Global Sensor Bearing Market Size By Functionality (Speed, Temperature), By Applications (ABS, Material Handling Equipment), By End User (Automotive, Transportation), By Geographic Scope And Forecast
Report ID: 27441|No. of Pages: 202
Global Sensor Bearing Market Size By Functionality (Speed, Temperature), By Applications (ABS, Material Handling Equipment), By End User (Automotive, Transportation), By Geographic Scope And Forecast
Sensor Bearing Market Size And Forecast
Sensor Bearing Market size was valued at USD 7.07 Billion in 2024 and is projected to reach USD 9.95 Billion by 2031, growing at a CAGR of 4.83% from 2024 to 2031.
Increased demand for sensor bearings from the automotive and other end-use industries, as well as the growing use of bearing in heavy machinery in sectors including mining, infrastructure development, construction, agriculture, and power generation, will foster market growth. The market is comprehensively evaluated in the study on the Global Sensor Bearing Market. The key market segments, trends, drivers, restraints, competitive environment, and other crucial factors are all thoroughly examined in the research report.
Global Sensor Bearing Market Definition
The sensor bearing is a standalone sensor that bearing manufacturers have developed to track properties including rotational speed, acceleration, and direction. Sensor bearings are employed for a number of purposes, such as speed, temperature, vibration, and others. A sensor bearing contains an embedded sensor that determines the direction and speed of the bearing and transmits that information to a control system.
Bearing sensors are mostly used to monitor conditions by sensing temperature or vibration, though external sensors can also be used to measure speed or direction. Compact sensor bearings for industrial machinery offer improved opportunities to simplify the assembling process and reduce the need for supporting equipment. Many different applications, such as those for electric motors, material handling equipment, and other things, frequently employ sensor bearings. Sensor bearings are widely used, thus the market will continue to grow profitably over the coming years.
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Global Sensor Bearing Market Overview
A rise in the demand for sensor bearings from the automotive and other end-use industries, as well as an increase in the use of bearing in heavy machinery in sectors including mining, infrastructure construction, agriculture, and power generation, would foster market growth. As a result, it is anticipated that rising mining and construction investment would aid in market growth. Consumer demand for bearings with greater efficiency and fewer maintenance needs is driving the market’s expansion.
A range of industrial applications has also seen an increase in the use of AC motors. The requirement for exact monitoring of the direction and speed of rotating parts has increased as a result of these increases. Recent advancements in sensor-bearing technology are durable and able to resist demanding working conditions. These will also perform very effectively and at lower operational costs. This factor is anticipated to accelerate market expansion. The market is expanding as a result of rising demand for off-highway and material-handling equipment.
Thus, it is predicted that the aforementioned reasons will drive the global market for sensor bearings during the course of the anticipated time. There are some restrictions and challenges that will hinder the market from growing. The lack of customer knowledge of the advantages of sensor bearing is one of the main restraints. Additionally, a certain degree of market expansion may be hampered by the market’s rising availability of inexpensive alternatives.
Global Sensor Bearing Market Segmentation Analysis
The Global Sensor Bearing Market is Segmented on the basis of Functionality, Applications, End User, and Geography.
Sensor Bearing Market, By Functionality
- Speed
- Temperature
- Vibration
- Other
Based on Functionality, the market is bifurcated into Speed, Temperature, Vibration, and Other. The industry with the largest market share during the anticipated timeframe was software. The factors are related to the growing use of speed sensor bearings to gauge the rotational speed of wheels and shafts. Wheel speed sensors are installed in about 90% of automobiles.
Sensor Bearing Market, By Applications
- ABS
- Material Handling Equipment
- Electric Motors
- Others
Based on Applications, the market is bifurcated into ABS, Material Handling Equipment, Electric Motors, and Others. The ABS segment is anticipated to have the most significant CAGR and held a major market share over the forecasted period. In the countries from European Union and the US, stringent regulations are imposed that make the mandatory installation of ABS and ESC systems in passenger vehicles. This has helped market growth in these application segments over the forecasted period.
Sensor Bearing Market, By End User
- Automotive
- Transportation
- Metal & Mining
- Aerospace & Defense
- Oil & Gas
- Others
Based on End User, the market is bifurcated into Automotive, Transportation, Metal & Mining, Aerospace & Defense, Oil & Gas, and Others. The Automotive segment held the largest market share and is estimated to grow at a significant CAGR during the forecasted period. These factors can be credited to the high adoption of sensor bearings in the automobile industry. Sensor bearing is preferred in applications such as ABS, also to measure the speed of rotating shafts and wheels.
Sensor Bearing Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
On the basis of Geography, the Global Sensor Bearing Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The largest share of the market will be dominated by the Asia Pacific region due to the high demand from the automobile industry across the region. The Asia Pacific region is known as a hub for automotive production due to the presence of OEMs in the region. Also, OEMs and suppliers are establishing their production facilities in order to cater to the rising demand for automotive vehicles, that ultimately drives the Sensor Bearing Market. These factors are expected to drive the market across the Asia Pacific region over the forecasted period.
Key Players
The “Global Sensor Bearing Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as SKF, NTN Corporation, NSK Corporation, Mageba SA, Schaeffler Technologies AG & Co. KG, Timken, ABB Group, Nachi Europe GmbH, Jtekt Corporation, and Thomson Industries Inc.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | SKF, NTN Corporation, NSK Corporation, Mageba SA, Schaeffler Technologies AG & Co. KG, Timken, ABB Group, Nachi Europe GmbH. |
| SEGMENTS COVERED | By Functionality, By Applications, By End User, and By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1 INTRODUCTION OF GLOBAL SENSOR BEARING MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL SENSOR BEARING MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
5 GLOBAL SENSOR BEARING MARKET, BY FUNCTIONALITY
5.1 Overview
5.2 Speed
5.3 Temperature
5.4 Vibration
5.5 Other
6 GLOBAL SENSOR BEARING MARKET, BY APPLICATIONS
6.1 Overview
6.2 ABS
6.3 Material Handling Equipment
6.4 Electric Motors
6.5 Others
7 GLOBAL SENSOR BEARING MARKET, BY END USER
7.1 Overview
7.2 Automotive
7.3 Transportation
7.4 Metal & Mining
7.5 Aerospace & Defense
7.6 Oil & Gas
7.7 Others
8 GLOBAL SENSOR BEARING MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Middle East and Africa
8.5.2 Latin America
9 GLOBAL SENSOR BEARING MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 SKF
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 NTN Corporation
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 NSK Corporation
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Mageba SA
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Schaeffler Technologies AG & Co. KG
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Timken
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 ABB Group
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Nachi Europe GmbH
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Jtekt Corporation
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Thomson Industries Inc.
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 APPENDIX
11.1 Related Research
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
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| Demand side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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