The global sensor bearing market is expected to witness stable growth over the forecast period. Development of sensor based bearing, and further incorporation of IoT digitalization, is expected to technological drive the market. Sales of these devices is observed to show a hike during 2016-2019, owing to the automotive industry issuing out replacements of ABS systems for cars, tractors, and other vehicles, which have been already sold.According to AMA, the market for Sensor bearing is expected to register a CAGR of 5.0% during the forecast period to 2024. This growth is primarily driven by Mandating of ABS Systems within the European and Asia Pacific Region and Rising Application of Sensor Bearing in Automated and Electric Cars.
Globally, a noticeable market trend is evident Growing Attention towards Passenger Safety Leading to Regulatory Reforms
. The Industrial Machinery sector in the Asia Pacific region has been increasing at a strong rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as SKF (Sweden),, Schaeffler Technologies AG & Co. KG (Germany),, NTN Corporation (Japan),, Timken (US),, NSK Corporation (Japan),, JTEKT Corporation (Japan),, Mageba SA (Switzerland),, BRTEC (China),, ABB Group (Switzerland), and Nachi Europe GmbH (Germany) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Growing construction projects is expected to positively influence the sensor bearing market. For instance, SKF in January 2019 announced their plan to develop high quality bearing for use in tunnel boring machines (TBM)
Regulatory reforms with concern to safety is currently being carried out for the automotive industry. This regulatory amendment, is expected to boost product demand in regions such as Asia Pacific and Europe. In 2016, the European Commission mandated the of use anti-lock braking systems (ABS) in high speed tractors (>60km/hr). They are currently reviewing, if the same should also be mandated for tractors with speed limit of 40-60 km/hr and are expected to issue a statement by 2021. This is being met by opposition from the European Agricultural Machinery association, CEMA, by stating that tractors must not be treated as automobiles
- Mandating of ABS Systems within the European and Asia Pacific Region
- Rising Application of Sensor Bearing in Automated and Electric Cars
- Growing Attention towards Passenger Safety Leading to Regulatory Reforms
- Large Pool of Market Players Existing, allowing for Economy Pricing
- Inconsistency in Expenditure towards Raw Material Leading to Price Fluctuations
- Easy Availability of Low Quality Products
Application of IoT in Electronic Stability Control (ESC) System and Anti-Braking System (ABS), Exploring Untapped Geographic Regions to Increase Total Market Revenue Capacity and Enhancing Re-usability of Products
Presence of Counterfeiting Players
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