Sensor Baring Market size was valued at USD 6.62 billion in 2022 and is poised to grow at a significant CAGR of 5.5% from 2023-2029. Some of the key factors responsible for the market growth include rising demand from end user industries, growing adoption of IoT in bearing technology, high growth in emerging economies and technological advancements. Sensor bearings are semiconductor devices that are employed in a variety of automotive and material handling devices, and are positioned in small and difficult-to-reach areas of diverse machines where various environmental and mechanical conditions, such as temperature and vibration, must be detected.

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