Global Market for Instrumented Bearings: Growth Prospects and Demand Dynamics
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Jan 29,2016
Albany, NY -- (SBWIRE) -- 01/27/2016 -- Latest market study offering by Transparency Market Research (TMR), the global instrumented bearing market is projected to reach a valuation of US$938.4 million by 2020. The report, titled "Instrumented Bearing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", states that the market, which had a valuation of US$523.3 million in 2013, will register an 8.6% CAGR from 2014 to 2020.
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Global Instrumented Bearing Market was valued at USD 570.4 million in 2014, growing at a CAGR of 8.6% from 2014 to 2020. 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 segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). The instrumented bearing market is primarily driven by increase in automobile production globally. In addition, the growing demand for instrumented bearings from defense and aerospace industry is also influencing the growth of this market. Need for energy efficiency while operating various types of machinery is also contributing to the growth in demand for instrumented bearings globally.
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Geographically, Asia Pacific led the instrumented bearing market in 2014 and the region is expected to continue its dominance in 2020. The growing demand for instrumented bearings in countries such as China, Japan, India, South Korea, Taiwan, Singapore, and Malaysia is primarily driving the Asia Pacific market. Increasing automobile production in the region is the main factor driving the Asia Pacific instrumented bearing market. In addition, growing industrialization and infrastructure development in the region is also contributing to the growth of instrumented bearing market.
The instrumented bearing market is segmented on the basis of type into instrumented ball bearing, instrumented plain bearing, instrumented roller bearing and others. Among all, instrumented ball bearing segment held the highest market revenue share in 2014 and is expected to remain so during the forecast period. Demand for instrumented ball bearings is attributed to growing application of Instrumented ball bearings in various components such as motor engines, automotive wheels, railway coaches, hard drives and consumer electronics among others.
The Key players have also been included on the basis of regions including North America, Europe, Asia Pacific and Rest of the World. Major market participants mentioned in this report include SKF Group, Schaeffler Group, The Timken Company, NTN Corporation, JTEKT Corporation, NSK Ltd., and others.
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(SBWIRE)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
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BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
