Global Sensor Bearings Market Future Trends, Overview, Industry Top Manufactures, Growth Analysis

Industry Insights

Introduction

Sensor bearings are mechatronic machine components, which integrate the functions of a bearing and sensor unit. Sensor bearings are high performance, compact, robust, reliable, simple, and ready-to-mount ball bearings used in to measure the number of revolutions, speed, direction of rotation, temperature, vibrations, displacement, relative position, acceleration or deceleration, and other parameters in critical rotating applications such as AC servo motors, DC servo motors, hydraulic motors, and industrial machinery. Sensor bearing units reduce warranty costs, improve up-time, increase service life, and lower maintenance costs in electric motors, material handling, and other industrial equipment.

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Global Sensor Bearings Market: Trends & Developments

Rise in usage of AC motors in a wide range of industrial applications has boosted the demand for accurate monitoring of speed and direction of rotating elements, even in challenging environments. Advent of new generation of sensor bearings that can meet tough operating conditions and deliver high performance at lower operating costs is expected to drive the global sensor bearing market during the forecast period. Engineers are developing sensor bearings that can be easily integrated into end-user designs while offering high reliability, reduced need for maintenance, and lower operating costs. Growth in the global sensor bearing market can be ascribed to the increase in demand for sensor bearings used in anti-lock breaking systems (ABS) in the automotive industry.

Global Sensor Bearings Market: Segmentation

Based on functionality, the global sensor bearings market has been segmented into speed, temperature, vibration, displacement, and others. Sensor bearings with speed functionality account for the major share of the global sensor bearing market. They are primarily used in the ABS systems of automotive vehicles. The U.S. and some member countries of the European Union have enacted stringent regulations, making the installation of ABS and ESC systems mandatory in passenger vehicles since 2011 and 2014, respectively. This has boosted the demand for sensor bearings in these countries. The temperature segment also hold key share of the market due to the rise in demand for sensor bearings in the railways industry. Demand for sensor bearings used to monitor temperature is rising in applications such as wind turbines, gearboxes, and engines that carry the risk of overheating.

Global Sensor Bearings Market: Regional Outlook

In terms of region, the global sensor bearings market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The sensor bearings market in Asia Pacific is expected to expand at a significant pace owing to the high demand for sensor bearings in the automotive sector. Countries such as China and India in Asia Pacific have emerged as major hubs of automobile production, as automobile manufacturers and OEMs have set up their production facilities in these countries. Rise in vehicle ownership in developing economies such as China, Indonesia, India, and Vietnam is anticipated to drive the automobile market, subsequently propelling the sensor bearing market. The sensor bearings market in Europe is estimated to expand at a significant pace in the near future, led by the rise in demand for sensor bearings in end-use industries such as automotive and transportation.

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Global Sensor Bearings Market: Key Players

Key players operating in the global sensor bearings market include Thomson Industries, Inc. Fersa Bearings, Schaeffler Technologies AG & Co. KG, WAFANGDIAN BEARING GROUP CORP.LTD., THE TIMKEN COMPANY, mageba, JTEKT Corporation, NSK Ltd., BRTEC WHEEL HUB BEARING CO. LTD., ABB, Nachi Europe GmbH, NTN Corporation, Harbin Bearing Manufacturing Co., Ltd., and AB SKF.

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