The Global Sensor Bearing Market is forecast to reach USD 9.20 Billon by 2028, according to a new report by Reports and Data. The major factor driving the market is the increasing demand for sensor bearings from the automotive and transportation industries. The enforcement of stringent regulations accredited to the mandatory installation of ABS systems in cars in various countries of Europe and the Asia Pacific are also propelling the growth of the market.
The demand for sensor bearings has increased at a consistent pace over the years owing to the demand for sensor application such as material handling, ABS, electric motors, and so on. Sensor bearings were introduced with the anti-locking braking system (ABS) in automobiles in the mid-1980s. As bearing systems evolved, bearing sensors phased out of the design in favor of active wheel speed sensors to provide wheel speed data for traction control.
The market in the Asia Pacific region is forecasted to grow owing to the high demand from the automotive industry. The region is a hub for automotive production, with suppliers and original equipment manufacturer setting up production facilities to fulfill the demand of the rising populations. Increase in disposable income and a high standard of living has also raised the demand for the sensor bearing market.
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Market Overview:
As a result of steady revenue growth over the past few years, the manufacturing and construction industry is expected to achieve a robust annual revenue growth rate between 2021 and 2028. In addition to the rapidly growing construction industry, rapid urbanization and industrialization, and technological advancements in manufacturing techniques, this can also be attributed to these factors. Green construction and energy efficient buildings have become increasingly popular in recent years as awareness of environmental impact and carbon emissions has increased. Over the forecast period, key factors are expected to boost global market growth, including the rapid growth of global populations, changing lifestyle preferences, the increasing demand for smart buildings, an increase in renovation and reconstruction activities, and an increase in eco-friendly construction activities. Other factors that will contribute to market growth in the future include an increase in disposable income, government schemes, and investments by private organizations.
Some of the Leading Market Players Are Listed Below:
- The Timken Company,
- SKF,
- Fersa Bearings,
- SKS Bearing,
- ABB Group,
- NSK Corporation,
- Nachi Europe,
- Jtekt Corporation,
- Thomson Industries Inc.,
- BRTEC,
- Mageba S.A.
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as license agreements, partnerships, merger and acquisitions, collaborations, RD investments, and joint ventures to gain robust footing in the market.
Market Segmentation:
Functionality Outlook (Revenue, USD Million; 2018-2028)
- Speed
- Temperature
- Vibration
- Displacement
- Other
Applications Outlook (Revenue, USD Million; 2018-2028)
- ABS
- Material Handling Equipment
- Electric Motors
- Others
End Users Outlook (Revenue, USD Million; 2018-2028)
- Automotive
- Transportation
- Metal Mining
- Aerospace Defense
- Oil Gas
- Others
The Global Sensor Bearing Market Is Segmented Into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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