Aerospace Bearings Market Is Projected to Grow at the Highest CAGR During the Forecast Period

Aerospace Bearings Market was valued at USD 8.1 Billion in 2018 and is projected to grow at a CAGR of 6.10% to reach USD 13.2 Billion by 2026, over the forecast period.

Leeds, UK -- (SBWIRE) -- 10/27/2020 -- Aerospace Bearings Market was valued at USD 8.1 Billion in 2018 and is projected to grow at a CAGR of 6.10% to reach USD 13.2 Billion by 2026, over the forecast period.

The bearings fitted in aircraft and aerospace systems that includes military, commercial, private, or space applications are referred to as aerospace bearings. The materials used in aerospace bearings include the corrosion resistant AMS5930, silicon nitride (ceramic), M50 tool steel (AMS6491), 440C stainless steel, carbon chrome steel (AMS6444), and titanium carbide-coated 440C. However, material specification, non-destructive testing and to the traceability of the bearing are paid special attention. The traceability of the bearing includes documents that help an engineer to trace a bearing, back to its manufacturing batch as well as material supply.

The global aerospace bearings market can be classified based on type, material, application, aircraft type and region. By type, the global market is classified into roller, ball, and others. Depending upon material, it is segmented into stainless steel, fiber-reinforced composites, metal-backed, engineered plastics, aluminum alloys, and others. As per application, the global aerospace bearings market is divided into landing gear, engine, flight control system, aero structure, and others. Based on aircraft type, the global market is divided into wide body aircraft, narrow body aircraft, regional transport aircraft, business jet, very large aircraft, fighter jet, helicopter, and others.

Among the market segments, the roller segment is expected to grow at a swift rate during the forecast period because of the usage of roller bearings in majority of parts of an aircraft, which will be flanked by rise in demand for aircraft in the future. Among material, the fiber-reinforced composites segment is anticipated to grow at the highest rate as fiber-reinforced composites have greater self-lubricating and load carrying capacity leading to an increased reliability of bearings under harsh conditions.

The global aerospace bearings market is expected to garner maximum revenue in the forecast period. Factors such as rise in the number of aircraft deliveries and up gradation of aircraft to lessen operating cost, high demand for aerospace bearings from commercial as well as defense aviation sectors, technological innovations leading to demand for high performance aerospace bearings are expected to fuel the growth of aerospace bearings market. However, backlogs in current aircraft orders will hamper the growth of aerospace bearings market.

Based on regions, the global aerospace bearings market is divided into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The North American region is anticipated to command the maximum market share and would lead the aerospace bearings market during the forecast period. Due to the rise in number of aircraft deliveries and modernization of aircraft, this region is sturdily investing in this market.

The Asia-Pacific region is expected to witness the swiftest growth in the aerospace bearings market. Factors such as increasing air passenger traffic in emerging economies is propelling the growth of this market. Also, various aircraft manufacturers in countries such as China, Russia, and Japan are establishing their presence in the global market with modernized and high-tech aircraft, thereby propelling the growth of aerospace bearings market in the region. The major companies that provide aerospace bearings include SKF Group, The Timken Company, GGB Bearings Technology, JTEKT Corporation and RBC Bearings Inc. among others.

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Aerospace Bearings Market: Research Methodology

An integrated research study which encompasses the primary research, the secondary research method and the expert panel review has been employed. The secondary sources mainly comprise of a wide range of resources such as press releases, annual reports of companies, and former research studies and varied trusted sources that can also be used include trade journals, industry magazines, government websites, and many more. All these sources were used to get an in-depth insight into the market.

The primary research process mainly comprised of the telephonic interview of reputed industry experts. The interview process was conducted after taking prior permission for the same. Research questionnaires were sent to the respondents via mail. In certain cases, face to face interaction was preferred so that the detailed and authentic review of the Aerospace Bearings Market industry would be possible. The primary research process is carried out continuously so that all the latest happenings can be properly captured. Such a technique helps to comprehend the views of the experts on the recent happenings in the industrial setting. The primary research process is a critical part of the research methodology as it sheds light on the latest market trends, the competitive landscape, market growth, etc. Ultimately, both primary and secondary data are used to conduct a proper analysis of the industry.

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