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Description
The global sensor bearing market is forecasted to grow at a rate of 5.5% from USD 5.68 billion in 2020 to USD 8.85 billion in 2027. Some of the key factors responsible for the market growth include rising demand from end user industries, growing adoption of IoT in bearing technology, high growth in emerging economies and technological advancements. Sensor bearings are semiconductor devices that are employed in a variety of automotive and material handling devices, and are positioned in small and difficult-to-reach areas of diverse machines where various environmental and mechanical conditions, such as temperature and vibration, must be detected. The rising demand for effective and modern bearings that are durable and require little maintenance is a key factor driving market growth, as is the rising demand for the product from a variety of end-use industries, such as off-highway equipment and material handling equipment, as well as sensor bearings. However, rising raw material price volatility, increased easy access to low-quality products, and a declining after-sales market are among the major factors acting as restraints, while rising lack of awareness about the benefits of sensor bearings and reluctance to use the product, as well as an increase in the number of counterfeit products, will further challenge the sensor bearing market’s growth during the forecast period. The volatility of raw material prices affects the demand for sensor bearing which act as a key restraint to the growth of the bearing isolators market. Rising raw material prices acts as an adoption barrier. In addition, as cost plays an important role in the market presence of cheap quality products available for low cost may hamper the market growth.
