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The bearing is a machine component that limits relative motion to only the necessary motion and reduces friction between moving elements. The automobile bearing is an important component in the vehicle, responsible for the efficient and smooth operation of the vehicle. Its primary function is to allow linear or rotational movement, as well as high-pressure processing. Increase in mounted bearing usage in various industries, increase in disposable income, and rise in production of vehicles across the globe are some of the essential factors that drive the global mounted bearing market in the forecast period. However, rise in vehicle electrification and raw materials price instability hampers the market growth.
COVID-19 Impact Analysis
The COVID-19 outbreak has widely disrupted the automotive industry. It has resulted in shut down of manufacturing facilities and decline in the sales volume. Furthermore, the demand for both commercial and passenger vehicles is expected to decline in 2020. This expected decline will adversely affect the mounted bearings industry, as vehicle production is directly proportional to the mounted bearings industry. Companies however are taking precautionary measures to combat the adverse effects of the outbreak.
Top Impacting Factors
Market Trends
Increasing Development and Adoption of Sensor-Based Bearing Unit and IoT
Sensors are essential components in industrial automation and motion control systems. They serve as an important link between the data gathered by the physical system and the communication link that transmits the data to the monitoring facility or cloud. Sensors are used to check bearing performance, since defective bearings can cause expensive downtime. IIoT (Industrial Internet of Things) sensors are a complex combination of software and hardware. IIoT sensors may be used as acoustic and chemical sensors for liquid level and temperature monitoring sensors. Proximity sensors are another type, which are placed on bearings. IoT sensors perform more than just data collection and transmission, they also perform processing and decision-making functions. This additional feature can save engineering time and costs. The bearing manufacturers are developing a sensor-based mounted bearings, which are intended to enhance early detection and monitoring of bearing failures. For example, ABB is a major player in the installed bearing market who is providing ABB Ability Smart Sensor, an easy-to-use wireless sensor that helps in monitoring the condition of bearings mounted in ABB Dodge, hence allowing users to reduce downtime, improve reliability and operate safely. Thus, the increasing use of IoT-based mounted bearings will boost the growth of the global mounted bearing market during the forecast period.
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Questions Answered in the Mounted Bearing Market Research Report:
Key Market Segments
Key Market Players