The global aerospace bearings market was valued at $5.24 billion in 2020, and is projected to reach $14.24 billion by 2030, registering a CAGR of 10.6% from 2021 to 2030.
Bearing is a type of machine element that is used to support relative motion and helps to reduce friction that is caused between moving parts. Bearing find their applications in various industries such as automobile, aerospace, wind turbines, construction & mining machinery, agricultural equipment, machine tools, and others. It is used in aircrafts to ensure smooth running of engines, shafts, propellers and other type of parts reed for aviation. Global aerospace bearing market is gaining more importance owing to rising utilization of bearing products in various end-use industries, rolling mills, and aircrafts. Technological developments have improved the overall efficiency of bearing products in the aviation sector and have enhanced the shelf life of products. For instance, NSK has developed gearbox bearing that offers low maintenance and enhanced reliability in heavy duty engines.
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Major Market Players:
• JTEKT Corporation
• Kaman Corporation
• NSK Ltd.
• NTN Corporation
• RBC Bearings Inc.
• Schaeffler AG
• THK CO. LTD.
In addition, the factors such as increase in focus toward reduction of vehicle weight, growth of global space sector & technological innovations and focus on green aerospace sector & its impact on bearing supply chain supplements the growth of the Aerospace Bearings market across the globe. However, factors such as high cost of raw materials, increase in operational costs followed by seasonal serviceability and delay in obtaining accreditations hampers the growth of the market across the globe. Moreover, the factors such as growth in urban air mobility (UAM) platform, emergence of sensor bearing units and increase in development of additive manufacturing technologies & materials to manufacture bearing creates ample opportunities for the growth of the market during the forecast period.
Key Market Segments
By Bearing Type
• Plain Bearing
• Roller Bearing
• Ball Bearing
By Aircraft Type
• Fixed Wings
• Commercial Aviation
• Military Aviation
• Business & General Aviation
• Unmanned Aerial Vehicle
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o Latin America
o Middle East
The aerospace bearings market has been segmented into bearing type, aircraft type, application and region. By bearing type, the global market has been segmented into plain bearing, roller bearing, ball bearing and others. By aircraft type, the global market has been segmented into fixed wings, rotorcraft and others. By application, the global bearing market has been segmented into commercial aviation, military aviation, business & general aviation and unmanned aerial vehicle. By region, the aerospace bearing market has been studied across North America, Europe, Asia-Pacific and LAMEA.
Aircraft manufacturers across the world are focusing on reducing the overall weight of the aircraft, owing to improvement in fuel efficiency and reduction in carbon dioxide emissions. In addition, bearings add significant weight in vehicle, and therefore integration of lightweight bearings will reduce the overall weight of vehicles. For this purpose, bearings makers are focusing on using low tolerance and enhanced forging techniques in production, in a bid to remain competitive and to comply with the changing norms. For instance, in March 2020, NSK, a leading bearing manufacturer, developed a new ultrahigh-speed, lightweight and thinner bearing for electric vehicles, including electric, hybrid, and other new energy vehicles. In addition, SKF, a bearing and seal manufacturing company, is developing compact and lightweight bearings, which have been designed to run at extremely high speeds, with enhanced stiffness, superior load carrying capability, and prolonged operating life. Moreover, modern aircrafts have strong demand for lightweight bearings for better durability, stiffness, and weightlessness. Therefore, increase in focus on vehicle weight reduction fuel the overall growth of the aerospace bearing market.
The cost of raw materials continues as the top interest for manufacturers. As high-grade steel is an essential component used for manufacturing bearings, the prices of bearings are interrelated with the global steel price movement. The variation of raw material price generates challenges for the bearing manufacturers to deliver bearings at a reasonable price and elevated quality. In addition, fluctuating supply and demand scenario is hindering the growth of the bearing industry. The difference in trade strategies, discrepancies in supply and demand, variations in foreign exchange rates, intensified geopolitical risks across various countries, create a potential impact on the pricing of steel and aluminum bearing materials. Besides, the bearing components comprise seals, cages, and others, which require lubrication at frequent intervals to ensure smooth functioning; thus, requiring additional expenses.
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Key Benefits For Stakeholders
• This study presents analytical depiction of the global aerospace bearings market analysis along with current trends and future estimations to depict imminent investment pockets.
• The overall market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the global aerospace bearings market with a detailed impact analysis.
• The current market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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