20-Apr-2021 | Market Research Store
The Global Aerospace Bearings Market Is Fueled By The Number Of Airline Passengers Along With An Increase In Disposable Income, An Increase In The Number Of Airports Growth Across The World.
An aerospace bearing is a device used in automobiles to minimize load and friction between moving or spinning components. Aerospace bearings minimize axial and radial loads while increasing fuel efficiency. Aerospace bearings also lower aircraft repair costs. For various uses, different kinds of bearings, such as ball bearings, roller bearings, and plain bearings, are used. Both aircraft, including narrow-body planes, wide-body planes, freighters, and regional jets, use aerospace bearings. A bearing's primary function in an aircraft is to reduce the radial and axial force that is transmitted directly to shafts. Apart from that, aerospace bearings allow for trouble-free movement of doors, seats, and components of flight control and engine management systems. roller bearings, ball bearings, and other forms of aerospace bearings are available.
The global economy and market scenario in major industries around the world have been influenced by COVID-19's Coronavirus outbreak in 2020. The pandemic scenario has resulted in limitations in supply-chain instability, trading policies, manufacturing operations, and other incidents in the global lockout. Most of the aircraft industry has been halted due to the COVID-19 epidemic. To meet the threats faced by the pandemic, fleet readiness and repair are critical. The demand for aerospace bearing has decreased as a result of reduced maintenance and inspection tests due to a decrease in air passenger traffic and a reduction in flight hours of different aircraft. The aerospace bearing market's development has been hampered by a mismatch of supply and demand caused by available inventory supplies in OEM and MRO industries, as well as production units. Furthermore, owing to lockdowns in different countries, aircraft deliveries have been postponed in the first and second quarters of 2020, further reducing producer sales. Manufacturers must meet the demanding demands of airlines and travelers in terms of health safety and social distancing norms. Aircraft suppliers, aftermarket companies, and MRO providers must work hard to regain passenger interest in the return to normalcy. As a result of slow demand from end-use sectors, the high-growth aerospace bearing industry is projected to slow down in 2020. On the other hand, the economy is improving, and enterprises have resumed activities with reduced capabilities and in compliance with government regulations. End-use sectors are expected to be fully operational by 2021, resulting in high demand for aircraft lubricants. As a result, the demand is expected to grow at a rapid rate over the forecast period.
Based on existing and planned trends, the market for aerospace bearings is expected to be around USD 9.93 billion in 2019, and around USD 17.0 billion by the end of 2026. The companies and analysts forecast a CAGR of about 8.0% for the global aerospace bearings industry. The demand for aerospace bearings is expected to be driven by the region's increase in the number of airline passengers along with an increase in disposable income, demand for new aircraft for long hauls trips as well as short-haul trips, and an increase in the number of airports.
Some of the leading and key companies in the aerospace bearings market contain 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.
Browse the full “Aerospace Bearings Market By Product Type (Roller Bearing, Ball Bearing, and Plain Bearing), By Aircraft Type (Narrow Body Aircraft, Wide Body Aircraft, Regional Transport Aircraft, Very Large Aircraft, Business Jet, Fighter Jet, Helicopter, and Others), By Material Type (Stainless Steel, Fiber-Reinforced Composites, Metal-Backed, Engineered Plastics, Aluminum Alloys, and Others), By Application (Landing Gear, Engine, Flight Control System, Aerostructure, and Others), and By Sales Channel (OEM and Aftermarket): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.marketresearchstore.com/market-insights/aerospace-bearings-market-828571
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 innovative, efficient, and cutting-edge technology is incentivizing manufacturers to replace older aircraft with advanced bearings, which is fueling the aerospace bearing industry. The global bearing industry is expanding due to increased investments in research and development by bearing manufacturers in order to implement new, cost-effective, high-efficiency bearings. The high cost of raw materials has a negative impact on the growth of the aerospace bearings market. Engineered plastic, stainless steel, and alloys are highly expensive due to their different features, which drive up commodity costs. As a result, the cost of the final bearing is rising, preventing aircraft producers and aircraft engine manufacturers from procuring these specialized material bearings, restricting the development of the aerospace bearings market. Technological developments, such as the integration of a sensor device with bearings, are expected to increase the global bearing market's growth prospects.
The global aerospace bearings market is segmented as product type, aircraft type, material type, application, sales channel, and region. By product type, the global market is segmented into ball bearing, roller bearing, and plain bearing. By aircraft type, the global market is segmented into wide-body aircraft, very large aircraft, fighter jet, narrow-body aircraft, regional transport aircraft, business jet, helicopter, and others. By material type, the global market is segmented into fiber-reinforced composites, stainless steel, engineered plastics, metal-backed, aluminum alloys, and others. By application, the global market is segmented into engine, landing gear, aerostructure, flight control system, and others. By sales channel, the global market is segmented into OEM and aftermarket. Geographically, the global aerospace bearings market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
In terms of geography, North America represents a higher demand for the aerospace bearings market followed by the European region. The second-largest commercial aircraft fleet in the world is based in North America, reflecting the region's high demand for aerospace bearings. Furthermore, the North American market is benefiting from a rise in domestic passengers, especially in countries such as the United States, Canada, and others. The Asia-Pacific aerospace bearings market is expected to rise at the fastest CAGR within the forecast period. The Asia-Pacific aerospace bearings market is experiencing rapid growth, thanks to rising air passenger traffic in the region's developing economies. Aircraft manufacturers in countries such as Russia, Japan, and China are joining the global market with modernized and high-tech aircraft, boosting the region's aerospace bearings market. In addition, the arrival of major players is expected to boost demand even further. Furthermore, the entry of big players is expected to further fuel demand. The involvement of major aviation lubricant suppliers, as well as private sector investment in manufacturing and expansion of R&D operations, will drive the aerospace bearings market in the province.
Global Aerospace Bearings Market: Regional Segment Analysis
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