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Industry Trends
Aerospace Bearings Market Size exceeded USD 1.16 billion in 2020 and is anticipated to grow at a CAGR of over 6.4% from 2021 to 2027. Rapid urbanization and growing economic growth in emerging countries along with tourism and business travels are likely to escalate the market growth.
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Aerospace bearings demand will grow at a significant rate, which is largely driven by landing gear, flight controls, engines, and aerostructure applications in the aerospace sector. The growing urbanization and increasing people spending toward travel & tourism globally are propelling the travels demand particularly through air travel owing to the minimum travel time and better convenience. Safer and economic air travels have increased air passengers over the years, creating a reasonable demand for airplanes in the industry. The rising focus on better and smooth operations during travel through aircraft will foster the aerospace bearing demand for seat mechanisms, overhead baggage compartments, cargo bay floors, latches, and hinges in the segment over the coming years.
Aerospace bearings require proper care and maintenance for its long run operation. They are crucial to ensure correct application and installation of the aerospace bearings to extend their lifespan. Changing government policies & regulations pertaining to emission standards and climate change goals will also hinder aerospace bearings production in the near term. Automation along with condition monitoring and remanufacturing digital services will reduce scrap rate, increasing energy efficiency and environmental benefits.
The COVID-19 pandemic affected the supply chain of the aircraft bearing market in a significant manner. The new aircraft order witnessed a decline credited to the adverse impacts of the ongoing coronavirus pandemic. The shutdown announced by major aircraft manufacturers along with the slowdown in the growth rate of the aerospace industry affected the sales volume of automotive bearing in 2020. However, the market is likely to recover gradually post-pandemic owing to the removal of trade restrictions across countries along with stability in the aerospace sector worldwide.
| Report Coverage | Details |
|---|---|
| Base Year: | 2020 |
| Market Size in 2020: | USD 1,169.2 Million |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2021 to 2027 CAGR: | 6.4% |
| 2027 Value Projection: | USD 1,805.3 Million |
| Historical Data for: | 2017 to 2020 |
| No. of Pages: | 180 |
| Tables, Charts & Figures: | 239 |
| Segments covered: | MRO Services, Service Provider, Aircraft |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Rising demand for ball bearing for aircraft application will complement the aerospace bearings market expansion
The ball bearing segment is projected to reach USD 650 million by 2027, which can be attributed to their growing application in commercial and defense aircraft that operate under large temperature ranges. Aerospace ball bearings for different applications are specifically designed to withstand thrust, radial, reversible thrust, moment, and combination loads. A ball bearing is a type of rolling-element bearing that reduces friction, carries loads, and facilitates motion and position of moving machine parts.
A ball bearing also possesses shield sealing that avoids the entry of foreign particles into the casing, prevents leakage of lubricants and reducing its maintenance cost. In addition to cost-effective replacement, simple design, and high durability, ball bearings are further classified into deep groove, angular contact, and self-aligning ball bearings. Demand of deep groove ball bearings in aerospace applications due to its benefits like high durability and less maintenance will boost the industry growth during the forecast timeline.
Landing gear application to hold significant share in the industry
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Landing gear application is poised to account for 25% of the aerospace bearings market share by 2027. The landing gear system in aircraft consists of three retractable assemblies, wheel & tire assembly, air-oil shock strut, and wheel break assembly. The main landing gear consists of brakes and controls for steering the aircraft on the ground. Some parts of the landing gear such as struts used in aircraft are of different types, straight leg & trailing link and wheels. They are used to absorb the impact of landing as the aircraft touches the ground. Typically, two plain bearings are used, a lower bearing and upper bearing in the main structure of landing gear, and a singular bearing is used in the nose landing gear. It is expected that increasing number of aircraft will proliferate the demand for landing gear in the industry expansion.
Increasing airline passengers will support the narrow body aircraft segment growth
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The narrow body aerospace bearings market is predicted to cross USD 850 million in 2027. Single-aisle airliner is also known as narrow-body aircraft with three of four meters of cabin diameter. The narrow body jets’ highest seating capacity is 295 passengers. Some of the narrow body aircraft are Boeing 757, Boeing BBJ, and Airbus A319, and Airbus A318. The rise of narrow body aircraft is proliferating and fueling the demand for the market.
Growing demand maintenance and replacement of aircraft bearing to escalate the revenue generation from aftermarket segment
The aftermarket segment is estimated to showcase 6.5% growth rate through 2027 led by the requirement for replacements in case of any damages. Moreover, bearings are exposed to diversified climatic conditions that contribute significantly toward frequent maintenance requirements. Stringent regulatory norms & policies mandate the regular inspection and maintenance of aircraft components to ensure safety and perform efficiently. Furthermore, the replacement of aging bearing coupled with the requirement for replacing bearings that are stored stationary for a longer duration is further impelling the segment expansion.
Development, manufacturing new fleets, and replacement of aging fleets will create growth opportunities in the European region
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Europe aerospace bearings market size to hold over 30% of revenue share by 2027. The aerospace manufacturing industry in Europe is supported by a large number of investors. The European Union Aviation Safety Agency supports the commercial aircraft industry value with a provision of funding for R&D to strengthen and maintain the global technological leadership. Strong financial support and constant capital flows are enhancing the aircraft sector, influencing the market progression of aerospace bearing. The demand for continuously growing technology in Europe is driving the market revenue. Industry players are focusing on entering into new joint ventures with aircraft manufacturers to expand the product range.
Product development is one of the major strategic outlooks of the overall industry
Some of the key manufacturers operating in the market include Kaman Corporation, SKF, JTEKT Corporation, Schaeffler AG, The Timken Company, NSK Ltd., NTN, C&U, ZWZ, LYC, Minebea, NACHI, and GGB (EnPro Industries). Global industry participants majorly focus on the expansion and development of their service portfolio and technologies to enhance business capabilities and to cater to the rising demand.
The enhancement of the product landscape and strategic partnerships are key initiatives in the industry. Several manufacturers in the industry are focusing on digitalization, which will improve workflow efficiency through digital manufacturing machinery and automation, contributing to automated and flexible manufacturing processes.
The aerospace bearings market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2017 to 2027 for the following segments:
Market, By Type
- Ball Bearing
- Tapered Roller Bearing
- Cylindrical Roller Bearings
- Spherical Bearing
- Plain Bearing
- Others
Market, By Material
- Stainless Steel
- Aluminum Alloys
- Metal Polymer & Engineered Plastic
- Fiber Reinforced Composites
- Ceramic
- Others
Market, By Application
- Landing Gear
- Engine Components
- Doors & Interiors
- Flight Control Systems
- Cockpit Controls
- Aerostructure
- Others
Market, By Platform
- Fixed Wing
- Narrow body
- Widebody
- Regional Jets
- Fighter Jets
- Fixed Wing
- Helicopters
Market, By Sales Channel
- OEM
- Aftermarket
Market, By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Italy
- France
- Russia
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Israel
- Iran
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