Dublin, Feb. 21, 2019 (GLOBE NEWSWIRE) -- The "Sensor Bearing Market by Functionality (Speed, Temperature, Vibration, Displacement), Application (ABS, Material Handling Equipment, Electric Motors), End-use Industry (Automotive, Transportation, Metal & Mining) and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The sensor bearing market is projected to reach USD 6.5 billion by 2023 from USD 5.1 billion in 2018, at a CAGR of 5.2% between 2018 and 2023.
The increasing demand for sensor bearings from various end-use industries such as automotive, transportation, metal & mining, oil & gas, and aerospace & defense across the globe is expected to drive the growth of the market. Sensor bearings are used in wheel hub units in vehicles. Most automotive hub units use speed sensors to send wheel speed data to Anti-lock Brake Systems (ABS) and traction control units of vehicles. In railway locomotives and wagons, sensor bearings are used to monitor speed, temperature, vibration, etc.
Based on functionality, the sensor bearing market has been segmented into speed, temperature, vibration, displacement, and others. In 2017, the speed segment accounted for the largest share of 51.2% of the market due to increased demand for these bearings in ABS of vehicles. The temperature segment accounted for the second-largest share of 31.8% in 2017 due to the rise in demand for these bearings from the railways industry.
SKF Group (Sweden), Schaeffler Technologies AG & Co. KG (Germany), NTN Corporation (Japan), The Timken Company (US), and NSK Ltd. (Japan) are leading players in the sensor bearing market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Sensor Bearing Market
4.2 Sensor Bearing Market, By Region
4.3 Asia Pacific Sensor Bearing Market, By Functionality and Country
4.4 Sensor Bearing Market: Major Countries
4.5 Sensor Bearing Market, By Application
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Bearings With Longer Service Life, Higher Efficiency, and Lower Maintenance Requirements
5.2.1.2 Increasing Demand for Sensor Bearings From End-Use Industries
5.2.1.3 Growing Demand for Off-Highway and Material Handling Equipment
5.2.2 Restraints
5.2.2.1 Volatility of Raw Material Prices
5.2.2.2 Easy Access to Low-Quality Products
5.2.2.3 Falling After Sales Market
5.2.3 Opportunities
5.2.3.1 Growth Prospects in Emerging Economies
5.2.3.2 Adoption of Industrial Internet of Things (IIoT) in the Bearing Technology
5.2.4 Challenges
5.2.4.1 Lack of Awareness About the Advantages of the Sensor Bearings and Reluctant to Utilize the Product
5.2.4.2 Growing Number of Counterfeit Products
5.3 Macroeconomic Indicators
5.3.1 Annual GDP Growth of Major Economies
5.3.1.1 Construction
5.3.1.2 Manufacturing
5.3.1.3 Automotive
5.4 Porter's Five Forces Analysis
5.4.1 Threat of Substitutes
5.4.2 Bargaining Power of Suppliers
5.4.3 Bargaining Power of Buyers
5.4.4 Threat of New Entrants
5.4.5 Intensity of Competitive Rivalry
6 Sensor Bearing Market, By Functionality
6.1 Introduction
6.2 Speed
6.3 Temperature
6.4 Vibration
6.5 Displacement
6.6 Others
7 Sensor Bearing Market, By Application
7.1 Introduction
7.2 ABS
7.3 Material Handling Equipment
7.4 Electric Motors
7.5 Others
8 Sensor Bearing Market, By End-Use Industry
8.1 Introduction
8.2 Automotive
8.2.1 Automotive End-Use Industry Segment to Hold the Largest Market Share Through 2023
8.3 Transportation
8.3.1 Growing Demand for Sensor Bearings From Railway Manufacturers is Expected to Drive Sensor Bearing Market in Transportation End-Use Industry
8.4 Metal & Mining
8.4.1 Metal & Mining End-Use Industry to Grow Due to Rising Metal Processing and Mining Activities Globally
8.5 Aerospace & Defense
8.5.1 Growing Awareness About Passenger Safety is Expected to Drive the Aerospace & Defense End-Use Industry
8.6 Oil & Gas
8.6.1 Reduction in Downtime is Expected to Drive the Sensor Bearing Market in Oil & Gas End-Use Industry
8.7 Others
9 Sensor Bearing Market, By Region
10 Competitive Landscape
10.1 Introduction
10.2 Competitive Landscape Mapping
10.2.1 Visionary Leaders
10.2.2 Innovators
10.2.3 Dynamic Differentiators
10.2.4 Emerging Companies
10.3 Competitive Benchmarking
10.3.1 Strength of Product Portfolio
10.3.2 Business Strategy Excellence
10.4 Business Overview
10.5 Competitive Situation & Trends
10.5.1 New Product Launches/Developments
10.5.2 Partnerships, Collaborations & Joint Ventures
10.5.3 Contracts & Agreements
10.5.4 Mergers & Acquisitions
10.5.5 Expansions
10.6 Market Share Analysis
11 Company Profiles
11.1 SKF
11.2 NTN Corporation
11.3 The Timken Company
11.4 Schaeffler Technologies AG & Co. Kg
11.5 NSK Corporation
11.6 Jtekt Corporation
11.7 ABB Group
11.8 Thomson Industries Inc.
11.9 Mageba SA
11.10 BRTEC
11.11 Fersa Bearings
11.12 Nachi Europe
11.13 Wafangdian Bearing Co. Ltd.
11.14 Harbin Bearing Manufacturing Co., Ltd.
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