Sensor Bearing Market Set to Grow at Healthy CAGR forecast by 2026 with Top Key

Posted by Andre on October 31st, 2019

The market insights of Sensor Bearing Market report helps businesses obtain granular level clarity on current business trends and expected future developments. For this, market data is broken down in a systematic process to highlight focus areas of client’s interest. For producing such excellent market research report, principal attributes such as highest level of spirit, practical solutions, dedicated research and analysis, innovation, talent solutions, integrated approaches, most advanced technology and commitment plays a key role. A numerous markets, marketing strategies, trends, future products and rising opportunities have been considered while studying market for preparing this Sensor Bearing Market report.

Global Sensor Bearing Market is expected to rise from its initial estimated value of USD 4.97 billion in 2018 to an estimated value of USD 7.61 billion by 2026, registering a CAGR of 5.47% in the forecast period of 2019-2026.

Market Definition: Global Sensor Bearing Market

Sensor bearings are semiconductor equipment that are used in various automotive, material handling devices; they are installed in compact and hard to reach locations of various machinery where there is a need to detect the various environmental and mechanical circumstances such as temperature, vibration, etc.

Top Manufacturers Covered in the Report:

Few of the major competitors currently working in sensor bearing market are JTEKT Corporation; THE TIMKEN COMPANY; mageba; Beijing Zhongxuan Bailian Technology Co., Ltd.; Harbin Bearing Manufacturing Co., Ltd.; Nachi Europe GmbH; Schaeffler AG; NTN Corporation; SKF; NSK Ltd.; Thomson Industries, Inc.; Fersa Bearings; ABB; Thermometrics Corporation and Waukesha Bearings Corporation.

Key Developments in the Market:

•          In March 2019, ABB announced the launch of wireless condition-monitoring bearing sensor that is proven to enhance the safety of the application they are installed in and also provides regular information regarding the bearing to the user informing them when to schedule the maintenance for the same.
•          In October 2018, Schaeffler AG announced that they had completed the merger of INA Bearings India Private Limited and LuK India Private Limited with Schaeffler India Ltd. The combined organisation will be a leader of automotive and industrial products supplier in the market as it will be able to provide bearings, mobility solutions and other transportation services across different industrial applications.

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Segmentation: Global Sensor Bearing Market

Global Sensor Bearing Market By Functionality (Speed, Temperature, Vibration, Displacement, Others)

Application (ABS, Material Handling Equipment, Electric Motors, Others)

End-Use Industry (Automotive, Transportation, Metal & Mining, Oil & Gas, Aerospace & Defense, Others)

Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026

Market Drivers:

•          Growth in demand for effective and modern bearings that are durable and require low maintenance; this factor is expected to act as a driver for the market growth
•          Increase in demand from various end-use industries for the product is expected to drive the market growth
•          Increased demand for off-highway equipments and material handling equipment; this factor is expected to drive the market growth

Market Restraints:

•          Vulnerable nature of the materials used in the production of the products acting as a restraint to the market growth
•          Availability of cheaper substitute products which perform just as effectively is expected to act as a restraint to the market growth
•          Lack of after-sales services provided by various major manufacturers hindering the growth of the market

Key Insights in the report:

•          Complete and distinct analysis of the market drivers and restraints
•          Key market players involved in this industry
•          Detailed analysis of the market segmentation
•          Competitive analysis of the key players involved

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