The report provides an analysis of the “Aerospace Bearings Market by Type (Roller, Ball), Application (Landing Gear, Engine, Flight Control System, Aerostructure), Material (Stainless Steel, Fiber-Reinforced Composites, Engineered Plastics), Aircraft Type, and Region – Global Forecast to 2022″, The aerospace bearings market was valued at USD 7.88 Billion in 2016 and is projected to reach USD 11.19 Billion by 2022, at a CAGR of 6.01% during the forecast period.
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The increasing demand for aerospace bearings from commercial and defense aviation sectors, technological innovations that have created a demand for high performance aerospace bearings to operate in demanding environments and increasing number of aircraft deliveries are the major factors driving the aerospace bearings market.
“The engine application segment is expected to lead the aerospace bearings market during the forecast period”
Based on application, the aerospace bearings market has been segmented into engine, landing gear, flight control system, aerostructure, and others. Bearings are extensively used in engines. With rise in air travel, the demand for aircraft is also expected to grow, thereby propelling the demand for bearings to be used in aircraft engines.
“Based on type, the roller segment is projected to grow at the highest CAGR during the forecast period”
Based on type, the aerospace bearings market has been segmented into roller, ball, and others. The roller segment of the aerospace bearings market is projected to grow at the highest CAGR during the forecast period. This can be attributed to the application of roller bearings in maximum parts of an aircraft, which will be supported by an increased demand for aircraft in the future.
“Based on material, the fiber-reinforced composites segment is projected to grow at the highest CAGR during the forecast period”
Based on material, the aerospace bearings market has been segmented into metal-backed, fiber-reinforced composites, engineered plastics, aluminum alloys, stainless steel, and others. The fiber-reinforced composites segment is projected to grow at the highest CAGR during the forecast period. Fiber-reinforced composites have greater load carrying and self-lubricating capacity resulting in increased reliability of bearings under harsh conditions, thus leading to its higher demand.
“North America to lead the aerospace bearings market during the forecast period”
The aerospace bearings market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Rapid growth of the Asia-Pacific aerospace bearings market can be attributed to increasing air passenger traffic in emerging economies in the region. Aircraft manufacturers in countries such as Russia, Japan, and China are entering the global market with modernized and high-tech aircraft, thus fueling the aerospace bearings market in the region.
Key Market Players:
Major players in this market are SKF Group (Sweden), The Timken Company (U.S.), GGB Bearings Technology (U.S.), JTEKT Corporation (Japan), and RBC Bearings Inc. (U.S.), among others.
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