Aerospace Bearings Market worth over $1.8bn by 2027

Aerospace bearings market size is set to surpass USD 1.8 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Market growth is attributed to rising air passenger traffic across the globe and increased aircraft requirements for the enhanced sales of aerospace bearings. Companies operating in the market are majorly focused on developing lightweight & fuel-efficient solutions and are significantly investing in R&D for material technology to develop ceramic & hybrid bearings. Furthermore, increasing preference for air travel along with increasing investments in the aerospace industry is likely to showcase considerable opportunities in the coming year.
 

Aerospace bearings reduce the axial & radial load and improve the fuel efficiency of an aircraft, which further leads to a reduction in aircraft maintenance. Aerospace bearings also aid in the easy movement of seats, doors, engine management systems, and components of flight control systems without any failure.
 

The global aerospace sector is growing at a significant pace and witnesses intense competition among major airline transporters across the globe. To enhance market penetration, major players in the aerospace industry are adding more destinations, renovating aircraft frequently, and decreasing pricing aggressively, which will further enhance the industry growth.
 

Growth in the aviation sector will flourish the aerospace bearings market expansion

The ball bearing segment is expected to account for 35% of the market share by 2027. Ball bearings are majorly used for transferring the energy from one shaft to another with reduced energy loss & friction. Resembling wheels, bearings enable devices to roll, which reduces the friction between the surface of the bearings and the surface they are rolling over.
 

The stainless steel segment dominates 50% of revenue share by 2027 on account of the ability to sustain any temperature or condition. However, fiber reinforced composites are self-lubricating and can carry heavy loads. Due to this capability of fiber reinforced composites, manufacturers are increasingly opting for fiber reinforced composite bearings in aerospace applications.
 

Browse key industry insights spread across 180 pages with 220 market data tables & 19 figures & charts from the report, “Aerospace Bearings Market Size, By Type (Ball Bearing, Tapered Roller Bearing, Cylindrical Roller Bearings, Spherical Bearing, Plain Bearing), By Material (Stainless Steel, Aluminum Alloys, Metal Polymer & Engineered Plastic, Fiber Reinforced Composites, Ceramic), By Platform (Fixed Wing {Narrow Body, Widebody, Regional Jets, Fighter Jets}. Rotary Wing {Helicopters}), By Application (Landing Gear, Engine Components, Doors & Interiors, Flight Control Systems, Cockpit Controls, Aerostructure), By Sales Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/aerospace-bearings-market
 

The engine component segment is estimated to attain a CAGR of 6.8% during 2021 to 2027. Air traffic growth across the globe has increased the demand for the latest aircraft engines, which in turn, has increased the requirement for bearings among engine manufacturers
 

The fixed wing segment is anticipated to record significant growth in aerospace bearings market led by the growing demand for new fixed wing aircraft in the coming years. The demand will increase due to the rising traffic of air passenger and the replacement of aging aircraft.
 

The OEM segment valued at around USD 640 million in 2020. Increasing safety regulations are propelling aircraft maintenance checks. Furthermore, bearings that have a wear & tear nature contribute to high replacement demand.
 

Asia Pacific aerospace bearings market is poised to observe 6% growth rate through 2027. The presence of several aerospace component manufacturers in APAC along with increasing requirements for aircraft maintenance & repair will further enhance the market progression. These are some of the factors that will positively influence the regional growth.
 

Key companies operating in the market are Kaman Corporation, SKF, JTEKT Corporation, Schaeffler AG, The Timken Company, NSK Ltd., NTN, C&U, ZWZ, LYC, Minebea, NACHI, GGB (EnPro Industries). Aerospace bearing manufacturers are involved in intense research & development activities to meet the growing demand for innovative, durable & cost-effective products, which increase efficiency and reduce friction loss.