In
the latest market study offering by Transparency Market Research
(TMR), the global instrumented bearing market is projected to reach a
valuation of US$938.4 million by 2020. The report, titled
“Instrumented
Bearing Market - Global Industry Analysis, Size, Share, Growth,
Trends and Forecast 2014 - 2020”, states that the market, which had
a valuation of US$523.3 million in 2013, will register an 8.6% CAGR
from 2014 to 2020. The report analyzes the development of the global
instrumented bearing market on the basis of product type,
applications, and regional markets.According to the report, increase
in automobile production across the globe is the primary reason
driving demand for instrumented bearings. These bearings have
application in automotive systems such as electronic stability
control and antilock braking systems (ABS), among others.
In
addition to this, perpetual demand for instrumented bearings from the
aerospace and defense industries contributes significantly to the
growth of the instrumented bearing market. Instrumented bearings are
vital components in the operation of several machines directly
related to process efficiency and energy saving. Thus, the
instrumented bearing market is growing due to the growing importance
of these two attributes in industry operations.By product type, in
2014, the instrumented ball bearings segment registered the highest
market share, contributing US$297.1 million to the overall market.
Due to increasing applications of instrumented ball bearings in
components of motor engines, railway coaches, consumer electronics,
automotive wheels, and hard drives, amongst others, the segment is
expected to dominate the global market in the years to come.
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A Sample Of This Report:
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This
is followed by the roller bearing and plain bearing segments. The
instrumented roller bearings segment comprises tapered roller
bearings integrated with sensors, needle roller bearings, and
cylindrical roller bearings. In 2014, the instrumented roller
bearings segment held 34.3% of the global instrumented bearing
market.By end use, in 2014, the automotive segment registered the
highest revenue, contributing 44.5% of the overall market revenue.
The expanding automotive industry worldwide is directly related to
the growing demand for instrumented bearings. However, aerospace
equipment is estimated to witness the fastest growth amongst all
application segments of the instrumented bearings market and is
expected to hold significant market share in the next few years. The
aerospace equipment segment will display a CAGR of 9.4% from 2014 to
2020, according to the report.
The
report divides the global instrumented market into four broad
regional markets, namely North America, Asia Pacific, Europe, and
Rest of the World (RoW). Among all, Asia Pacific dominated the global
market for instrumented bearings in 2014 and the region is expected
to lead until 2020. In this region, increasing automobile production
has been the major factor driving the instrumented bearing market.In
addition to this, economic development in countries such as China,
India, Taiwan, and Malaysia has led to increasing manufacturing
activities, which in turn is driving demand for instrumented bearing
to operate machinery. North America and Europe trail Asia Pacific in
terms of market revenue share in the global market for instrumented
bearings. These two regions collectively held more than 40% of the
market revenue in 2014.
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