(I-BusinessNews.Com, May 14, 2021 ) The report on the Aerospace Bearings Market provides an analysis of the market from 2017 to 2026. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market. The aerospace bearing 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 aerospace bearings market in the Asia Pacific region is expected to witness the highest growth during the forecast period due to the expansion of the aviation sector in the region. Increasing air passenger traffic in Asia Pacific region is boosting the demand for the development or procurement of new aircraft. Bearings are essential components facilitating the working of all kinds of aircraft. Hence, the increasing demand for new aircraft in APAC is expected to stimulate the aerospace bearings market during the forecast period.
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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.
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 sales channel, the aerospace bearings market has been segmented into OEM and aftermarket. An increase in aircraft orders and deliveries, economic growth across regions, and increased used of advanced bearings are the factors driving the OEM segment. The regional economies in Asia Pacific, the Middle East, and Latin America have also shown steady growth over the past few years, due to which the aviation sector is expected to grow at a significant rate. A paradigm shift in market demand from wide body aircraft to narrow body and regional transport aircraft is set to further boost aircraft production, which will, in turn, drive the demand for OEM aerospace bearings. The aftermarket segment held a leading share of the market given the wear and tear nature of the bearing demanding replacement.
Based on platform, the aerospace bearings market has been segmented into fixed wing, rotary wing, and unmanned aerial vehicle. The demand for air transport is expected to increase in emerging markets, such as Latin America, Asia Pacific, and the Middle East, irrespective of the current COVID impact on the business cycle.
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).
These players have adopted various growth strategies such as contracts, joint ventures, partnerships & agreements, acquisitions, and new product launches to further expand their presence in the aerospace bearings market.
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