As per the report “Instrumented Bearing Market by product type (Ball bearings, Plain bearings, Roller bearings),Industry Trends, Estimation & Forecast, 2016-2024”, the global Instrumented Bearing Market was valued at $92.75 billion in 2016, and is projected to reach $164.84 billion by 2024, growing at a CAGR of 7.6% from 2017 to 2024. In 2016, the ball bearing segment generated the highest revenue share, accounting to more around 50% of in the global instrumented bearing market in 2016. Among major regions, Asia Pacific instrumented bearing market was the highest revenue generating market valued at $38.81 billion in 2016.
“Associated technologies such as micro ball bearing technology for MEMS will help manufacturers monitor bearing operations constantly to ensure robustness, low friction and moving parts stability. Instrumented bearings are integrated with sensors to provide information on their surrounding environment, including vibration, temperature, direction, speed, load, levels of debris and other factors. The usage of MEMS technology will enable the instrumented bearing manufacturers to explore new application areas”