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
The sensor bearing market is estimated to grow from USD 5.1 billion in 2018 to USD 6.5 billion by 2023, at a CAGR of 5.2%. The major factors driving the sensor bearing market are 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.
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The speed functionality segment is expected to grow at the highest CAGR due to the increasing demand from the automotive industry
The demand for sensor bearings used to measure the speed of rotating shafts and wheels is increasing in the automotive industry. Presently, over 90% vehicles that ply on roads are equipped with wheel speed sensors. Additionally, the US and some member countries of the European Union have made the use of ABS and ESC systems mandatory in passenger cars since 2011 and 2014, respectively, thereby leading to the increasing demand for sensor bearings.
ABS application segment is projected to be the leading segment
ABS control systems determine the requirement of using anti-lock braking. High demand for vehicles with ABS in developed countries is leading to the growth of the ABS segment of the sensor bearing market. Moreover, the US and some member countries of the European Union have also made the use of ABS and ESC systems mandatory in vehicles since 2011 and 2014, respectively. This is also leading to the growth of the ABS segment.
Based on Application, the sensor bearing market is segmented into:
- ABS (Anti-lock Braking System)
- Material Handling Equipment
- Electric Motors
- Others (blowers, wind turbines, pumps, and compressors)
Based on End-use industry, the sensor bearing market is segmented into:
- Automotive
- Transportation
- Metal & Mining
- Aerospace & Defense
- Oil & Gas
- Others (Agriculture and Construction)
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Recent Developments
- In June 2018, SKF and National Renewable Energy Laboratory (NREL) entered into a three-year collaboration to study wind turbine drivetrains. Sensors installed in the bearing will be installed to measure gearbox condition and shaft bearing. The project will be an ideal opportunity for SKF to showcase its expertise in the wind energy industry.
- In January 2018, SKF and Koncar KEV signed an agreement for the supply of bearings, axle boxes, and associated equipment for its latest low-floor electric and diesel-electric multiple unit trains.
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