Global Aerospace Bearing Market Size & Growth Trends Analysis Report

The dependence on air travel as an essential means of bridging distances for moving people and products has increased as globalisation and urbanisation continue. Due to the increased demand, aircraft producers and operators are forced to upgrade their fleets more often, which increases the demand for modern aerospace bearings that can guarantee the dependability and safety of crucial flying components.

Concurrently, technical development has become a crucial growth engine. Precision engineering, digitization, and automation have all seen rapid adoption in the aerospace business, and this trend has spread to the bearing sector as well. Modern materials, manufacturing processes, and design methodology have produced aircraft bearings with improved performance traits, such as less friction, improved load-bearing capacity, and longer lifespans.

The expansion of defence and space exploration initiatives accelerates the development of this industry. With aspirational space missions and expanding military activities, there is an increased need for aircraft bearings that can endure the rigours of harsh environments. Unmatched dependability and longevity are essential for bearings used in satellite systems, propulsion systems, and other space applications.

The market for aerospace bearings has both opportunities and concerns. While the quest for technological innovation necessitates agility, complex international supply networks are vulnerable to disruption. Innovative, sustainable bearing solutions are required due to stricter environmental laws. However, technical innovation, sustainable aviation expansion, growing space exploration, digital transformation, and cooperative alliances offer opportunities for development and resilience. The industry's future indeed in a fast-changing aviation environment will be determined by how well it can adjust to these dynamics while balancing safety, efficiency, and environmental considerations.

Impact of COVID-19

In the aircraft sector, the COVID-19 pandemic has sparked technical innovation and sustainability measures, promoting the use of digital tools, supply chain diversity, and a focus on greener technology. However, it also caused significant harm by sharply decreasing air travel demand, which put airlines, producers, and suppliers in financial trouble. This resulted in layoffs, delayed deliveries, disrupted supply chains, and uncertainty about the future of business travel, necessitating agile strategies and cooperative efforts to overcome these formidable obstacles.

According to the production adaptation plan outlined in April 2020 in response to the COVID-19 pandemic, Airbus delivered 566 commercial aircraft to 87 customers in 2020, which is 34% less as compared to 2019. Thus, the outbreak of covid 19 adversely affected the demand and market of aircraft and aerospace bearings. An innovative e-delivery solution was developed by the Airbus team to overcome international restrictions on travel. This represented more than 25% of the total 2020 deliveries which allowed their clients to receive the aircraft while minimising their team’s travel.

Segmentation

The market for aerospace bearings is segmented based on type, material, platform, and distribution channel. The type segment is further segmented into ball bearing, roller bearing, plain bearing, and others. Similarly, the material segment is sub-segmented into different types of materials used i.e., stainless steel, metal-backed, engineered plastics, aluminium alloy metal-backed, and others. The platform segment of this specific domain is further divided into fixed-wing, rotary-wing, and unmanned aerial vehicles. In terms of distribution channels, it is sub-segmented into OEM (Original Equipment Manufacturer) and aftermarket.

Regional Analysis

With the greatest CAGR, the Asia Pacific region has taken the lead in the market expansion for aircraft bearings. Countries like China, India, and Japan are driving the demand for aerospace bearings to record highs due to their strong economic growth, rising air travel demand, and developing aerospace manufacturing industries. Strategic partnerships with major players in the global sector, the growth of local aerospace manufacturers, the upgrading of defence capabilities, and bold space exploration projects have all improved the region's standing.

Due to the increasing usage of aerospace bearings in the military aviation industry across the region, particularly in the UK, Germany, Italy, and France, the Europe market is anticipated to have consistent revenue growth during the projected period. According to Eurostat, there were 25% more flights in the European Union transporting people, goods, and mail between August 2021 and August 2022. In August 2022 there were over 597 thousand commercial flights. As part of a significant effort to modernise the armed forces in reaction to Russia's invasion of Ukraine, the German government announced plans in March 2022 to purchase up to 35 American-made F-35 fighter fighters and 15 Eurofighter jets. This move is anticipated to increase demand for aerospace bearings in the nation.

Competitive Analysis

Considering the crucial role bearings play in assuring the best performance of aircraft systems, there is fierce competition in the market for aerospace bearings. To serve the aviation and aerospace industries, both established and up-and-coming manufacturers work hard to achieve demanding technological requirements and quality standards. As businesses compete for contracts with aircraft OEMs and operators, technological innovation, material improvements, and durability are key areas of competitiveness. The competitive nature of the aerospace-bearing business in satisfying the sector's changing demands is shown by this commitment to excellence.

The major players in the aerospace bearing market are SKF, JTEKT Corporation, Schaeffler AG, The Timken Company, RBC Bearings Inc., The Boeing Company, Lockheed Martin Corporation, European Aeronautic Defence and Space Company (EADS), Airbus, BAE Systems, KEYW Corporation and Raytheon Technologies. SKF is one of the world's largest bearing manufacturers, employing 44,000 personnel dispersed across 108 manufacturing facilities.

Additionally, costs are anticipated to continue declining over time as businesses in the space ecosystem launch more satellites. SpaceX has launched more than 1,000 Starlink satellites into orbit, and the business plans to launch an additional 4,425 satellites by 2024 as its launch costs decrease as a result of the utilization of reusable rockets and the mass production of satellites. Future lubricants for vehicle reduction gears are anticipated to be made with a long-life bearing with excellent durability to prevent early bearing failure in low-viscosity oil, according to a 2020 announcement from JTEKT Corporation.

The global aerospace bearings market is segmented as follows:

By Type (Revenue: USD Billion, 2018 – 2030)
●    Ball Bearing
●    Roller Bearing
●    Plain Bearing
●    Others

By Material (Revenue: USD Billion, 2018 – 2030)
●    Stainless Steel
●    Metal-Backed
●    Engineered Plastics
●    Aluminum Alloy Metal-Backed
●    Others

By Platform (Revenue: USD Billion, 2018 – 2030)
●    Fixed-Wing
●    Rotary-Wing
●    Unmanned Aerial Vehicles

By End User (Revenue: USD Billion, 2018 – 2030)
●    Adult
●    Child
●    Geriatic

By Distribution Channel (Revenue: USD Billion, 2018 – 2030)
●    OEM (Original Equipment Manufacturer)
●    Aftermarket

By Region (Revenue: USD Billion, 2018 – 2030)

● North America
o U.S.
o Canada
o Mexico

● Europe
o U.K.
o France
o Germany
o Italy
o Spain
o Rest of Europe
 
● Asia Pacific
o China
o Japan
o India
o South Korea
o South East Asia
o Rest of Asia Pacific

● Latin America
o Brazil
o Argentina
o Rest of Latin America

● Middle East & Africa
o GCC Countries
o South Africa
o Rest of Middle East & Africa

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