The aerospace bearings market size is projected to reach $6.43 billion by 2028 from $4.29 billion in 2021; it is expected to grow at a CAGR of 6.5% from 2022 to 2028.
New York, May 26, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Aerospace Bearings Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Ball Bearings, Roller Bearings, Needle Bearings, Thrust Bearings, and Others), Application (Aircraft Landing Gear Struts, Hydraulic Fuel Pumps, Flight Control Systems, and Others), Material (Stainless Steel, Fiber-Reinforced Composites, Engineered Plastics, and Others), and Aircraft Type (Fixed Wing and Rotary Wing)”, the global aerospace bearings market growth is driven by the future commercial and general aircraft deliveries, the increase in global aircraft production. The flight control system segment led the market with 39.3% share in 2021.
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No. of Charts & Figures
Type, Application, Material, and Aircraft Type
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Aerospace Bearings Market: Competitive Landscape and Key Developments AST Bearings, GGB, JTEKT Corporation, Accurate Bushing Company, Minebeamitsumi Inc., NTN BEARING CORPORATION OF AMERICA, RBC Bearings Incorporated, SKF Group; Regal Rexnord Corporation, and Barden Bearings are among the key players profiled in this aerospace bearings market report. In addition, several other essential market players were studied and analyzed to get a holistic view of the market and its ecosystem. The market report provides detailed market insights, which helps the key players to strategize the growth in the coming years.
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In 2021, SKF introduced a new series of spherical roller bearings. These bearings are developed for slab, billet, and bloom continuous casting processes to minimize uptime, production costs, and environmental impact.
In 2020, JTEKT Corporation announced that it had developed a long-life bearing with exceptional durability to prevent early bearing failure in low viscosity oil, which is projected to be used as a lubricant for automobile reduction gears in the future.
The aerospace bearings market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South America. North America dominated the aerospace bearings market in 2021 and is also expected to continue its dominance throughout the forecast period. The growth of the aerospace bearings market in North America is attributed to the presence of many aircraft OEMs and aircraft component manufacturers in the region, compiled with high military spending on the procurement of military aircraft models. Another factor catalyzing the aerospace bearings market size in North America includes the increasing demand for new and reliable aerospace bearings and rising applications relevant for aircraft assembly in the US, Canada, and Mexico. Some of the key aerospace bearings market players in North America include Accurate Bushing Company, Federal-Mogul Corporation, MSC Industrial Supply Co., MinebeaMitsumi Inc., and Rexnord Aerospace. The aerospace bearings market analysis helps to understand the upcoming trends, new technologies, and macro and micro factors that influence the market growth in the coming years.
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Europe accounted for the second-largest region in the aerospace bearings market share. There is a rising demand for aerospace and defense products in Europe that increases the manufacturing of commercial, private, and military aircraft, which propels the adoption of aerospace bearings in the region. In addition, government initiatives to develop advanced military fighter jets and the high defense budget created for the production of aircraft, helicopters, and fighter jets are boosting the aerospace bearings market growth in the region.
The aerospace bearings market in Asia Pacific is also expected to grow during the forecast period. The region has become the fastest growing in the world for airline activities. As per the report published by SIPRI in 2021, the total military spending in Asia-Pacific reached US$ 586 billion in 2021, which accounted for a rise of 3% than 2020, leading to more military aircraft procurement. China and India were two of the major economies that increased their military spending, boosting the manufacturing and procurement of new aircraft, fighter jets, and helicopters, further aiding the market growth.
The MEA is witnessing moderate growth in the aerospace bearings market. The MEA region is witnessing high production of private planes and military aircraft, and helicopters in the coming years. The presence of aircraft and component production facilities of Safran, GE Aviation, Jabiru Aircraft, Sling Aircraft, Israel Aerospace Industries, and Turkish Aerospace is driving the aerospace bearings market in the region through their production. Demand for other aircraft parts, such as flight control systems, landing and take-off gear, and engine systems, is high due to military aircraft OEMs such as Israel Aerospace Industries. This factor is driving the aerospace bearings market in the MEA.
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The governments in SAM are focused on strengthening the overall defense activities, such as the acquisition of new and advanced military and air force aircraft and helicopters, which fuel the market's growth in SAM. In May 2021, Airbus delivered its A220 series aircraft in SAM along with the presence of Boeing 737 series airplanes already present in the region. Governments of various SAM countries, such as Chile, Colombia, and Argentina, are investing additional budgets in the defense & aerospace sector for a well-established aircraft component manufacturing sector in the region. Moreover, South America has the presence of aircraft OEMs and component manufacturers, such as Embraer, Helibras, Fábrica Nacional de Motores, Saab Aeronáutica Montagens, and Seamax Aircraft. Such factors are driving the growth of the aerospace bearings market in the region.
Aerospace Bearings Market: Application Overview The aerospace bearings market, based on application, is segmented into aircraft landing gear struts, hydraulic fuel pumps, flight control systems, and others. The market for the flight control systems segment is expected to grow at the fastest CAGR during the forecast period. The flight control system has various subsystems such as flight control actuators, rudder pedal, control stick, control column, wing flaps, ailerons, and tie rods. Aileron, rudder, and elevator are the prominent end-use application of bearings in the flight control system. Thus, the wide scope application of bearings in the flight control system is contributing to the growth of the aerospace bearings market.
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