(I-BusinessNews.Com, July 22, 2021 ) The Aerospace Bearings Market is projected to grow from USD 9.6 billion in 2021 to USD 14.7 billion by 2026, at a CAGR of 8.9% from 2021 to 2026. The growth of the aerospace bearings market can be attributed to the expansion and growth of the aviation industry in developing countries. Rising global air passenger traffic and increased aircraft movements boost the sales of aerospace bearings. Companies operating in this market focus on fuel-efficient and lightweight solutions and are investing more in material technology to develop ceramic and hybrid bearings.
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COVID-19 impact on the Aerospace bearings Market
The sudden outbreak of COVID-19 has taken a toll on various industrial sectors, with aviation being one of the worst-hit. Nationwide lockdowns because of the pandemic impacted all regions, with air travel restrictions impacting domestic and international flights. Significant slowdowns are also being witnessed in the transportation of non-essential goods and distribution chains, shrinking industrial activities. This has the potential to impact the sales of various types of aircrafts as well as in MRO demand for components such as bearings.
Due to the slowdown in world economic growth, the aerospace bearings market has also suffered a certain impact. The COVID-19 crisis is negatively impacting most major players operating in the aerospace bearings market. Emerging regions such as Africa and Latin America suffered major hit due to COVID19. In Africa, about 5 million of the continentÃ‚Â’s 7 million aerospace and tourism industry-associated jobs have been lost in 2020, in addition to as far as $15 billion in revenue, half of this to African airlines. Lockdown restrictions and low demand led to production cut across aerospace bearing manufacturers. The 2020 aerospace bearing market registered a decline in 37.6% market value. The global aerospace bearing market is projected to register steady growth from 2022 as tailwinds of the pandemic recede.
Based on type, the ball bearing segment is held the leading share of the aerospace bearings market during the forecast period.
Based on type, the aerospace bearings market has been segmented into ball bearing, roller bearing, plain bearing, and others. Bearings are devices used to enable rotational or linear movement while reducing friction and handling stress. Resembling wheels, bearings literally enable devices to roll, which reduces the friction between the surface of the bearings and the surface they are rolling over. Collectively ball bearings & roller bearings together held the majority share of the aerospace bearings market in 2020 as they find applications in multiple areas ranging from engines and cockpit controls to landing gears and aerostructures.
Based on material type, the metal segment is projected to lead the aerospace bearings market from 2021 to 2026.
Based on material type, the aerospace bearings market has been segmented base on material into metal, metal polymer & engineered plastic, fiber reinforced plastic, and ceramic. the metal segment held the largest share of the aerospace bearings market in 2020. Traditionally bearings are made from stainless steel metal due to the cost-effective nature and durability of the metal. However, the fiber reinforced composite and ceramic segments are anticipated to record high growth during the forecast period due to the increasing demand for lightweight and environmentally friendly products.
Based on application, the cockpit control and aerostructure segment is projected to grow at a high CAGR during the forecast period.
Based on application, the aerospace bearings market is segmented under landing gear, cockpit control, aerostructure, aircraft systems, engine & APU, door and aircraft interiors. The aerostructure segment is projected to record a high growth during the forecast period. The aerostructure refers to the body of an aircraft. The aerostructure is required to have an optimal proportion of the weight of the vehicle and payload. It needs to be strong enough to withstand exceptional circumstances in which it must operate, and durability is an important factor. Track roller bearings are typically used in aircraft structures. Track roller bearings are bearings with suitable external outside rolling rings designed to run along profiles or cams.
Based on platform, the fixed wing segment is projected to grow at the highest CAGR during the forecast period.
Based on platform, the aerospace bearings market has been segmented into fixed wing, rotary wing, and unmanned aerial vehicle. The fixed wing segment is projected to record highest growth during the forecast period owing to demand for new fixed wing aircraft is expected to increase in the coming years due to the growing air passenger traffic and replacement of aging aircraft. Asia Pacific and the Middle East are expected to witness high growth in the aviation industry on account of increasing disposable income in these regions.
Based on sales channel, the aftermarket segment held the majority share of the aerospace bearings market from 2021 to 2026.
Based on sales channel, the aerospace bearings market has been segmented into OEM and aftermarket. In 2020, Aftermarket segment accounted for the dominating share of the global aerospace bearings market. Increasing safety regulations is propelling the maintenance checks of the aircrafts. Bearings which have wear & tear nature contribute to high replacement demand.
The Asia Pacific and Middle East regions are projected to be high growth potential markets for the aerospace bearings market during the forecast period.
The aerospace bearings market in the Middle East region is expected to witness substantial growth and register the highest CAGR during the forecast period. The Middle East had increased its share of cargo air traffic from 3% in 1999 to 14% in 2020. The freight fleets and transport carriers are anticipated to record exponential growth in the region, thereby boosting the aerospace bearings market. The general & business aviation industry in the Middle East is one of the most developed in the world. The presence of many high-net-worth individuals has boosted the demand for business jets and light aircraft.
Key Market Players
The major players in the aerospace bearings market are SKF (Sweden), JTEKT Corporation (Japan), Schaeffler AG (Germany), The Timken Company (US), RBC Bearings Inc. (US), and NSK Ltd. (Japan).
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