Aerospace Bearings Market, By Product (Ball Bearings, Plain Bearings, Others), By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket, Others), and By Region - Global Analysis Forecast Till 2030

The global Aerospace Bearings Market was worth USD 15.6 billion in 2021 and is predicted to grow at a CAGR of 10.10%.

In aerospace applications, the bearing is used in landing gear struts or shock absorbers to eliminate ladder cracking. The roller bearing is most commonly found in aircraft engines. At least two bearings support the main jet engine shafts. The ball bearing is used in turbine engines and transmissions used in aerospace. High-load-carrying sliding bearings support the gearbox mounting points. Primary flight control systems use double and single-row roller bearings with low friction, and the lowest operational backlash, secondary flight control systems use maintenance-free sliding bearings, and landing gear uses slotted entry bearings. The wide range of bearing applications in aerospace applications in various sections is driving the growth of the aerospace bearings market.

Market Dynamics

Drivers

Recently, the demand for lightweight helicopters for various commercial and military applications has increased. One of the main reasons for the market's growth is the increase in airborne emergency medical services. Moreover, the increasing number of light combat helicopters for border surveillance and transportation of military troops will fuel the growth of the aerospace bearings market.

For instance, in December 2020, Sikorsky Aircraft Corporation received an order worth $507 million from the U.S. Army to deliver the UH-60 M and HH-60M attack helicopters. These technologically advanced attack helicopters come with advanced flight bearings. This would create a high demand for the helicopter service, driving demand for new helicopters with advanced systems and components.

Restraints

The cost of bearing material is an important factor in the overall cost of an aerospace bearing. Manufacturers typically use high-quality steel. The fluctuating steel price has a significant impact on the overall price. Furthermore, the abrupt change in steel prices and the government-dominated ecosystem may result in trade price differences.

Moreover, the impact of COVID-19 has significantly altered aerospace bearings market dynamics. New trade norms and restrictions on goods transportation have increased uncertainty in the supply and demand for aerospace bearings. As a result, stringent regulations and fluctuating raw material prices are expected to stymie aerospace bearings market growth.

Key players:

• Brammer PLC

• Harbin Bearing Manufacturing Co., Ltd.

• HKT Bearings Ltd.

• JTEKT Corporation

• NBI Bearings Europe

• NSK Global

• NTN Corporation

• RBC Bearings Inc.

• Rexnord Corporation

• RHP Bearings

• Schaeffler Group

• SKF Corporation

Market Segmentation:

Aerospace Bearings Market, By Product

• Ball Bearings

• Plain Bearings

• Others

Aerospace Bearings Market, By Application

• Automotive

• Agriculture

• Electrical

• Mining & Construction

• Railway & Aerospace

• Automotive Aftermarket

• Others

Aerospace Bearings Market, By Region

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

Regional Analysis

Asia Pacific dominated the market, accounting for XX% of revenue in 2021. The region is also expected to experience the fastest revenue growth, accounting for more than USD XX billion by 2030. China is a major market, and sales are expected to skyrocket in the coming years, fuelled by the rapid expansion of machinery and motor vehicle production and a robust aftermarket for industrial equipment and motor vehicle repair. Furthermore, India's robust construction and mining equipment market is expected to support aerospace bearings market growth through 2030.

The European market is expected to grow favorably during the forecast period, owing to sustained economic growth and increased investment. Furthermore, in the mature markets of the United States, Western Europe, and Japan, demand is driven by rebounding vehicle production and a healthy fixed investment environment. Increase in sales of high-value bearings, like large-diameter, custom-built bearings made for heavy machinery and wind turbines, are also expected to drive the North American market. The rapid development of city infrastructures in the Middle East and Africa positively influences overall growth.

Scope of the Report:

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