Pune India, March 06, 2023 (GLOBE NEWSWIRE) -- The global aerospace bearings market is projected to gain momentum from the rising utilization of high-load capacity bearings in aircraft. This information is published in an upcoming report by Fortune Business Insights™, titled, “Aerospace Bearings Market Size, Share & Industry Analysis, and Regional Forecast, 2021-2028.” The report further mentions that the aerospace industry is expanding rapidly nowadays. It is set to propel the aerospace bearings market growth during the forecast period. The report further states that the aerospace bearings market size was USD 10.21 billion in 2021 and is projected to reach USD 17.44 billion by 2028, Exhibiting a CAGR of 7.95% during the forecast period.
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List of all the Aerospace Bearings Market manufacturers operating in the global market. They are as follows:
- Aurora Bearing Company
- NTN Corporation
- Schaeffler Group
- RBC Bearings Inc.
- Kaman Corporation
- Enpro Industries, Inc.
- AST Bearings LLC
- The Timken Company
- NSK Ltd.
- SKF Group
- Other key market players
Report Scope & Segmentation:
|Forecast CAGR||7.95 %|
|2028 Value Projection||USD 17.44 Million|
|Aerospace Bearings Market Size in 2020||USD 7.21 Billion|
|No. of Pages||200|
|Segments Covered||By Platform Analysis, By Product Type Analysis, By Material Analysis, By Application Analysis|
|Aerospace Bearings Market Growth Drivers||Rising Demand for Lightweight Helicopters Will Boost the Market Growth|
Highlights of the Report
- Valuable insights on the aerospace bearings market trends, growth drivers, obstacles, opportunities, and other related challenges.
- Evaluation of the competitive landscape, such as mergers, acquisitions, joint ventures, agreements, and innovative product launches.
- Notable changes in market dynamics.
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Aerospace bearings play a critical role in the functioning of various systems within an aircraft or spacecraft, such as engines, landing gear, and control surfaces. These bearings must be designed to withstand extreme conditions, including high temperatures, high speeds, and intense vibrations. Additionally, they must be reliable and durable, as failure of a bearing can result in catastrophic consequences. To meet these requirements, aerospace bearings are typically made from materials such as stainless steel, titanium, or ceramic, and are designed with specialized features such as lubrication systems and corrosion-resistant coatings. With advancements in materials science and engineering, the development of new aerospace bearings continues to drive innovation in the aerospace industry.
Increasing Demand from Commercial and Defense Aviation Sectors Will Boost Growth
The demand for aerospace bearings from defense and commercial aviation sectors is increasing day by day. Besides, an urgent need for high-performance aerospace bearings owing to rising technological advancements will augment the market growth. Top-quality products will be used in demanding environments. Apart from these, a rise in the number of aircraft deliveries is likely to increase the aerospace bearings market size during the forthcoming years.
As per a report provided by the International Air Transport Association (IATA), in 2015, the number of passengers traveling by air skyrocketed to 3.4 billion from 3.3 billion passengers in 2014. It has registered a growth of around 3%. It proves that the demand for wide-body aircraft is increasing owing to the long-haul air travel. Furthermore, in emerging countries, improvements in demographic and economic conditions will also impact the demand for aerospace bearings positively.
Rising Development of Airport Infrastructure to Favor Growth in Asia Pacific
The market is geographically classified into Asia Pacific, the Middle East and Africa, Asia Pacific, Europe, and Latin America. Amongst these, North America is anticipated to hold the largest aerospace bearings market share owing to the increasing adoption of specialized bearings in aircraft manufacturing. Also, the presence of various prominent aircraft manufacturers, namely, Airbus and Boeing in the U.S. will propel growth. These manufacturers are planning to focus on developing premium-quality and novel aerospace bearings.
Asia Pacific, on the other hand, is expected to showcase a considerably higher CAGR on account of the expansion of infrastructure China, India, and other South East Asian countries. The governments of India and China are aiming to develop airport infrastructure. It will enable the manufacturers to produce new aircraft in the region. The steady growth of the aircraft industry in this region will affect the aerospace bearing market size positively in this region.
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Key Players Focus on Mergers and Acquisitions to Serve Consumers Efficiently
The market consists of numerous enterprises, namely, large, medium, and small. They are mainly focusing on partnering up with other companies as well as launching state-of-the-art products to expand product portfolio and gain the maximum aerospace bearings market revenue in the coming years.
Here are two of the most recent industry developments:
- August 2019: RBC Bearings Incorporated, a marketer and manufacturer of engineered precision bearings and products, headquartered in the U.S., successfully completed the acquisition of Swiss Tool Systems AG, a Switzerland-based tool manufacturer. The acquisition is worth USD 33.9 million. As per RBC, the latter’s highly engineered products will complement its collets business in the U.S. and Europe to a consumer base that it serves regularly. Swiss Tool System’s design expertise and manufacturing processes will align excellently with those of RBC.
- April 2018: RCB Bearings declared that it has bagged patent grant for nine bearings from the United States Patent & Trademark Office. The products are 1641, 1630, 1621, 1635, as well as its 600 series, 7600 series, 7500 series, 6900 series, and 1600 series. This complements the company’s pre-existing product portfolio.
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TABLE OF CONTENT
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Aerospace Bearings Market
- Impact of COVID-19 Pandemic on Global Aerospace Bearings Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
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