Global Sensor Bearing Market Report Description:
Global Sensor Bearing market report gives comprehensive outlook on Sensor Bearing across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global sensor bearing market gives historical, current, and future market sizes (US$ Mn) on the basis of functionality, application, end user and region. This report studies global sensor bearing market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global sensor bearing market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global sensor bearing market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global sensor bearing market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global Sensor Bearing products.
Global Sensor Bearing Market:
The global Sensor Bearing market estimated to be valued US$ XX Mn in 2018 and poised to grow at significant CAGR over 2019-2025. 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.
Increasing Demand for Sensor Bearings from End-Use Industries
The growing demand for sensor bearings from numerous end-use industries such as metal & mining, transportation, oil & gas, automotive, and aerospace & defense is expected to drive the growth of the market. Sensor bearings are used in wheel hub units in vehicles. In railway locomotives and wagons, sensor bearings are used to observe speed, temperature, vibration, etc. Most automotive hub units use speed sensors to send wheel speed data to anti-lock brake systems (ABS) and traction control units of vehicles. Hence, rising demand from end user industries increases the market growth.
High Raw Material Prices
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.
Asia Pacific Accounts for Larger Market Revenue Share in Global Sensor Bearing Market
Asia Pacific accounted for larger revenue share in global Sensor Bearing market with considerable CAGR. The Asia Pacific region has emerged as a hub for automotive production, with OEMs and suppliers setting up production facilities to cater to the growing demand for automotive vehicles. The Asia Pacific region has also seen an increase in population and income levels, which has consequently raised the demand for automobiles. Thus, leading to the growing demand for the market.
Key player’s profiles in the global Sensor Bearing market include:
- Timken (US)
- NSK Corporation (Japan)
- Schaeffler Technologies AG & Co. KG (Germany)
- NTN Corporation (Japan)
- Nachi Europe GmbH (Germany)
- Mageba SA (Switzerland)
- JTEKT Corporation (Japan)
- Fersa Bearing SA (Spain)
- BRTEC (China)
- ABB Group (Switzerland)
- SKF (Sweden)
Global Sensor Bearing market is surging owing to frequent acquisitions and launchings by the market players. For Instance, In January 2018, SKF made an agreement with Koncar KEV for the supply of axle boxes, bearings and associated equipment for its modern low-floor electric and diesel-electric multiple unit trains.
Key Findings of the Report:
- Global Sensor Bearing market expanding at significant CAGR over 2019 to 2025 owing to growing demand from end user industries.
- Based on application, Anti-lock Brake Systems (ABS) segment accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global Sensor Bearing market
- Anti-lock Brake Systems (ABS)
- Electric Motors
- Material Handling Equipment
By End User
- Aerospace & Defense
- Metal & Mining
- Oil & Gas
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2014-2018) and forecast (2019-2025)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market