Global Aerospace Bearings Market Insights Forecasts to 2030
The global aerospace bearings market was valued at $6.24 billion in 2021, and is projected to reach $15.24 billion by 2030
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A part used in automobiles to lessen load and friction between rotating or moving elements is known as an aerospace bearing. Aerospace bearings increase fuel efficiency and decrease axial and radial loads. Aerospace Bearings also lower the frequency of aircraft maintenance. New platforms need the use of different bearing types, including plain, ball, and roller bearings.
All types of aircraft, notably freighters, regional jets, wide-body aircraft, and narrow-body aircraft, require aerospace bearings. A bearing's main function in an airplane is to lessen the radial and axial force that is applied directly to shafts. Aside from that, aerospace bearings also allow for the faultless movement of doors, seats, and parts of engine management as well as flight control systems.
Aerospace Bearings Market- Growth Factors
Increased long-haul air travel is driving up demand for wide-body aircraft, which is in turn driving up aerospace bearing sales. Growing passenger traffic would have a beneficial impact on the expansion of the aerospace-bearing market throughout the forecast period by driving up demand for new aircraft for both long- and short-haul trips. Additionally, the expansion of the aircraft market will be accelerated by bettering economic and demographic situations in growing regions like the Asia Pacific, which will then increase demand for aerospace bearings.
Furthermore, the major airline carriers in the aviation business are in fierce competition with one another, and the industry as a whole is expanding quickly. These air carriers go to tremendous measures to grow their passenger share; they routinely upgrade their aircraft, add more locations, and competitively lower prices. The number of people who fly is rising as middle-class populations in developing nations have more disposable income, and this directly affects the worldwide aerospace-bearing market by driving up demand for commercial aircraft.
On the other hand, a few international companies with robust supply chains and distribution networks in key aerospace markets currently control the majority of the market for aircraft bearings. Even though aerospace OEMs will favour Tier-1 players and have long-term contracts and agreements with global manufacturers for the supply of bearings, the market will remain favorable for leading players despite the fact that Asia Pacific countries have limited manufacturers for a wide range of aerospace bearings.
Global Aerospace Bearings Market Report Coverage
|Market Size in 2021:||USD 6.24 billion|
|Forecast Period 2022-2030 CAGR:||6.5 %|
|2030 Value Projection:||USD 15.24 billion|
|Historical Data for:||2019-2020|
|No. of Pages:||220|
|Tables, Charts & Figures:||126|
|Segments covered:||By Type, By Application, By Aircraft, By Material, By Platform, By Region|
|Companies Covered:||AB SKF, JTEKT Corp., Schaeffler AG, NSK Ltd., NTN Bearing Corporation, Timken Company, Minebea Co., Ltd., RBC Bearings, Aurora Bearing, National Precision Bearing, GGB Bearings, BC Bearings, and others.|
|Growth Drivers:||Increased long-haul air travel is driving up demand for wide-body aircraft, which is in turn driving up aerospace bearing sales.|
|Pitfalls & Challenges:||The aerospace bearings markets supply chain was significantly impacted by the COVID-19 outbreak.|
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Aerospace Bearings Market – Market Trends
The governments of several SAM nations, including Chile, Colombia, and Argentina, are allocating greater funds to the defense and aerospace industry in order to support the country's well-established aerospace component manufacturing industry.
- Landing gear, flight controls, engines, as well as aerostructure applications in the aerospace industry will significantly increase demand for aerospace bearings. The demand for travel, especially air travel because of the shorter travel time and greater comfort, is being driven by increased urbanization and rising consumer spending on tourism, and traveling worldwide is considered the major market trend of the market.
- Growing demand for low-cost carriers and expanding passenger volume.
- Over time, more people have taken advantage of safe and affordable air travel, which has raised the demand for aeroplanes in the sector. Over the next few years, demand for seat mechanisms, ceiling baggage compartments, cargo bay floors, locks, and hinges will be driven by the growing emphasis on better and more comfortable flight operations.
- In terms of market share in both value and volume, the narrow-body aircraft type segment is anticipated to maintain its dominance and grow at a high value-high growth rate. Because of this expansion and extraordinary sales volume, the narrow-body aircraft industry is starting to look profitable for major bearing suppliers in the global aerospace bearings market.
- The fleet's aging and in-service repair needs.
- Strict standards and regulations for airworthiness.
- For long-term functioning, aerospace bearings require careful upkeep. They are essential for making sure that aircraft bearings are installed and used properly to increase their lifespan. Production of aircraft bearings will also be hampered in the short term by changing government policies and regulations on emission standards and climate change objectives.
- Remanufacturing digital services, condition monitoring, and automation will help decrease scrap rates while improving energy efficiency and providing environmental benefits.
COVID - Analysis
The aerospace bearings market's supply chain was significantly impacted by the COVID-19 outbreak. The current coronavirus pandemic's negative effects are blamed for the reduction in new aircraft orders. The major aircraft manufacturers' announcements of a shutdown and the slowing of the aerospace sector's growth rate had an impact on the number of automobile-bearing sales in 2020. However, because of the reduction of trade barriers between nations and the stability of the aerospace industry globally, the market is projected to gradually recover following the pandemic.
Aerospace Bearings Market – Segmentation
Aerospace Bearings Market, By Type (Plain Bearings, Roller Bearings, Ball Bearings, Roller Screws, Ball Screws), By Application (Engine Management Systems, Flight Control Systems, Landing Gears, Interiors, Others), By Aircraft (Narrow Body, Wide Body, Freighter, Regional Jet), By Material (Stainless Steel, Alloys, Ceramics, Composites), By Platform (Fixed-wing, Rotary-wing, UAVs), and By Region
Aerospace Bearings Market –Regional Analysis
The North American market is anticipated to post a strong revenue CAGR over the forecast period, according to a regional study. This development can be attributed to the region's availability of cutting-edge machining equipment as well as the presence of numerous suppliers of aviation bearings. On the other hand, the European market is anticipated to have rapid growth during the projection period. The market in this area is projected to increase as a result of key players increasing their investments in the creation and use of cutting-edge technologies that will enhance the design and development of aerospace bearings.
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In the upcoming years, the market in Asia Pacific is anticipated to grow at the greatest CAGR. Economic growth would be boosted in developing countries like China and India. Additionally, it is projected that rising government spending in the aerospace and defense industries will promote market expansion. Along with this, the adoption rate of newer technologies in the aerospace industry and a growth in the number of manufacturing facilities will drive up demand for aircraft bearings throughout the forecast period.
Aerospace Bearings Market – Key Market players
AB SKF, JTEKT Corp.
Schaeffler AG, NSK Ltd.
NTN Bearing Corporation
Timken Company, Minebea Co.
Ltd., RBC Bearings
National Precision Bearing
GGB Bearings, BC Bearings, and others.
Frequently Asked Questions (FAQ)
What is the CAGR rate for the Global Aerospace Bearings Market over 2022-2030?The global aerospace bearings market was valued at $6.24 billion in 2021, and is projected to reach $15.24 billion by 2030
What are the major drivers that aid the Global Aerospace Bearings Market?The governments of several SAM nations, including Chile, Colombia, and Argentina, are allocating greater funds to the defense and aerospace industry in order to support the country's well-established aerospace component manufacturing industry.
What are the segments of the Global Aerospace Bearings Market?The marketplace is fragmented into Type (Plain Bearings, Roller Bearings, Ball Bearings, Roller Screws, Ball Screws), By Application (Engine Management Systems, Flight Control Systems, Landing Gears, Interiors, Others), By Aircraft (Narrow Body, Wide Body, Freighter, Regional Jet), By Material (Stainless Steel, Alloys, Ceramics, Composites), By Platform (Fixed-wing, Rotary-wing, UAVs)
Which is the fastest-growing region in the Global Aerospace Bearings Market?North America is presently leading in terms of market share.
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