobiles
Key Target Audience
Automotive manufacturers, Automotive industry suppliers, Research institutes, Industrial manufacturing units, Government agencies, Regulatory bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.