Demand is on the rise for bearing systems that can operate with higher levels of efficiency, longer service life and lower maintenance needs. And according to a recently published report, this demand will only increase in the years to come, as the sensor bearing market -- currently valued at $5.1 billion -- is tipped to rise to USD 6.5 billion by 2023, with a compound annual growth rate (CAGR) of 5.2 percent.
There are various factors expected to fuel this remarkable growth in the industry. Among other things, the enforcement of strict regulations regarding the installation of ABS systems in cars will definitely lead the charge. So far, the installation of ESC and ABS systems has been made mandatory in the US (since 2011), the European Union (since 2014) and some Asian countries.
This, of course, means the demand for sensor bearings will likely rise each year in these countries. For this reason, the ABS segment, in particular, is projected to be the fastest-growing application of sensor bearings, while the market in Asia is expected to have the highest CAGR in the coming years.
In terms of functionality, speed sensor bearings are tipped to grow the fastest because of their importance in ABS systems. And at the moment, over 90% of vehicles on US roads have speed sensors in the ABS systems and this need is expected to rise in the coming years.
For more information, please check out the full report published on Research and Markets.