Categories: Aerospace and Defence
Global aerospace bearings market is anticipated to surpass at a CAGR of 7.3% from 2021 to 2031, from USD 9.7 billion in 2021 to USD 19.7 billion in 2031.
The expansion and development of the aviation industry in developing countries can be attributed to the growth of the aerospace bearings sector. The selling of aerospace bearings is boosted by rising global air passenger traffic and increased aircraft movements. Companies in this sector are concentrating on fuel-efficient and lightweight solutions and investing more in material science to improve ceramic and hybrid bearings.
IMPACT OF COVID-19 ON GLOBAL AEROSPACE BEARINGS MARKET
COVID-19's unexpected outbreak has wreaked havoc on various industries, with aviation being one of the hardest hit. Pandemic-related nationwide lockdowns affected all countries, with air travel restrictions affecting both domestic and international flights. Transportation of non-essential products and distribution chains are also experiencing significant slowdowns, with manufacturing activities dwindling. This has the potential to have an impact on aircraft sales as well as MRO demand for components such as bearings.
The downturn in global economic development has also impacted the aerospace bearings market. Most major players in the aerospace bearings industry are suffering as a result of the COVID-19 crisis. COVID19 wreaked havoc on developing countries like Africa and Latin America. In Africa, approximately 5 million of the continent's 7 million aerospace and tourism-related jobs will be lost by 2020, along with up to $15 billion in income, half of which will go to African airlines. Due to lockdown restrictions and low demand, aerospace bearing manufacturers had to reduce production. The market value of aerospace bearings in 2020 decreased by 37.6 percent. As the pandemic's tailwinds fade, the global aerospace bearing market is expected to rise steadily starting in 2022.
GLOBAL AEROSPACE BEARINGS MARKET INFOGRAPHICS
Source: ThinkWise Intelligence Analysis
GLOBAL AEROSPACE BEARINGS MARKET DYNAMICS
MARKET DRIVER: TECHNOLOGICAL INNOVATIONS AND THE GROWTH OF THE GLOBAL SPACE SECTOR
The space industry is likely to see increased opportunities, primarily in satellite broadband internet access, as funding and costs decline. In 2020, space investments remained stable at USD 25.6 billion, and the investment momentum is expected to remain strong in 2021. In 2021, space launch facilities are projected to overgrow, with the industry expected to grow by more than 15.7 percent year over year. Due to falling launch costs and technological advancements, space exploration is expected to continue to grow and flourish in 2021. With companies in the space ecosystem launching a more significant number of satellites, costs are projected to continue to drop in the long run. SpaceX, for example, has launched over 1,000 Starlink satellites into orbit, with the company aiming to launch another 4,425 satellites by 2024 as launch costs fall due to the use of recycled rockets and the mass development of satellites. Satellite launch prices, which have already fallen from USD 200 million a decade ago to about USD 60 million today, have the potential to drop much further to USD 5 million. The launch of the Space Force, the US military's sixth division, in 2019 could affect and propel public-sector investments in 2021 and beyond. Furthermore, the US Space Command, which oversees Space Force personnel and equipment, is expected to assist A&D companies in accelerating investments in advanced technologies and capabilities. China and Russia are also working to improve their space-based military capabilities.
These factors positively affect the market for different forms of bearings, which are used in the manufacturing of space shuttles and other space launch services. Since 2012, GGB plain bearings have been employed as the primary suspension modules in NASA's Curiosity Mars Rover's robotic drilling arm. They operate in temperatures ranging from -200°C to +280°C. GGB's most common products in the aerospace industry are self-lubricating metal-polymer bearings. Apart from GGB bearings, Curiosity, like the other two rovers before it, Spirit and Opportunity, used Timken precision bearings in their descent to Mars in 2021. Curiosity also used Timken bearings in the carousel system's center core as it switched to place sample cups for collecting and analyzing rock, soil, and atmosphere. Curiosity's tiny vacuum pump, which supports the rover's analytical equipment, is also driven by two 14 inches (6.35 mm) Timken bearings.
The rapid developments in urban air mobility have raised hopes for the widespread commercialization of flying cars as a novel mode of transportation to alleviate urban congestion and improve access to mountainous areas and remote islands. Aerial photography and surveillance, light cargo transport, agriculture, disaster relief, and hobby applications are expected to see increased demand for unmanned drones. NSK announced the creation of a motor hub with an adjustable-pitch propeller system in November 2020 at the Flying Car Technology Expo, which aids in propeller rotation and modifies the tilt of the blades to alter the course of propulsive force and lift for flying cars. The motor hub is one of the essential components of a flying car because of its critical functions. NSK bearings and ball screws are used in the motor hub's adjustable-pitch propeller mechanism. Several technical breakthroughs have made it possible to manufacture highly advanced, specialized bearings. Sensor units, for example, can now be incorporated into bearings, which are aptly referred to as "smart bearings."
MARKET RESTRAINT: EXPENSIVE RAW MATERIALS
The price of raw materials remains a significant concern for manufacturers. Bearing rates are highly associated with global steel price movements because high-grade steel is the primary raw material used to manufacture bearings. Bearing manufacturers face difficulties in delivering bearings at a fair price and of high quality as raw material prices fluctuate. Furthermore, the bearing industry's growth is hampered by a fluctuating supply and demand situation. Different trade policies, supply and demand imbalances, fluctuations in foreign exchange rates, increased geopolitical uncertainties in various countries, and so on can affect the price of steel and aluminum bearing materials. Furthermore, bearing components such as seals, cages, and others require regular lubrication to ensure smooth operation, resulting in additional costs.
MARKET OPPORTUNITY: FOCUS ON GREEN AEROSPACE SECTOR AND ITS UNDERLYING IMPACT ON THE OVERALL BEARING SUPPLY CHAIN
Airbus unveiled three designs for the world's first zero-emission commercial aircraft in September 2020, with a target date of 2035. The bearing supply chain is likely to get a new lease on life due to this technology. COVID-19 recovery would require more environmentally friendly aerospace. All three Airbus designs depend on hydrogen as their primary source of energy. The entire aircraft, including the wing structures, flight and cockpit controls, and interiors, uses bearings. Bearing manufacturers worldwide are putting their expertise to work to create lightweight, fuel-efficient bearings in response to the increasingly stringent regulatory environment and consumer demand for low-emission products. Material and lubrication are two critical factors to consider when choosing bearings for aircraft applications. The announcement by Airbus of three zero-emission aeroplane concepts had a significant impact on the production of environmentally friendly goods.
MARKET THREAT: DELAY IN GETTING ACCREDITATIONS
Stringent industry standards and securing regulatory approvals and certification from aircraft manufacturers are the major hurdles that the aerospace bearings market faces. Accreditation is a requirement for participating in tenders and winning orders while producing aerospace components. One such accreditation for the aerospace industry is the AS9100, which is a quality control standard. This standard is used by and supported by every major aerospace company. The AS9100 qualification presents several difficulties for aerospace manufacturers. If a company does not receive these certifications, its goods may not be sold. The aerospace bearings industry faces many challenges, including obtaining approval and certification from major aircraft manufacturers.
KEY TRENDS IN THE GLOBAL AEROSPACE BEARINGS MARKET
GLOBAL AEROSPACE BEARINGS MARKET TRENDS, BY TYPE
"During the forecast period, the ball bearing segment held the largest share of the aerospace bearings market by form."
The aerospace bearings market is divided into four types: ball bearings, roller bearings, plain bearings, and others. 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.
GLOBAL BALL BEARINGS MARKET TRENDS, BY MATERIAL TYPE
"From 2021 to 2031, the metal segment is projected to have the lion’s share in the aerospace bearings market."
The aerospace bearings market has been divided into metal, metal-polymer & engineered plastic, fiber-reinforced plastic, and ceramic segments based on 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.
GLOBAL AEROSPACE BEARINGS MARKET TRENDS, BY SALES CHANNEL
"From 2021 to 2031, the aftermarket segment will have the highest share in the global aerospace bearings market."
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.
GLOBAL AEROSPACE BEARINGS MARKET TRENDS, BY APPLICATION
"The cockpit control and aerostructure segment are expected to rise at a high CAGR during the forecast period, depending on the application."
The aerospace bearings market is divided into aerostructure, aircraft interiors, aircraft systems, cockpit control, door, engine & APU, and landing gear based on application. During the forecast era, the aerostructure segment is expected to develop rapidly. The body of an airplane is referred to as the aerostructure. The weight of the aircraft and payload must be proportioned optimally in the aerostructure. It must be robust sufficient to endure 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.
GLOBAL AEROSPACE BEARINGS MARKET TRENDS, BY REGION
"During the projected 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.
COMPETITIVE LANDSCAPE IN THE GLOBAL AEROSPACE BEARINGS MARKET
SKF, JTEKT Corporation, Schaeffler AG, The Timken Company, RBC Bearings Inc., and NSK Ltd. are the major players in the aerospace bearings industry. To further extend their presence in the aerospace bearings industry, these companies have used various growth strategies such as contracts, joint ventures, alliances & agreements, acquisitions, and new product releases.
RECENT ADVANCES IN THE GLOBAL AEROSPACE BEARINGS MARKET
CHAPTER 1. INTRODUCTION
1.1. KEY OBJECTIVES OF THE STUDY
1.2. MARKET SCOPE & DEFINITION
1.2.1. MARKET SEGMENTATION
1.3. REPORT DESCRIPTION
1.5. STAKEHOLDERS FOR PRIMARY INTERVIEWS
CHAPTER 2. RESEARCH METHODOLOGY
2.1. DATA EXPLORATION
2.1.1. PRIMARY DATA
188.8.131.52. DATA SOURCES
184.108.40.206. KEY DATA COLLECTED
2.1.2. SECONDARY DATA
220.127.116.11. DATA SOURCES
18.104.22.168. KEY DATA COLLECTED
2.2. MARKET SIZE ESTIMATION
2.2.1. TOP-DOWN APPROACH
2.2.2. BOTTOM-UP APPROACH
2.3. DATA BREAKDOWN & TRIANGULATION
2.4. ASSUMPTIONS & FORECAST PARAMETERS
CHAPTER 3. EXECUTIVE SUMMARY
CHAPTER 4. THINKWISE INTELLIGENCE EXCLUSIVE INSIGHTS
4.1. MARKET ATTRACTIVENESS, BY TYPE
4.2. MARKET ATTRACTIVENESS, BY MATERIAL
4.3. MARKET ATTRACTIVENESS, BY SALES CHANNEL
4.4. MARKET ATTRACTIVENESS, BY PLATFORM
4.5. MARKET ATTRACTIVENESS, BY APPLICATION
4.6. MARKET ATTRACTIVENESS, BY REGION
CHAPTER 5. MARKET OVERVIEW
5.2. GROWTH IMPACT FORCES
5.3. MARKET ECOSYSTEM & VALUE CHAIN
5.3.1. ECOSYSTEM ANALYSIS
22.214.171.124. IMPACT OF COVID-19 ON THE MARKET ECOSYSTEM
5.3.2. VALUE CHAIN ANALYSIS
126.96.36.199. IMPACT OF COVID-19 ON THE MARKET VALUE CHAIN
5.4. INNOVATION & SUSTAINABILITY MATRICES
5.4.1. PATENT MATRIX
5.4.2. REGULATORY MATRIX
5.5. PORTER’S FIVE FORCES ANALYSIS
5.5.1. BARGAINING POWER OF SUPPLIERS
5.5.2. BARGAINING POWER OF CONSUMERS
5.5.3. THREAT OF SUBSTITUTES
5.5.4. THREAT OF NEW-ENTRANTS
5.5.5. COMPETITIVE RIVALRY INTENSITY
5.6. PESTLE ANALYSIS
5.7. IMPACT OF COVID-19 ON GLOBAL AEROSPACE BEARINGS MARKET
5.7.1. PRE-COVID MARKET SCENARIO
5.7.2. POST-COVID MARKET SCENARIO
CHAPTER 6. GLOBAL AEROSPACE BEARINGS MARKET ANALYSIS, BY TYPE
CHAPTER 7. GLOBAL AEROSPACE BEARINGS MARKET, BY MATERIAL
7.1.2. METAL-POLYMER & ENGINEERED PLASTIC
7.1.3. FIBER-REINFORCED PLASTIC
CHAPTER 8. GLOBAL AEROSPACE BEARINGS MARKET, BY SALES CHANNEL
CHAPTER 9. GLOBAL AEROSPACE BEARINGS MARKET, BY PLATFORM
9.1.1. FIXED WING
9.1.2. ROTARY WING
9.1.3. UNMANNED AERIAL VEHICLE (UAV)
CHAPTER 10. GLOBAL AEROSPACE BEARINGS MARKET, BY APPLICATION
10.1.1. LANDING GEAR
10.1.2. COCKPIT CONTROL
10.1.4. AIRCRAFT SYSTEM
10.1.5. ENGINE & APU
CHAPTER 11. GLOBAL AEROSPACE BEARINGS MARKET, BY REGION
11.1.1. NORTH AMERICA
188.8.131.52. UNITED STATES (U.S.)
11.1.2. SOUTH AMERICA
184.108.40.206. REST OF SOUTH AMERICA
220.127.116.11. UNITED KINGDOM (UK)
18.104.22.168. REST OF EUROPE
22.214.171.124. SOUTH KOREA
126.96.36.199. REST OF ASIA-PACIFIC
11.1.5. MIDDLE EAST
188.8.131.52. SAUDI ARABIA
184.108.40.206. UNITED ARAB EMIRATES (UAE)
220.127.116.11. REST OF MIDDLE EAST
18.104.22.168. SOUTH AFRICA
22.214.171.124. REST OF AFRICA
CHAPTER 12. COMPETITIVE LANDSCAPE
12.1. TOP WINNING STRATEGIES
12.1.1. BY STRATEGY
12.1.2. BY REGION
12.1.3. BY YEAR
12.2. COMPETITIVE HEATMAP
12.3. PRODUCT BENCHMARKING
12.4. STRATEGIC BENCHMARKING
12.4.1. MERGERS & ACQUISITIONS
12.4.2. STRATEGIC PARTNERSHIPS & COLLABORATIONS
CHAPTER 13. PLAYER BENCHMARKING
13.1. NTN CORPORATION
13.1.1. BUSINESS OVERVIEW
13.1.2. PRODUCT OFFERINGS
13.1.3. FINANCIAL OVERVIEW
13.1.4. STRATEGIC BENCHMARKING
13.1.5. SWOT ANALYSIS
13.2.1. BUSINESS OVERVIEW
13.2.2. PRODUCT OFFERINGS
13.2.3. FINANCIAL OVERVIEW
13.2.4. STRATEGIC BENCHMARKING
13.2.5. SWOT ANALYSIS
13.3.1. BUSINESS OVERVIEW
13.3.2. PRODUCT OFFERINGS
13.3.3. FINANCIAL OVERVIEW
13.3.4. STRATEGIC BENCHMARKING
13.3.5. SWOT ANALYSIS
13.4. NSK LTD.
13.4.1. BUSINESS OVERVIEW
13.4.2. PRODUCT OFFERINGS
13.4.3. FINANCIAL OVERVIEW
13.4.4. STRATEGIC BENCHMARKING
13.4.5. SWOT ANALYSIS
13.5. JTEKT CORPORATION
13.5.1. BUSINESS OVERVIEW
13.5.2. PRODUCT OFFERINGS
13.5.3. FINANCIAL OVERVIEW
13.5.4. STRATEGIC BENCHMARKING
13.5.5. SWOT ANALYSIS
13.6. NATIONAL PRECISION BEARING
13.6.1. BUSINESS OVERVIEW
13.6.2. PRODUCT OFFERINGS
13.6.3. FINANCIAL OVERVIEW
13.6.4. STRATEGIC BENCHMARKING
13.6.5. SWOT ANALYSIS
13.7. AURORA BEARING
13.7.1. BUSINESS OVERVIEW
13.7.2. PRODUCT OFFERINGS
13.7.3. FINANCIAL OVERVIEW
13.7.4. STRATEGIC BENCHMARKING
13.7.5. SWOT ANALYSIS
13.8. RBC BEARINGS, INC.
13.8.1. BUSINESS OVERVIEW
13.8.2. PRODUCT OFFERINGS
13.8.3. FINANCIAL OVERVIEW
13.8.4. STRATEGIC BENCHMARKING
13.8.5. SWOT ANALYSIS
13.9. KAMAN CORPORATION
13.9.1. BUSINESS OVERVIEW
13.9.2. PRODUCT OFFERINGS
13.9.3. FINANCIAL OVERVIEW
13.9.4. STRATEGIC BENCHMARKING
13.9.5. SWOT ANALYSIS
13.10. PACAMOR KUBAR BEARINGS
13.10.1. BUSINESS OVERVIEW
13.10.2. PRODUCT OFFERINGS
13.10.3. FINANCIAL OVERVIEW
13.10.4. STRATEGIC BENCHMARKING
13.10.5. SWOT ANALYSIS
CHAPTER 14. APPENDIX
14.1. PREMIUM INSIGHTS FROM INDUSTRY EXPERTS
14.2. RELATED REPORTS
No of Pages:485