Sensor Bearing Market Worth $6.5 Billion By 2023 | Rising Demand Growth Trend Insights

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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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.

Key Market Players

Key players in the market include SKF (Sweden), Schaeffler Technologies AG & Co. KG (Germany), NTN Corporation (Japan), Timken (US), NSK Corporation (Japan), JTEKT Corporation (Japan), ABB Group (Switzerland), Mageba SA (Switzerland), BRTEC (China), ABB Group (Switzerland), Fersa Bearing SA (Spain), and Nachi Europe GmbH (Germany). These players have expanded their geographical presence through new product launches, acquisitions, and expansions.

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