Growing passenger travel is raising demand for new aerospace for both long-haul and short-haul flights, which will benefit the growth of the aerospace bearing market throughout the forecast period
Covid-19 Impact & Market Status
The aerospace bearings market has been impacted by the decline in global economic development. The COVID-19 dilemma is having a detrimental influence on the majority of the key companies in the aerospace bearings business. COVID19 has a significant impact on emerging regions like Africa and Latin America. Due to lockdown constraints and limited demand, aerospace bearing manufacturers curtailed output.
The Aerospace Bearings market is expected to grow at a CAGR of 9.1% to reach USD 227.69 billion in 2030.
The Ball Bearing Segment is Likely to Hold for Maximum Share during the Prediction Period
Bearings are mechanical components that allow rotational or linear motion while decreasing friction and handling stress. The segment is expected to grow with significant revenue contribution in the coming future.
The Metal Segment is Likely to Hold the Industry Share throughout the Forecast Period
In 2020, the metal segment held the maximum proportion of the target market. Because of the metal's low cost and durability, stainless steel has traditionally been used to make bearings.
An Aerostructure Segment is Likely to Grow with the Huge CAGR during the Predicted Period
The aerostructure segment is likely to grow rapidly in the future. The body of an airplane is referred to as its aerostructure in the near future. The aerostructure must have an appropriate weight-to-weight ratio of the vehicle and payload. It must be sturdy enough to resist the extreme conditions in which it must work, and durability is critical.
The Fixed Wing Segment is Expected to Expand at the Fastest CAGR over the Projection Period
The fixed-wing segment is likely to expand the most throughout the forecast period, as demand for new fixed-wing aerospace is expected to rise in the future years as air passenger traffic grows and aged aerospace are replaced.
The Aftermarket Segment Held for the Maximum Share during the Forecast Period
In 2020, the Aftermarket segment had the highest revenue in the global market. Increasing safety rules are driving up the frequency of airplane maintenance examinations. Wear and tear bearings lead to a high replacement requirement.
The Middle East Region is Likely to be Elevated Growth Potential Market for the Market in the near Future
The Middle East aerospace bearings market is predicted to develop significantly and at the fastest CAGR during the forecast period. The region's freight fleets and transportation carriers are expected to develop at an exponential rate, increasing the aerospace bearings industry.
The growing cost of the final bearing, preventing airplane manufacturers and aerospace engine manufacturers from obtaining these advanced material bearings are some of the key factors increasing the growth of the aerospace bearings market
A vehicle component that assists in the reduction of load and friction between moving or rotating parts is known as an aerospace bearing. Aerospace bearings reduce radial and axial load while improving fuel efficiency. Different types of bearings, such as roller bearings, plain bearings, and ball bearings, are utilized in a variety of applications.
Aerospace Bearings also help to reduce airplane maintenance. Aerospace bearings are used in many different types of aircraft, such as narrow-body, wide-body, freighters, and regional jets.
Furthermore, factors such as increased emphasis on vehicle weight reduction, global space industry expansion, and technological breakthroughs, and attention on the green aerospace sector and its impact on the bearing supply chain all contribute to the global growth of the Aerospace Bearings market. However, constraints such as high raw material costs, increases in operational expenses followed by seasonal serviceability, and delays in acquiring accreditations impede the global market growth.
Similarly, factors such as the emergence of sensor bearing units, the expansion of the UAM (urban air mobility) platform, and the increased development of additive manufacturing technologies and materials for bearing manufacturing provide ample opportunities for market growth during the forecast period.
JTEKT Corporation, SKF, Schaeffler AG, The Timken Company, RBC Bearings Inc., and NSK Ltd. are the leading participants in the aerospace bearings industry (Japan). Such numbers of companies have employed various growth strategies, such as joint ventures, contracts, partnerships & agreements, new product releases, as well as acquisitions, to further strengthen their position in the aircraft bearings industry. In addition, the global aerospace bearing market has a wide range of firms supplying goods, the latest advancements, important financial information, SWOT analysis, as well as strategies.
Latest Innovations in the Global Aerospace Bearings Market: a Snapshot
- NSK Ltd. developed a new bearing technology in January 2021 that improves reliability, speeds up the spindle assembly process, and reduces run-time. The construction of spindle roller bearings involves the time-consuming lubrication of single-row cylindrical rollers. At low speeds, the temperature of the single-row cylindrical roller bearing may rise during oil lubrication. Because the new roller-guided cage expels lubricant more effectively, the new technology significantly decreases grease run-in time. The cage design and materials were chosen with the goal of preventing leaks and malfunctions. As a result, the new roller cage design is more trustworthy and durable.
- In Nov. 2020, Kaman Corporation agreed to buy Bal Seal Engineering, a precision spring and seal producer. Kaman Corporation plans to invest USD 300 Billion in this acquisition, which will help the company's product line-up. Bal Seal Engineering's acquisition broadens the company's market reach and range.
The market environment, technological innovation, competitive landscape, current market trends, government policy, historical data, technical progress in related industries, and upcoming technologies, as well as market opportunities, challenges, risks, and market barriers, are all investigated in the research report. The data collecting process begins with the gathering of data from various sources, followed by data analysis, and finally, the data acquired is synthesized and transmitted for data validation.
Aerospace Bearings Market Scope
|Revenue forecast in 2030
|USD 227.69 billion
|CAGR of 9.1 % during 2020-2030
|Application, Bearings Product, Region.
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Brammer PLC, Harbin Bearing Manufacturing Co., Ltd., HKT Bearings Ltd., JTEKT Corporation, NBI Bearings Europe, NSK Global, NTN Corporation, RBC Bearings Inc., Rexnord Corporation, RHP Bearings, Schaeffler Group, SKF Corporation, The Timken Company
Key Segments of the Global Aerospace Bearings Market
Type Overview, (USD Billion)
- Plain Bearing
- Roller Bearing
Application Overview, (USD Billion)
- Solo Landing Gear
- Cockpit Control
- Aerospace Systems
- Engine & APU Systems
- Aerospace Interiors
Material Overview, (USD Billion)
- Fiber Reinforced Composites
- Metal Polymer & Engineered Plastic
Sales Channels Overview, (USD Billion)
Platform Overview, (USD Billion)
- Fixed Wing
- Unmanned Aerial Vehicle
- Rotary Wing
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa