$12.4 Billion Aerospace Bearings Market

Aug 02, 2023

Global Aerospace Bearings Market

Dublin, July 18, 2023 (GLOBE NEWSWIRE) -- The "Aerospace Bearings Market by Application (Landing Gear, Cockpit Control, Aerostructure, Aircraft System, Engine & APU System, Door, and Aircraft Interior), Type (Ball Bearing, Roller Bearing), Sales Channel, Material & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global aerospace bearings market is estimated to be USD 12.4 billion in 2023 and is expected to reach USD 14.6 billion by 2028 at a CAGR of 3.3%

The growth of this market can be attributed to the airlines striving to modernize their fleets to improve fuel efficiency, reduce maintenance costs, and enhance passenger comfort. This trend involves retiring older aircraft and replacing them with newer, more technologically advanced models. As new aircraft are introduced, the demand for aerospace bearings increases.

The aftermarket segment is projected to witness the highest CAGR during the forecast period.

Based on end-use, the aftermarket segment of the aerospace bearings market is projected to hold the highest growth rate during the forecast period. The aftermarket segment in the aerospace bearings market is expected to experience significant growth due to the aging aircraft fleet, retrofitting activities, regulatory compliance, cost-effectiveness, technological advancements, and the competitive market landscape.

The commercial aviation segment is projected to dominate the aerospace bearings market by frequency.

Based on aircraft type, the commercial aviation segment is projected to dominate the market share during the forecast period. This is primarily due to the increasing air passenger traffic, fleet modernization and expansion efforts by airlines, and the demand for enhanced passenger experience.

The commercial aviation segment includes major airlines operating both domestic and international flights, and their need for new aircraft and bearings replacements drives the market. Additionally, the commercial aviation segment's focus on fuel efficiency, regulatory compliance, and technological advancements further contributes to its significant market share in the aerospace bearings market.

North America is expected to account for the largest market share in 2023.

The aerospace bearings market industry has been studied in North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America accounted for the largest market share in 2023. The largest market for aerospace bearings in North America is typically the United States.

The United States has a significant presence in the aviation industry, with numerous major aircraft manufacturers, suppliers, and operators based in the country. This robust aviation sector drives the demand for aerospace bearings in the North American market. The United States has a strong aerospace industry, with leading companies like Boeing and Lockheed Martin based in the country.

These companies manufacture a large number of commercial and military aircraft, which require aerospace bearings for windshields, windows, and canopies. The demand from these manufacturers drives the market for aerospace bearings in the United States.

Competitive landscape

Prominent companies include SKF (Sweden), NSK Ltd. (Japan), JTEKT Corporation (Japan), Schaeffler AG (Germany), and NTN Corporation (Japan), among others.

Key Attributes:

Report Attribute

Details

No. of Pages

236

Forecast Period

2023 - 2028

Estimated Market Value (USD) in 2023

$12.4 Billion

Forecasted Market Value (USD) by 2028

$14.6 Billion

Compound Annual Growth Rate

3.3%

Regions Covered

Global

Premium Insights

Attractive Growth Opportunities for Players in Aerospace Bearings Market: Technological Advancements in Aerospace Industry to Drive Market

Commercial Aviation Segment to Lead Market from 2023 to 2028

Aftermarket Segment to Lead Market During Forecast Period

Market in India to Register Highest CAGR During Forecast Period

Market Dynamics

Drivers

Growing Fleet of Commercial and Combat Aircraft

Surge in Deliveries of Military Aircraft

Increased Use of UAVs and Hybrid Vtols

Restraints

Impact of Counterfeiting

High Cost of Raw Materials

Opportunities

Improved Focus on Greener Aerospace Sector

Emergence of Advanced Air Mobility

Challenges

Obstacles in Obtaining Accreditations

Dependence on Military Budget

Legal and Regulatory Barriers

Case Study Analysis

Timken Designs Bearings for New Mars Rover (2020)

Kaman Corporation Receives Additional Contract on K-Max Helicopters (2018)

Trans-Pacific Receives Bearings Order for a China-Based Aerospace Company (2015)

Technology Analysis

Rotary Bearings with Engineered Iot

Advancements in Lubricants Performance

Innovations in Bearing Performance

Emerging Demand for Integrated and Sustainable Bearings

Technology Trends

Ceramic and Composite Bearings

Integrated Health Monitoring

Improved Lubrication

Miniature and Lighter Materials

Additive Manufacturing

Smart Bearings

Impact of Megatrends

Implementation of Industry 4.0

Globalization of Supply Chain

Impact of Advanced Air Mobility

Company Profiles

Key Players

Ntn Corporation

Ggb

Skf

Nsk Ltd.

Jtekt Corporation

National Precision Bearing

Rbc Bearings, Inc.

Pacamor Kubar Bearings

Ast Bearings LLC

Kaman Corporation

Regal Beloit Corporation

The Timken Company

Schaeffler Ag

Nachi-Fujikoshi Corp.

Minebeamitsumi Inc.

Lyc Bearing Corporation

Schatz Bearing Corporation

Barden Bearings

Radial Bearing Corporation

Csc Bearing Europe GmbH

Other Players

Alpine Bearing

Rexnord Corporation

Cgb Precision Products

Sapporo Precision Inc.

For more information about this report visit https://www.researchandmarkets.com/r/4ht0pe

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Global Aerospace Bearings Market