Global Aerospace Bearings Market will surpass $19.7 billion by 2031
From 2021 to 2031, the global aerospace bearings market is expected to grow at a CAGR of 7.3%, from USD 9.7 billion in 2021 to USD 19.7 billion in 2031.
The aerospace bearings market is being driven by the rise of the global space industry, technological advances, and continued growth of the defense sector. The growing emphasis on a more environmentally friendly aerospace industry and its effect on the bearing supply chain are expected to drive aerospace bearings. The aerospace bearings market has been expanding rapidly, and this trend is likely to continue during the forecast period.
Browse ThinkWise Intelligence's exclusive report, spread through 485 Pages on: GLOBAL AEROSPACE BEARINGS MARKET, BY TYPE (BALL, ROLLER, PLAIN, OTHERS), BY MATERIAL (METAL, METAL-POLYMER & ENGINEERED PLASTIC, FIBER-REINFORCED PLASTIC, CERAMIC), BY SALES CHANNEL (OEM, AFTERMARKET), BY PLATFORM (FIXED WING, ROTARY WING, UNMANNED AERIAL VEHICLE (UAV)), BY APPLICATION (LANDING GEAR, COCKPIT CONTROL, AEROSTRUCTURE, AIRCRAFT SYSTEM, ENGINE & APU, DOOR, OTHERS) – COMPETITIVE LANDSCAPE & GROWTH POTENTIAL ANALYSIS, 2021-2031
During the forecast period, the ball bearing segment held the largest share of the aerospace bearings market by form.
Bearings are mechanical devices that enable rotational or linear motion while reducing friction and handling stress. Bearings, which resemble wheels, allow machines to roll, reducing friction between the bearings' surface and the surface they are rolling over. Ball bearings and roller bearings together accounted for the bulk of the aerospace bearings industry in 2020, with applications ranging from engines and cockpit controls to landing gear and aerostructures.
From 2021 to 2031, the metal segment is expected to lead the aerospace bearings market in terms of material type.
In 2020, the metal segment accounted for the largest share of the aerospace bearings industry. Stainless steel metal has traditionally been used to make bearings due to its cost-effectiveness and toughness. However, due to the demand for lightweight and environmentally friendly products, the fiber-reinforced composite and ceramic segments are expected to rise rapidly during the forecast period.
The cockpit control and aerostructure segment are expected to rise at a high CAGR during the forecast period, depending on the application.
During the forecast era, the cockpit control and aerostructure segment are expected to rise the most. The body of an aircraft is referred to as the aerostructure. The weight of the aircraft and payload must be proportioned optimally in the aerostructure. It must be strong enough to tolerate the extreme conditions under which it must function, and longevity is crucial. In aircraft systems, track roller bearings are commonly used. Bearings with appropriate external outside rolling rings designed to travel along profiles or cams are known as track roller bearings.
The fixed-wing segment is expected to rise at the fastest CAGR during the forecast era, based on the platform.
The aerospace bearings market has been divided into fixed-wing, rotary-wing, and unmanned aerial vehicle segments based on the platform. The fixed-wing segment is expected to grow the most during the forecast era, as demand for new fixed-wing aircraft is expected to rise in the coming years as air passenger traffic grows and older aircraft are replaced. Because of the disposable income in these regions, the aviation industry in the Asia Pacific and the Middle East is expected to expand rapidly.
From 2021 to 2031, the aftermarket segment dominated the aerospace bearings market in terms of the sales channel.
The aerospace bearings market has been divided into OEM and aftermarket segments based on the distribution channel. In 2020, the global aerospace bearings market will be dominated by the aftermarket group. Increased safety requirements are driving aircraft maintenance inspections. Wear-and-tear bearings lead to high demand for replacements.
During the forecast period, the aerospace bearings market is expected to develop rapidly in the Asia Pacific and the Middle East regions.
During the forecast era, the Middle East aerospace bearings market is projected to expand significantly, with the highest CAGR. From 3% in 1999 to 14% in 2020, the Middle East has increased its share of cargo air traffic. The region's freight fleets and transport carriers are expected to expand rapidly, boosting the aerospace bearings industry. The Middle East's general and business aviation industries are among the most mature in the world. Demand for business jets and light aircraft has increased due to the involvement of many high-net-worth individuals.
The leading players in the aerospace bearings market are SKF, JTEKT Corporation, Schaeffler AG, The Timken Company, RBC Bearings Inc., and NSK Ltd. To further extend their presence in the aerospace bearings industry, these companies have used various growth strategies such as contracts, agreements, acquisitions, extensions, new product releases, venture capital funding, alliances & certifications, investments, and research & development (R&D) activities.