Market Overview
The global aerospace bearing market 2020 is expected to register a significant CAGR of nearly 7.35% over the forecast period of 2021 to 2027
Competitive Dashboard
The notable players in the aerospace bearing market are National Bearing Precision (US), The Timken Company (US), SKF Group (Sweden), JTEKT Corporation (Japan), GGB Bearings Technology (US), RBC Bearings Inc. (US), NSK Ltd (Japan), Schaeffler Technologies AG & Co. KG (Germany), Aurora Bearing Company (US), and NTN Corporation (Japan).
Market Highlights
The growth in long-haul air travel results in an increase in demand for wide-body aircraft, which in turn raises aerospace bearings revenue.
Growing passenger travel increases demand for new long-haul and short-haul aircraft and will have a positive impact on the growth of the aerospace bearing market for aerospace bearings over the forecast period. In addition, the improvement of economic and demographic conditions in developing regions, such as Asia-Pacific, will accelerate the growth of the aerospace bearing market for aircraft, which in turn will boost demand for aerospace bearings.
Increasing middle-class disposable income in developing regions increases the number of passengers travelling by air, which in turn increases demand for commercial aircraft and has a direct impact on the global aerospace bearing market for aerospace bearings. With advancement in bearing technology, the use of high-cost shafts and rotating devices has moved to low-cost and more powerful bearing systems. During the projected period, the increase in the number of new aircraft deliveries globally is expected to fuel the growth of the global aerospace industry. However, fluctuations in the cost of raw materials are likely to hamper demand development.
Segmental Analysis
The aerospace bearing market has been segmented into aerospace ball bearings, roller bearings, and others based on form. During the forecast period, the ball bearing segment is anticipated to register the fastest growth rate. The ball bearing designs are sufficient for the aircraft structure's essential components.
The aerospace bearing market has been segmented into engines, flight control systems, aerostructure, landing gear, and others on the basis of use. Due to the large use of bearings in the engine and its subcomponents, the engine segment of the market is expected to register the highest growth rate during the forecast period.
The sector has been bifurcated into commercial and military, on the basis of a network. Due to the large usage of bearings in commercial aircraft, the commercial segment is expected to register a higher growth rate in terms of market share during the forecast period.
The industry has been segmented into stainless steel, fiber-reinforced composites, moulded plastics, aluminium alloys and others on the basis of materials. Due to the large use of stainless steel in aircraft components due to its anticorrosive properties, the stainless steel segment is expected to report the highest growth rate during the forecast era.
Regional Synopsis
The global demand for aerospace bearings has been split into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America, based on region.
During the projected period, the Asia-Pacific market is projected to see the fastest growth rate. The the number of commercial aircraft and the increasing number of suppliers of aircraft aftermarket servicing, repair and overhaul (MRO) are the key reasons for the growth of this market in the Asia-Pacific region. Thus, Asia-Pacific countries such as China, Japan and India are projected to contribute to regional business growth.
Due to the involvement of a significant number of bearings producers and suppliers, the North American market is projected to be the highest during the forecast era.
In the case of the Middle East and Africa, countries such as the UAE and Saudi Arabia are projected to make a substantial contribution to demand growth as a result of the rise in MRO facilities and the increase in the control of air traffic. In Latin American countries such as Brazil and Argentina, the growth of the aerospace bearings market is powered by growing MRO facilities. During the projected period, Brazil is projected to rise at a substantial pace.
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