$12.4 Billion Aerospace Bearings Market
Global Aerospace Bearings Market
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.
Prominent companies include SKF (Sweden), NSK Ltd. (Japan), JTEKT Corporation (Japan), Schaeffler AG (Germany), and NTN Corporation (Japan), among others.
No. of Pages
2023 - 2028
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
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
Growing Fleet of Commercial and Combat Aircraft
Surge in Deliveries of Military Aircraft
Increased Use of UAVs and Hybrid Vtols
Impact of Counterfeiting
High Cost of Raw Materials
Improved Focus on Greener Aerospace Sector
Emergence of Advanced Air Mobility
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)
Rotary Bearings with Engineered Iot
Advancements in Lubricants Performance
Innovations in Bearing Performance
Emerging Demand for Integrated and Sustainable Bearings
Ceramic and Composite Bearings
Integrated Health Monitoring
Miniature and Lighter Materials
Impact of Megatrends
Implementation of Industry 4.0
Globalization of Supply Chain
Impact of Advanced Air Mobility
National Precision Bearing
Rbc Bearings, Inc.
Pacamor Kubar Bearings
Ast Bearings LLC
Regal Beloit Corporation
The Timken Company
Lyc Bearing Corporation
Schatz Bearing Corporation
Radial Bearing Corporation
Csc Bearing Europe GmbH
Cgb Precision Products
Sapporo Precision Inc.
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Global Aerospace Bearings MarketResearchAndMarkets.com'sThe aftermarket segment is projected to witness the highest CAGR during the forecast period.The commercial aviation segment is projected to dominate the aerospace bearings market by frequency.North America is expected to account for the largest market share in 2023.Competitive landscapeKey Attributes:Report AttributeDetailsPremium InsightsMarket DynamicsCompany ProfilesAbout ResearchAndMarkets.comAttachment