Aerospace Bearings Market Share Projections: CAGR of 7.5% Envisions Market Size of $23.75 Billion by 2032
The aerospace bearings market size is anticipated to grow from USD 11.52 Billion in 2022 to USD 23.75 Billion in 10 years. The market ought to witness a positive growth rate owing to increasing air travel activities across the globe.
Newark, Jan. 29, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the global aerospace bearings market will grow from USD 11.52 Billion in 2022 to USD 23.75 Billion by 2032. An aerospace bearing is a component utilized in aircraft to reduce the burden and resistance between moving parts. The aerospace bearing is important in enhancing fuel efficiency, diminishing axial and radial loads, and reducing aircraft maintenance frequency. Various types of bearings, such as plain, ball, or roller, are required for newer platforms. Aerospace bearings are essential for all aircraft categories, including freighters, regional jets, narrow-body and wide-body planes. The principal role of a bearing in an aircraft is to minimize the direct application of radial and axial force on shafts. Additionally, aerospace bearings facilitate the seamless functionality of flight control systems and engine management parts like doors and seats.
Download Free Sample Report (Get Detailed Analysis in PDF – 230 Pages): https://www.thebrainyinsights.com/enquiry/sample-request/13993
Key Insight of the Aerospace Bearings Market
Asia Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, North America is expected to grow at the highest CAGR within the global aerospace bearings market. The Asia Pacific region will significantly expand. With its rapidly growing market share, Asia Pacific is becoming a major industry player within the global aerospace bearings market. The region’s dynamic economic growth and rising demand for air travel activities drive increased investment in aerospace infrastructure, including new airports and research and manufacturing centres. As countries like China, Japan, and India continue to develop their aerospace infrastructure through these investments, they have become critical players in shaping the future of this industry worldwide. These factors make it clear that Asia Pacific is poised for strategic growth within the global aerospace sector owing to increasing demand for high-quality bearings across all aviation-related enterprise levels – from commercial airlines down to small-scale private entities operating across the region and globe.
The military aviation segment is expected to grow at the highest CAGR during the forecast period.
The aircraft type segment includes military aviation and commercial aviation. The military aviation segment is expected to grow at the highest CAGR during the forecast period. The distribution of defense funds towards military aviation initiatives heavily impacts the aerospace bearings market. Upgrades and advancements in fighter planes, helicopters, and unmanned aerial vehicles rely on high-tech bearings to continuously improve their performance. The ongoing geopolitical tensions across nations led to increased investments in their respective armed forces, which boosted demands for efficient missile systems & other defensive applications – eventually favoring growth prospects of aerospace-bearing manufacturers aiming at maintaining air dominance & strategic capabilities within the sector.
The roller bearing segment is expected to grow at the highest CAGR during the forecast period.
The product type segment includes plain bearing, roller bearing, ball bearing and others. The roller bearing segment is expected to grow at the highest CAGR during the forecast period. Roller bearings are indispensably utilized in crucial aerospace applications, owing to their renowned capability of enduring heavy loads and high speeds. They comprise cylindrical or tapered rollers that equally distribute the load, minimizing frictional resistance for a seamless rotation. Aircraft engines rely heavily on roller bearings to sustain rotating constituents such as turbine blades and shafts due to their excellent capacity to withstand extreme temperatures and weights, which are essential for optimal engine performance. Furthermore, roller bearings frequently find use in helicopter transmissions alongside unmanned aerial vehicles (UAVs) because they guarantee reliable power transmission operations across numerous aircraft types within the aviation sector.
The ceramics segment is expected to grow at the highest CAGR during the forecast period.
The material type segment is bifurcated into stainless steel, alloys, ceramics and composites. The ceramics segment is expected to grow at the highest CAGR during the forecast period. Ceramic bearings are widely utilized in aerospace applications for their exceptional qualities like high durability, low density, and corrosion resistance. These remarkable properties of ceramic bearing offer benefits such as decreased weight, elevated durability and enhanced wear resistance. They are extensively used in high-speed aircraft parts, including turbine spindles and gearbox systems, owing to their superior attributes that contribute towards enhancing operational efficiency through minimal friction characteristics.
The flight control systems segment is expected to grow at the highest CAGR during the forecast period.
The application segment is bifurcated into engine management systems, flight control systems, landing gears, interiors and others. The flight control systems segment is expected to grow at the highest CAGR during the forecast period. Flight control systems play a critical role in the guidance and handling of aircraft by incorporating various components such as control surfaces, actuators, and avionics. The aerospace bearings integrated into flight control systems function to perform exact motion control for safe aircraft maneuvering. Bearings found within actuator systems are responsible for smooth operational movements of flight control surfaces like elevators, rudders or ailerons while enduring intense stresses from dynamic loads, vibrations and sudden motions involved during flights.
Report Scope & Segmentation
|Revenue forecast in 2032
|USD 23.75 Billion
|2019 – 2021
|2023 – 2032
|Type, Deployment Type, End User, Regions
|North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World
|Number of Companies Covered
|AB SKF, Alpine Bearing, Barden Corp., CSC Bearing Europe GmbH, GGB, JTEKT Corp., Kaman Corp., LYC Bearing Corp., MinebeaMitsumi Inc., Nachi-Fujikoshi Corp., NSK Ltd., NTN Corp., Pacamor Kubar Bearings, Radial Bearing Corp., RBC Bearings, Inc., Schatz Bearing Corp., The Barden Corp., The Timken Co.
|Product offering, business overviews, geographic presence, business strategies, segment market share, product development & amp; innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information.
• In September 2023: The US-based aerospace and military firm Collins Aerospace and Carter Americas LLC, a specialized producer and supplier of bearings and aerospace bearing tools, have teamed.
Through this collaboration, they hope to spark new ideas and product advancements. They are also dedicated to collaborating to provide aerospace-bearing solutions and equipment that satisfy the demands of the aerospace sector.
• In November 2022: The US manufacturing corporation Timken Company purchased GGB Bearings for USD 305 Million. Through this acquisition, the company hopes to increase its global footprint, broaden its range of products, and obtain access to GGB Bearings’ material science, surface engineering, and tribology expertise.
If you have any questions, please feel free to contact our analyst at: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/13993
Driver: Rising Investment in Research and Development (R&D) Activities
A boost in research and development investment significantly drives advancements in aerospace bearings industry. Industry stakeholders invest heavily in R&D endeavours that create new materials, manufacturing processes, and innovative design concepts to stay ahead of competitors. This push towards innovation is bolstered further by collaborations between academic institutions and private sector investors who consistently inject funds into this area alongside government funding initiatives. This factor is stimulating the market growth and development.
Restraint: Increasing Competition and Price Pressures
Manufacturers in the aerospace bearings market face the difficult task of standing out amidst fierce competition. This industry is dominated by key players with worldwide influence and numerous smaller enterprises possessing specialized skills. Price reductions are sometimes made to secure contracts and stay ahead of rivals; however, this can significantly cut profit margins and strain finances for smaller companies competing in this competitive industry. This factor is restricting the market growth and development.
Opportunity: Technological Advancements
The ongoing stream of technological advancements and innovations is a key factor driving the aerospace bearings market. Efficiency, safety, and performance enhancements are integral to the ever-evolving aerospace industry. Bearings play a critical role in aircraft and spacecraft; hence, nonstop innovation is aimed at increasing their load-carrying ability while reducing frictional resistance and enhancing durability. Integrating smart technologies alongside material improvements that enable miniaturization further contributes to keeping this marketplace dynamic. This factor is anticipated to provide lucrative growth opportunities in the upcoming years.
Some of the major players operating in the aerospace bearings market are:
• AB SKF
• Alpine Bearing
• Barden Corp.
• CSC Bearing Europe GmbH
• JTEKT Corp.
• Kaman Corp.
• LYC Bearing Corp.
• MinebeaMitsumi Inc.
• Nachi-Fujikoshi Corp.
• NSK Ltd.
• NTN Corp.
• Pacamor Kubar Bearings
• Radial Bearing Corp.
• RBC Bearings, Inc.
• Schatz Bearing Corp.
• The Barden Corp.
• The Timken Co.
Any query or customization before buying: https://www.thebrainyinsights.com/enquiry/buying-inquiry/13993
Key Segments Cover in the Market:
By Aircraft Type:
• Military Aviation
• Commercial Aviation
By Product Type:
• Plain Bearing
• Roller Bearing
• Ball Bearing
By Material Type:
• Stainless Steel
• Engine Management Systems
• Flight Control Systems
• Landing Gears
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part.The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
Head of Business Development
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.