Adoption of IIoT-based Smart Bearings Spurs Growth of European Bearings Market
Partnerships with IIoT solution providers will enhance bearing product portfolios, finds Frost & Sullivan's Industrial team
LONDON, Jan. 4, 2018 /PRNewswire/ -- The European bearings market is witnessing steady growth. Factors stimulating growth include the adoption of sophisticated bearings with improved performance and demand for bearings with longer service life, higher efficiency, and lower maintenance requirements. On the other hand, higher adoption of smart bearings is expected to reduce the replacement frequency, as smart bearings will be replaced on the basis of the actual condition of the bearing rather than on a predetermined replacement schedule.
Frost & Sullivan's recent research, European Bearings Market, Forecast to 2021, explores drivers, restraints, challenges, opportunities, and competitive analysis of key players such as SKF, Schaeffler AG, NSK Ltd, NTN-SNR, The Timken Company, JTEKT Corporation, Nachi Europe GmbH, Kinex Bearings and Fersa Bearings. Ball bearings and roller bearings segment breakdowns are also provided.
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"The adoption of Industrial Internet of Things (IIoT)-based smart bearings, which can self-diagnose impending faults and failures, is expected to significantly increase in aerospace and defense, wind turbines, railway, and automotive," said Frost & Sullivan Automation & Process Control Research Analyst Krishna Raman. "This will enable bearing manufacturers to enhance their bearing product portfolios by developing smart bearing solutions through partnerships with IIoT solution providers as well as by providing predictive maintenance services."
Strategic imperatives for success and growth in the European bearings market include:
- Establishing close working relationships with customers during the bearing design phase;
- Developing bearings to suit the specific needs of customers;
- Creating an integrated solution approach to meet stringent on-road vehicle efficiency norms and emission standards; and
- Developing robust testing mechanisms to validate the performance of special bearings such as wash-down version bearings and heat-resistant bearings.
"In the renewable energy segment, spherical bearings for wind turbine rotor blades and insulated ball and cylindrical roller bearings for generators are expected to be the differentiating product segments that offer opportunities for high-quality bearing suppliers," observed Raman.
European Bearings Market, Forecast to 2021 is part of Frost & Sullivan's Industrial Automation and Process Control Growth Partnership Service program. Product technologies included in the research are ball bearings, roller bearings, cylindrical roller bearings, tapered roller bearings, spherical roller bearings, and needle roller bearings. Regions include Germany, France, Italy, the United Kingdom, Scandinavia, Benelux, Iberia, Rest of Western Europe, and Central and Eastern Europe. End users include industrial (energy, heavy industries, general manufacturing, others) and mobile (automobile, aerospace and defence, off-highway and construction equipment, and railway).
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European Bearings Market, Forecast to 2021
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For further information, please contact:
Kristina Menzefricke
Corporate Communications - Frost & Sullivan, Europe
P: +44 (0)208 996 8589
E: kristina.menzefricke@frost.com
http://www.frost.com
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