Jay Mangade's blog : Global Sensor Bearing Market-Industry Analysis and Forecast (2020-2027)
The global sensor bearing market was valued US$ 6.22 Bn in 2019 and is expected to reach XX Bn by 2027, at a CAGR of 7.5% during a forecast period.
Global Sensor Bearing Market
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global sensor bearing market Definition:
Sensor bearing is defined as a wireless electromechanical system which helps machinists to analyse the bearing performance and sensor unit. These are robust, reliable, simple, ready-to-mount ball, compact, and high performance bearings mainly applicable for extent of the speed, temperature, number of revolutions, vibrations, relative position, direction of rotation, dislodgment, acceleration, and further factors in critical rotating applications including DC servo motors, air conditioner servo motors, hydraulic motors, and industrial machinery.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
global sensor bearing market Drivers and Restraints:
Trend and upsurge in adoption of AC motors in numerous developing industrial sectors together with industrial applications expected to create numerous employment opportunity owing to the demand for precise direction of rotating elements, monitoring of speed and even in challenging atmospheres. Also, another boosting factor for sensor bearing market is documented for the growing demand for low maintenance and efficient bearings. Technological advancement and industrial growth including metal & mining, transportation, and automotive, registered as market influencing factor for global sensor bearing market.
Moreover, boom in oil and gas and transportation sector is also generating numerous opportunities for the market growth. The key factor driving the growth of the global sensor bearing market documented for the advancement and introduction of new generation sensor bearing which offers cheaper operation cost and high performance in unfavourable condition is expected to boost the market demand in the coming years. The intensifying automotive industry results in the escalation in the production and sale of hybrid and electric vehicles is anticipated to lift the demand for sensor bearing during the forecast period.
Moreover, instability in cost and the presence of low-cost material is expected to obstruct the global sensor bearing market growth during the forecast period.
global sensor bearing market Segment analysis:
By application, the automotive industry end-user segment is possibly expected to develop at a persistent rate. It is the dominating segment and expected to secure a share of 56% by the end of 2027. Collective request for lightweight vehicles with safety considered as a significant driving factor fuelling the demand for sensor bearing in the targeted industry. For instance, as per U.S. Department of Commerce, in 2019, the U.S. distributed about XX.1 Mn wheel speed sensor, involvement of such development is going to create lucrative growth opportunity with increasing demand for sensor bearing market in the coming years. The key application of sensor bearing in automotive industry is observed in manufacturing of sensor installation in automotive parts in order to avoid road accidents in both commercial as well as industrial vehicles, thus the growth in demand for above-mentioned sectors are expected to have a positive impact on the demand for sensor bearing in the coming years as sensor bearing have high strength, durability with excellent properties is ruling the market growth.
global sensor bearing market Regional Analysis:
Regionally, APAC is expected to dominate the Sensor Bearing market and is expected to grow at a CAGR of 4.12 % during the forecast period. The Asia-Pacific had the major market share of nearly 45% in 2019, result of swift industrial growth in the region. Developing regions like India, China, and Japan are considered as the major contributors to the sensor bearing market growth in the Asia Pacific region. India, China, and Brazil are focusing mainly on improving their technology and promoting their manufacturing industry, attention on development in automotive, transportation, aerospace and others are eventually driving the sensor bearing market size by 2027. In 2019 market size was calculated US$ XX Bn while in China, the market size was valued XX Bn and expected to increase by US$ XX Bn in the coming years. Furthermore, the recent COVID-19 pandemic outbreak will negatively hinder market growth in the Asia Pacific region.
Europe will also show growth openings to the overall market in the coming years though, high living standards from the developed regions will propel the market growth in Western Europe. Furthermore, expanding automotive, electric motor manufacturing industry, transportation across the region has covered 35% of market share in the base year.
The objective of the report is to present a comprehensive analysis of the Global Sensor Bearing Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Sensor Bearing Market dynamics, structure by analyzing the market segments and project the Global Sensor Bearing Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Sensor Bearing Market make the report investor’s guide.
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Global Sensor Bearing Market, By Functionality
• Speed
• Temperature
• Vibration
• Displacement
• Others
Global Sensor Bearing market, By End-Use Industry
• Material Handling Equipment
• Electric Motors
• ABS
• Others
Global Sensor Bearing Market, By Application
• Aerospace & Defense
• Transportation
• Metal & Mining
• Automotive
• Oil & Gas
• Others
Global Sensor Bearing Market, By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating the Sensor Bearing Market,
• Harbin Bearing Manufacturing Co., Ltd
• Schaeffler Technologies AG & Co. Kg
• Wafangdian Bearing Co. Ltd
• The Timken Company
• ABB Group
• NTN Corporation
• Jtekt Corporation
• Fersa Bearings
• Mageba SA
• NSK Corporation
• Nachi Europe GmbH
• homson Industries Inc
• BRTEC
• SKF
• Timken
• BRTEC
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