Adoption of IIoT-based Smart Bearings Spurs Market
There is a clear and steady growth that is visible in the European bearings market. 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, NSK, NTN-SNR, The Timken Company, JTEKT Corporation, Nachi Europe, Kinex Bearingsand 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 defence, 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.
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.