The European bearings market is witnessing steady growth, and one of the key factors stimulating that growth is the adoption of IIoT-enabled bearings with improved performance, according to new research from Frost and Sullivan’s Industrial group.
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, the report said.
Frost & Sullivan (News - Alert)'s 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.
“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 Krishna Raman, Frost & Sullivan Automation & Process Control Research Analyst. “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:
“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,” said Raman.