The sensor bearing market size is expected to grow from USD 5.1 billion in 2018 to USD 6.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period. The major factors driving the sensor bearing market are the increasing demand for sensor bearings from end-use industries, such as automotive and transportation, and the enforcement of stringent regulations related to the mandatory installation of ABS systems in cars in various Asia Pacific and European countries.
The sensor bearing market has grown at a moderate pace over the past 5 years owing to the increase in demand for sensor bearings for applications, such as ABS, material handling equipment, electric motors, and so on. Currently, the sensor bearing market is dominated by various key players, such as SKF (Sweden), Schaeffler Technologies AG & Co. KG (Germany), NTN Corporation (Japan), Timken (US), and NSK Corporation (Japan).
New product launches and expansions were the most preferred development strategies followed by companies to strengthen their presence in the sensor bearing market. In September 2016, SKF launched a 4th generation Simplex intermediate shaft bearing for propulsion shaft lines. In October 2018, NTN Corporation launched the Sensor Integrated Bearing Unit for machine tool spindles.
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SKF is a leading supplier of bearings, seals, mechatronics systems, lubrication systems, and services that include technical support, maintenance and reliability services, and engineering consulting and training. SKF has laid strong emphasis on R&D activities that lead to the development of innovative technologies. This further enhances product differentiation and helps the company gain a competitive edge over other market players. The company’s key strength lies in the development of innovative technologies through which product quality and application characteristics are improved. In recent years, the company has implemented strategies, such as new product launches, agreements, and investments to enhance its position in the global sensor bearing market. In January 2018, SKF entered into an agreement with Koncar KEV to supply bearings for multiple unit trains.
NTN Corporation is a leading manufacturer of mechanical parts and components. The company also accounts for the largest market share of hub bearings in 2017. Markets served by the company include construction & mining, wind turbine, next-generation automobile, and automotive. The company has R&D facilities, manufacturing facilities, technical support centers, and marketing centers spread over 220 business locations in 33 countries. In September 2017, NTN Corporation established the NTN Next Generation Research Alliance Laboratories at the Osaka University. This will help the company to carry out research & development of multi-functional sensors on bearings. In April 2017, the company developed Tapered Roller Bearings installed with damage detection sensors. This development is expected to assist the company to account for a significant market share in the sensor bearing market used on machines in the manufacturing industry.
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
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