According to the latest market research the report "Aerospace Bearings Market by Type (Ball Bearing, Roller Bearing, Plain Bearing), Material (Metal, Metal Polymer & Engineered Plastic, Fiber Reinforced Plastic, Ceramic), Application, Platform, Sales Channel, Region - Global Forecast to 2026", 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 rise of the global space sector, technological innovations, and sustained growth of the defense sector are the key factors driving the aerospace bearings markets growth. The increasing focus on a greener aerospace sector and its impact on the bearing supply chain are expected to create a demand for aerospace bearings. The aerospace bearings market has been growing at a significant rate, and this trend is expected to continue 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 aero structures.
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.
North America accounts for the largest share of the aerospace bearings market during the forecast period
North America accounted for the largest share of 36.2% of the aerospace bearings market in 2020. The presence of major aviation manufacturers such as Boeing (U.S.), Embraer (U.S.), and Bombardier (Canada) in North America is one of the significant factors driving the demand for aerospace bearings in this region. North America is expected to continue its dominance in the aerospace bearings market during the forecast period, owing to the established aviation industry in the region.
Key Market Players
SKF (Sweden), JTEKT Corporation (Japan), Schaeffler AG (Germany), The Timken Company (US), RBC Bearings Inc. (US), and NSK Ltd. (Japan), are the leading players operating in the aerospace bearings market.
News Also Covered: https://www.prnewswire.com/news-releases/aerospace-bearings-market-worth-14-7-billion-by-2026--exclusive-report-by-marketsandmarkets-301288374.html
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