Partnerships between IIoT solution providers to enhance smart bearings market
Partnerships between providers of Industrial Internet of Things (IIoT) solutions could catalyse growth in the European smart bearings market.
According to a research from Frost & Sullivan, the business consulting firm, through adopting sophisticated bearings with improved performance, IIoT solution companies could enhance bearing product portfolios, and subsequently expand the market.
The increase in the demand for bearings with longer service life, higher efficiency, and lower maintenance will also be a big factor in the drive of the industry.
However, another outcome of smart bearings becoming more frequently used will be the reduction of replacement frequency.
Smart bearings will only need to be replaced on the basis of the deterioration of the condition of the bearing, as opposed to the current routine schedule.
Smart bearings are able to run self-diagnostics in order to impend faults and failures, a feature that is expected to be desirable in the aerospace, defence, wind turbine, railway, and automotive sectors.
Manufacturers are also expected to increasingly make partnerships with IIoT businesses for predictive maintenance services.