Market Overview
The growth of the global market for aerospace bearings is largely driven by the increasing number of aircraft deliveries. Air traffic is growing in developed as well as developing nations which is leading to an enhanced demand for more aircraft. This has led aircraft manufacturers and aircraft engine manufacturers to procure bearings for various applications. Moreover, the need to modernize the older aircraft with new, reliable, and latest technologies is fueling the growth of the global market for aerospace bearings.
The global aerospace bearing market has been segmented based on type, material, platform, application, and region.
On the basis of type, the market has been segmented into roller bearing, ball bearing, and others. The roller bearing segment accounted for the largest share due to the roller bearings being utilized in various aerospace applications. The ball bearing segment is expected to register the fastest growth during the forecast period.
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Competitive Landscape
The key players in the global aerospace bearing market are SKF Group (Sweden), JTEKT Corporation (Japan), RBC Bearings Inc. (US), NSK Ltd (Japan), The Timken Company (US), GGB Bearings Technology (US), Aurora Bearing Company (US), Schaeffler Technologies AG & Co. KG (Germany), National Bearing Precision (US), and NTN Corporation (Japan)
Market Segmentation
The global aerospace bearing market has been segmented, based on region, into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The North American market is expected to account for the largest share of the global aerospace bearing market. The leading countries in this region are the US and Canada. The US government is investing heavily in the research and development of aerospace bearings for civil engineering and defense applications to increase the accuracy of operations, reduce operational time, and decrease the risk factors involved. The rise in the number of aircraft and the aftermarket parts would propel the growth of the aerospace bearing market in the region during the forecast period. The market in Asia-Pacific is expected to be the fastest-growing during the forecast period due to the rise in the number of commercial aircraft fleet.
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Regional Analysis
By material, the market has been segmented into stainless steel, fiber-reinforced composites, engineered plastics, aluminum alloys, and others. The aluminum alloys segment is expected to register the highest growth rate owing to the lightweight, durable, and efficient qualities of aluminum alloy bearings. The stainless-steel bearing segment is projected to garner the largest share during the forecast period.
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