Sensor Bearings Market Size Worth $10.57 Billion By 2032 | CAGR: 5.1%

The global sensor bearings market size is expected to reach USD 10.57 billion by 2032, according to a new study by Polaris Market Research. The report “Sensor Bearings Market Share, Size, Trends, Industry Analysis Report, By Functionality (Speed, Temperature, Vibration, Displacement, and Others); By End Use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The surging use of sensor bearings in wine turbine blade tilt systems and solar panel tracking systems all over the world in order to improve their efficiency and reduce maintenance costs coupled with the growing number of manufacturers stared offering customized sensor-based solutions that are tailored to specific and precise industries and applications, are among the prominent factors boosting the market growth. Additionally, rapid development of smart cities and surging need for infrastructure monitoring are also presenting lucrative opportunities for sensor bearings and will push the market growth forward.

• For instance, in June 2022, NTN Corporation, announced that they have developed a new sensor integrated bearing called “Talking Bearing”, which incorporate sensors, wireless devices, and power generation units. The newly launched solution provides more advanced condition monitoring and early abnormality detection.

Moreover, there is a push for energy efficiency and sustainability in industries like manufacturing and transportation, which provides significant opportunities for sensor bearings that helps optimize equipment performance, reduce energy consumption, and contribute to sustainability goals, which is becoming very crucial for industries with environmental standards and need efficient energy for various purposes.

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Furthermore, with the growing advances in microtechnology that have led to the development of miniature sensor bearings that can be widely utilized in compact and space-constrained applications which are crucial for industries like medical devices and consumer electronics, the demand for these bearings and their uses in such applications has been drastically growing over the years.

The constant drive towards the energy efficiency and sustainability across several industries including manufacturing and transportation, has also been increasing the demand for sensor bearings due to their capabilities to help optimize equipment performance and reduce energy consumption.

Sensor Bearings Market Report Highlights

• Speed segment accounted for noteworthy share, mainly attributed to increasing need for effective speed monitoring solutions across numerous industries
• Anti-lock braking system held the majority market share, owing to its significant use in automobiles to improve or enhance the safety of vehicles mainly electric vehicles
• Automotive segment will grow at highest growth rate, mainly accelerated by growing production and sales of automobiles equipped with advanced safety features
• Asia Pacific dominated the global market with substantial share, on account of increasing people disposable income in the region that led to higher adoption
• The key market players include JTEKT Corporation, NSK Corporation, Schaeffler Technologies, The Timken Company, Brammer PLC, and Fersa Bearings

Polaris Market Research has segmented the sensor bearings market report based on functionality, application, end use, and region:

Sensor Bearings, Functionality Outlook (Revenue - USD Billion, 2023 - 2032)

• Speed
• Temperature
• Vibration
• Displacement
• Others

Sensor Bearings, Application Outlook (Revenue - USD Billion, 2023 - 2032)

• Anti-lock Braking System
• Material Handling Equipment
• Electric Motors
• Others

Sensor Bearings, End Use Outlook (Revenue - USD Billion, 2023 - 2032)

• Automotive
• Transportation
• Metal & Mining
• Oil & Gas
• Aerospace & Defense
• Others

Sensor Bearings, Regional Outlook (Revenue - USD Billion, 2023 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Sensor Bearings Market Report Scope