The aerospace bearings market is set for rapid growth over the forecast period. In terms of revenue, the global aerospace bearings market accounted for USD 9.93 Billion in 2019 and is anticipated to reach around USD 17 Billion by 2026, growing at a CAGR of 8%.
Global Aerospace Bearings Market: Overview
Aerospace bearings minimize axial and radial loads while increasing fuel efficiency. Aerospace bearings also reduce the expense of aircraft maintenance. Various types of bearings, such as ball bearings, roller bearings, and plain bearings, are used for various applications. Aerospace bearings are used on both narrow-body and regional jets, freighters, and wide-body aircraft. The primary role of a bearing in an aircraft is to minimize the direct transmission of radial and axial force to shafts.
Global Aerospace Bearings Market: Growth Factors
Air traffic is increasing in both developed and emerging countries, resulting in a higher demand for more aircraft. As a result, aircraft and aircraft engine designers are obtaining bearings at a higher pace than ever. Furthermore, the need to modernize older aircraft with new, reliable, and cutting-edge technologies is encouraging manufacturers to replace older aircraft with advanced bearings, boosting the aerospace bearing industry. Bearing manufacturers are increasing their investments in research and development in order to introduce modern, cost-effective, high-efficiency bearings, which is causing the global bearing market to grow. The high cost of raw materials is having a negative effect on the aerospace bearings market's development. Engineered rubber, stainless steel, and alloys are all very costly due to their various characteristics, which drives up consumer prices. As a result, the cost of the final bearing is increasing, making it difficult for aircraft manufacturers and aircraft engine manufacturers to obtain these advanced material bearings, limiting the aerospace bearings market's growth. The global bearing market's growth prospects are expected to improve as a result of technological advancements such as the integration of a sensor system with bearings.
Global Aerospace Bearings Market: Segmentation
The global aerospace bearings market is bifurcated into its product type, aircraft type, material type, application, sales channel, and regions. Based on the product type, the global market is divided into ball bearing, roller bearing, and plain bearing. Based on aircraft type, the market is bifurcated into wide-body aircraft, very large aircraft, fighter jet, narrow-body aircraft, regional transport aircraft, business jet, helicopter, and others. Based on the material type, the global market is divided into fiber-reinforced composites, stainless steel, engineered plastics, metal-backed, aluminum alloys, and others. Based on the application, the global market is divided into engine, landing gear, aerostructure, flight control system, and others. Based on sales channel, the market is bifurcated into OEM and aftermarket. Geographically, the global aerospace bearings market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Global Aerospace Bearings Market: Regional Analysis
North America region dominated the global aerospace bearings market in 2019 and is anticipated to continue its dominance in the upcoming years. North America has the world's second-largest commercial aircraft fleet, indicating the region's high demand for aerospace bearings. Furthermore, the North American market is benefiting from an increase in domestic passengers in the United States and Canada. Within the forecast timeframe, the Asia-Pacific aerospace bearings market is expected to develop at the fastest CAGR. Because of growing air passenger traffic in the region's emerging economies, the Asia-Pacific aerospace bearings industry is booming. Russian, Japanese, and Chinese aircraft manufacturers are entering the global market with modernized and high-tech aircraft, improving the region's aerospace bearings market. Furthermore, the entry of big players is expected to further fuel demand. Furthermore, the arrival of major players is expected to boost demand. The aerospace bearings industry in the province will be driven by the presence of major aviation lubricant manufacturers, as well as private sector investment in manufacturing and extension of R&D operations.
Europe Aerospace Bearings market followed North America market in 2019 and is expected to grow at a healthy growth rate in the upcoming years. This is due to increased demand for aerospace bearings from main Airbus SE and ATR aircraft manufacturing facilities in Germany, U.K., France, and Italy. Furthermore, leading manufacturers are present in the region, fueling the market growth over the projected period. Furthermore, the UK authorities' assurances that the UK will remain a member of the European Aviation Safety Agency will not affect the BREXIT agreement also brought relief to UK-based manufacturers. The aerospace bearings industry in Latin America is dominated by Brazil and Mexico, with Brazil being the largest consumer. Despite its limited scale, the Middle East and Africa aerospace market is projected to expand rapidly due to the optimistic outlook of airplane manufacturers to open new bases in the area and its strategic location.
Global Aerospace Bearings Market: Competitive Players
Some of the key players in the aerospace bearings market are AST Bearings LLC, AB SKF, BC Bearings, Aurora Bearing, JTEKT Corp., GGB Bearings, Minebea Co., Ltd., Kaman Corporation, New Hampshire Ball Bearings, Inc., National Precision Bearing, NTN Bearing Corporation, NSK Ltd., RBC Bearings, Pacamor Kubar Bearings, Rexnord Corporation, Regal Beloit Corporation, Schaeffler AG, and The Timken Company among others.
Global Aerospace Bearings Market: Regional Segment Analysis
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
