Global Instrumented Bearing Market size is projected to be valued $41 Billion by 2024; with a CAGR of 9.2% from 2017 to 2025. A bearing is a machine that reduces the friction between moving parts and are capable of carrying notable loads with ease and efficiency. Bearings are found in applications such as automobiles, machine tools, airplanes, refrigerators, ceiling fans, and many others.
Increasing demand for energy efficient solutions, growing demand from aerospace and defense sectors, and rising applications of bearings are the key factors propelling the growth of the global instrumented bearing market. However, declining after sales market and availability of fake products could hamper the market growth. Furthermore, technological advancements would create new market scope in the coming years.
The global instrumented bearing market is categorized as product type, end user, and geography. Product type segment is bifurcated as roller bearings, ball bearings, plain bearings, and others. End use includes aerospace equipment, automotive, construction machinery, power transmission equipment, farm and garden machinery, oilfield machinery, and other machineries.
Based on geographical analysis, global instrumented bearing market is classified into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers UK, Germany, France, Italy, and others. Asia-Pacific covers China, India, Japan, South Korea, and others. While, Rest of the world covers South America, Middle East, and Africa.
They key players includes NTN Corporation, The Timken Company, Schaeffler Group, JTEKT Corporation, and SKF Group, among others.
The report covers
Scope of the Global Instrumented Bearing Market
Product Type Segments
End User Segments