Bearings are machine elements that are primarily used for reducing friction between moving parts. Instrumented bearings are integrated with sensor units for measuring angular position of the rotatable ring with respect to the fixed ring of the bearing. The information collected through these sensors are used in various applications such as anti lock braking system, adaptive cruise control, tire pressure monitoring system and other industrial sectors.
The global instrumented bearing market is expected to witness substantial growth during the forecast period. This is due to the increasing demand of bearings across various application sectors such as automotive, defense and aerospace and industrial sector.
The increase in automobile production globally is stimulating the growth in demand for instrumented bearings and associated components. Instrumented bearings are used in various automotive systems such as antilock braking systems (ABS) and electronic stability control (ESC) among others. Aerospace equipment was the fastest revenue generating end-use segment in 2014.
Factors such as rising demand from defense and aerospace industries and need for energy efficient solutions in various industries is also expected to influence the market growth. Aerospace equipment requires specialized bearings that are used for mission critical applications. These bearings need to be monitored very closely in order to ensure zero error operability.
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Asia Pacific led the global instrumented bearing market in 2014 and the region is expected to continue its dominance in 2020. The region’s dominance is due to growing industrialization in countries such as China, India, Japan, and South Korea. Moreover, increasing motor vehicle production in the region is further contributing to the growth of instrumented bearing market in Asia Pacific.
North America and Europe followed Asia Pacific in the global instrumented bearing market to collectively account for more than 40% of the global market revenue share in 2014. Europe registered fastest growth from 2014 to 2020, owing to its flourishing automobile industry.