The global aerospace bearings market was valued at $5.24 billion in 2020, and is projected to reach $14.24 billion by 2030, registering a CAGR of 10.6% from 2021 to 2030.
COVID-19 outbreak impacted the aerospace industry significantly, which in turn resulted in substantial decline in the aircraft sales, shortage of raw material, delayed delivery of aircraft and others. Aviation industry players are facing issues such as complete halt of production activities, mandated plant closures by the government, and others. Various companies operating in the aviation industry are stepping up by reconfiguring their supply chain, production, and services for delivery of critical medical supplies.
Bearing is a type of machine element that is used to support relative motion and helps to reduce friction that is caused between moving parts. Bearing find their applications in various industries such as automobile, aerospace, wind turbines, construction & mining machinery, agricultural equipment, machine tools, and others. It is used in aircrafts to ensure smooth running of engines, shafts, propellers and other type of parts reed for aviation. Global aerospace bearing market is gaining more importance owing to rising utilization of bearing products in various end-use industries, rolling mills, and aircrafts. Technological developments have improved the overall efficiency of bearing products in the aviation sector and have enhanced the shelf life of products. For instance, NSK has developed gearbox bearing that offers low maintenance and enhanced reliability in heavy duty engines.
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Major Market Players:
- GGB
- JTEKT Corporation
- Kaman Corporation
- NSK Ltd.
- NTN Corporation
- RBC Bearings Inc.
- Schaeffler AG
- SKF
- THK CO. LTD.
- Timken
In addition, the factors such as increase in focus toward reduction of vehicle weight, growth of global space sector & technological innovations and focus on green aerospace sector & its impact on bearing supply chain supplements the growth of the Aerospace Bearings market across the globe. However, factors such as high cost of raw materials, increase in operational costs followed by seasonal serviceability and delay in obtaining accreditations hampers the growth of the market across the globe. Moreover, the factors such as growth in urban air mobility (UAM) platform, emergence of sensor bearing units and increase in development of additive manufacturing technologies & materials to manufacture bearing creates ample opportunities for the growth of the market during the forecast period.
The aerospace bearings market has been segmented into bearing type, aircraft type, application and region. By bearing type, the global market has been segmented into plain bearing, roller bearing, ball bearing and others. By aircraft type, the global market has been segmented into fixed wings, rotorcraft and others. By application, the global bearing market has been segmented into commercial aviation, military aviation, business & general aviation and unmanned aerial vehicle. By region, the aerospace bearing market has been studied across North America, Europe, Asia-Pacific and LAMEA.
Key Market Segments
By Bearing Type
- Plain Bearing
- Roller Bearing
- Ball Bearing
- Others
By Aircraft Type
- Fixed Wings
- Rotorcraft
- Others
By Application
- Commercial Aviation
- Military Aviation
- Business & General Aviation
- Unmanned Aerial Vehicle
With increasing funding and a decline in costs, the space industry is expected to witness increased opportunities, primarily in satellite broadband internet access. In 2020, space investments stayed resilient at $25.6 billion, and the impetus for investments is expected to continue solid in 2021 as well. Space launch facilities are expected to record strong progress in 2021 owing to the increased investment in space & aviation sector. Space exploration is also anticipated to continue to evolve and flourish in 2021 due to diminishing launch costs and innovations in technology. Over the long term, costs are expected to continue dropping with companies in the space ecosystem deploying a greater number of satellites. For instance, more than 1,000 Starlink satellites have been launched into orbit by SpaceX, and the company aims to further launch 4,425 satellites in orbit by 2024 as its launch costs decline due to the use of reusable rockets and the mass production of satellites. Further, the U.S. Space Command, which supervises space operations using personnel and assets managed by the Space Force, is expected to support A&D companies in fast-tracking investments in innovative technologies and capabilities. China and Russia are similarly focusing on strengthening their military facilities in space, which also creates ample opportunities for the growth of the Aerospace Bearings market across the globe.
With the goal of improving performance, the latest trend among vendors in the aviation industry is the incorporation of sensor units in bearing. The most popular sensor bearing are found in wheel applications and transmission units. Most aircraft control unit bearing commonly include speed sensors that send wheel speed data to the safety system and traction control units of aircrafts. In addition, sensor-bearing units also assist in the digital monitoring of rotation speed, axial movement, deceleration, acceleration and load carrying capacity in passenger and commercial aircrafts. Moreover, sensor ball bearing are being used in other aircrafts such as helicopters, drones, space shuttles, UAVs & others. Furthermore, the advantages such as compact, robust, easy-to-mount and cost saving with wide scope of application will open the opportunities for the aerospace bearing market in near future.
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