Dublin, July 18, 2023 (GLOBE NEWSWIRE) -- The "Aerospace Bearings Market by Application (Landing Gear, Cockpit Control, Aerostructure, Aircraft System, Engine & APU System, Door, and Aircraft Interior), Type (Ball Bearing, Roller Bearing), Sales Channel, Material & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global aerospace bearings market is estimated to be USD 12.4 billion in 2023 and is expected to reach USD 14.6 billion by 2028 at a CAGR of 3.3%
The growth of this market can be attributed to the airlines striving to modernize their fleets to improve fuel efficiency, reduce maintenance costs, and enhance passenger comfort. This trend involves retiring older aircraft and replacing them with newer, more technologically advanced models. As new aircraft are introduced, the demand for aerospace bearings increases.
The aftermarket segment is projected to witness the highest CAGR during the forecast period.
Based on end-use, the aftermarket segment of the aerospace bearings market is projected to hold the highest growth rate during the forecast period. The aftermarket segment in the aerospace bearings market is expected to experience significant growth due to the aging aircraft fleet, retrofitting activities, regulatory compliance, cost-effectiveness, technological advancements, and the competitive market landscape.
The commercial aviation segment is projected to dominate the aerospace bearings market by frequency.
Based on aircraft type, the commercial aviation segment is projected to dominate the market share during the forecast period. This is primarily due to the increasing air passenger traffic, fleet modernization and expansion efforts by airlines, and the demand for enhanced passenger experience.
The commercial aviation segment includes major airlines operating both domestic and international flights, and their need for new aircraft and bearings replacements drives the market. Additionally, the commercial aviation segment's focus on fuel efficiency, regulatory compliance, and technological advancements further contributes to its significant market share in the aerospace bearings market.
North America is expected to account for the largest market share in 2023.
The aerospace bearings market industry has been studied in North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America accounted for the largest market share in 2023. The largest market for aerospace bearings in North America is typically the United States.
The United States has a significant presence in the aviation industry, with numerous major aircraft manufacturers, suppliers, and operators based in the country. This robust aviation sector drives the demand for aerospace bearings in the North American market. The United States has a strong aerospace industry, with leading companies like Boeing and Lockheed Martin based in the country.
These companies manufacture a large number of commercial and military aircraft, which require aerospace bearings for windshields, windows, and canopies. The demand from these manufacturers drives the market for aerospace bearings in the United States.
Competitive landscape
Prominent companies include SKF (Sweden), NSK Ltd. (Japan), JTEKT Corporation (Japan), Schaeffler AG (Germany), and NTN Corporation (Japan), among others.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 236 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $12.4 Billion |
| Forecasted Market Value (USD) by 2028 | $14.6 Billion |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Global |
Premium Insights
- Attractive Growth Opportunities for Players in Aerospace Bearings Market: Technological Advancements in Aerospace Industry to Drive Market
- Commercial Aviation Segment to Lead Market from 2023 to 2028
- Aftermarket Segment to Lead Market During Forecast Period
- Market in India to Register Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Growing Fleet of Commercial and Combat Aircraft
- Surge in Deliveries of Military Aircraft
- Increased Use of UAVs and Hybrid Vtols
Restraints
- Impact of Counterfeiting
- High Cost of Raw Materials
Opportunities
- Improved Focus on Greener Aerospace Sector
- Emergence of Advanced Air Mobility
Challenges
- Obstacles in Obtaining Accreditations
- Dependence on Military Budget
- Legal and Regulatory Barriers
Case Study Analysis
- Timken Designs Bearings for New Mars Rover (2020)
- Kaman Corporation Receives Additional Contract on K-Max Helicopters (2018)
- Trans-Pacific Receives Bearings Order for a China-Based Aerospace Company (2015)
Technology Analysis
- Rotary Bearings with Engineered Iot
- Advancements in Lubricants Performance
- Innovations in Bearing Performance
- Emerging Demand for Integrated and Sustainable Bearings
Technology Trends
- Ceramic and Composite Bearings
- Integrated Health Monitoring
- Improved Lubrication
- Miniature and Lighter Materials
- Additive Manufacturing
- Smart Bearings
Impact of Megatrends
- Implementation of Industry 4.0
- Globalization of Supply Chain
- Impact of Advanced Air Mobility
Company Profiles
Key Players
- Ntn Corporation
- Ggb
- Skf
- Nsk Ltd.
- Jtekt Corporation
- National Precision Bearing
- Rbc Bearings, Inc.
- Pacamor Kubar Bearings
- Ast Bearings LLC
- Kaman Corporation
- Regal Beloit Corporation
- The Timken Company
- Schaeffler Ag
- Nachi-Fujikoshi Corp.
- Minebeamitsumi Inc.
- Lyc Bearing Corporation
- Schatz Bearing Corporation
- Barden Bearings
- Radial Bearing Corporation
- Csc Bearing Europe GmbH
Other Players
- Alpine Bearing
- Rexnord Corporation
- Cgb Precision Products
- Sapporo Precision Inc.
For more information about this report visit https://www.researchandmarkets.com/r/4ht0pe
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