Aerospace Bearings Market expected to reach $14.7 billion by 2026 - PowerPoint PPT Presentation

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Aerospace Bearings Market expected to reach $14.7 billion by 2026

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The aerospace bearings market is projected to grow from USD 9.6 billion in 2021 to USD 14.7 billion by 2026, at a CAGR of 8.9% from 2021 to 2026. – PowerPoint PPT presentation

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Title: Aerospace Bearings Market expected to reach $14.7 billion by 2026


1
The Aerospace Bearings Market is projected to
grow from USD 9.6 billion in 2021 to USD 14.7
billion by 2026, at a CAGR of 8.9 from 2021 to
2026. The growth of the aerospace bearings
market can be attributed to
the expansion and growth of the
aviation industry in developing countries.
Rising global air passenger traffic and
increased aircraft movements boost the sales of
aerospace bearings. Companies operating in this
market focus on fuel-efficient and lightweight
solutions and are investing more in material
technology to develop ceramic and hybrid
bearings. Download PDF Brochure _at_
https//www.marketsandmarkets.com/pdfdownloadNew.a
sp?id191707655 COVID-19 impact on the Aerospace
bearings Market The sudden outbreak of COVID-19
has taken a toll on various industrial sectors,
with aviation being one of the worst-hit.
Nationwide lockdowns because of the pandemic
impacted all regions, with air travel
restrictions impacting domestic and
international flights. Significant slowdowns are
also being witnessed in the transportation of
non-essential goods and distribution chains,
shrinking industrial activities. This has the
potential to impact the sales of various types of
aircrafts as well as in MRO demand for
components such as bearings. Due to the slowdown
in world economic growth, the aerospace bearings
market has also suffered a certain impact. The
COVID-19 crisis is negatively impacting most
major players operating in the aerospace bearings
market. Emerging regions such as Africa and
Latin America suffered major hit due to COVID19.
In Africa, about 5 million of the continents 7
million aerospace and tourism industry-associated
jobs have been lost in 2020, in addition to as
far as 15 billion in revenue, half of this to
African airlines. Lockdown restrictions and low
demand led to production cut across aerospace
bearing manufacturers. The 2020 aerospace bearing
market registered a decline in 37.6 market
value. The global aerospace bearing market is
projected to register steady growth from 2022 as
tailwinds of the pandemic recede. Based on type,
the ball bearing segment is held the leading
share of the aerospace bearings market during
the forecast period. Based on type, the aerospace
bearings market has been segmented into ball
bearing, roller bearing, plain bearing, and
others. Bearings are devices used to enable
rotational or linear movement while reducing
friction and handling stress. Resembling wheels,
bearings literally enable devices to roll, which
reduces the friction between the surface of the
bearings and the surface they are rolling over.
2
Collectively ball bearings roller bearings
together held the majority share of the
aerospace bearings market in 2020 as they find
applications in multiple areas ranging from
engines and cockpit controls to landing gears and
aerostructures. Based on material type, the metal
segment is projected to lead the aerospace
bearings market from 2021 to 2026. Based on
material type, the aerospace bearings market has
been segmented base on material into metal,
metal polymer engineered plastic, fiber
reinforced plastic, and ceramic. the metal
segment held the largest share of the aerospace
bearings market in 2020. Traditionally bearings
are made from stainless steel metal due to the
cost- effective nature and durability of the
metal. However, the fiber reinforced composite
and ceramic segments are anticipated to record
high growth during the forecast period due to
the increasing demand for lightweight and
environmentally friendly products. Based on
application, the cockpit control and
aerostructure segment is projected to grow at a
high CAGR during the forecast period. Based on
application, the aerospace bearings market is
segmented under landing gear, cockpit control,
aerostructure, aircraft systems, engine APU,
door and aircraft interiors. The aerostructure
segment is projected to record a high growth
during the forecast period. The aerostructure
refers to the body of an aircraft. The
aerostructure is required to have an optimal
proportion of the weight of the vehicle and
payload. It needs to be strong enough to
withstand exceptional circumstances in which it
must operate, and durability is an important
factor. Track roller bearings are typically used
in aircraft structures. Track roller bearings are
bearings with suitable external outside rolling
rings designed to run along profiles or
cams. Based on platform, the fixed wing segment
is projected to grow at the highest CAGR during
the forecast period. Based on platform, the
aerospace bearings market has been segmented into
fixed wing, rotary wing, and unmanned aerial
vehicle. The fixed wing segment is projected to
record highest growth during the forecast period
owing to demand for new fixed wing aircraft is
expected to increase in the coming years due to
the growing air passenger traffic and
replacement of aging aircraft. Asia Pacific and
the Middle East are expected to witness high
growth in the aviation industry on account of
increasing disposable income in these
regions. Based on sales channel, the aftermarket
segment held the majority share of the aerospace
bearings market from 2021 to 2026. Based on sales
channel, the aerospace bearings market has been
segmented into OEM and aftermarket. In 2020,
Aftermarket segment accounted for the dominating
share of the global aerospace bearings market.
Increasing safety regulations is propelling the
maintenance checks of the aircrafts. Bearings
which have wear tear nature contribute to high
replacement demand. The Asia Pacific and Middle
East regions are projected to be high growth
potential markets for the aerospace bearings
market during the forecast period. The aerospace
bearings market in the Middle East region is
expected to witness substantial growth and
register the highest CAGR during the forecast
period. The
3
Middle East had increased its share of cargo air
traffic from 3 in 1999 to 14 in 2020. The
freight fleets and transport carriers are
anticipated to record exponential growth in the
region, thereby boosting the aerospace bearings
market. The general business aviation industry
in the Middle East is one of the most developed
in the world. The presence of many
high-net-worth individuals has boosted the demand
for business jets and light aircraft. Key Market
Players The major players in the aerospace
bearings market are SKF (Sweden), JTEKT
Corporation (Japan), Schaeffler AG (Germany), The
Timken Company (US), RBC Bearings Inc. (US), and
NSK Ltd. (Japan). Ask for Sample Report
_at_ https//www.marketsandmarkets.com/requestsampleN
ew.asp?id191707655 About MarketsandMarkets Mar
ketsandMarkets provides quantified B2B research
on 30,000 high growth niche opportunities/threats
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over 200,000 markets and entire value chains for
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with market sizing and forecasts of niche
markets. Contact Mr. Aashish Mehra
MarketsandMarkets INC. 630 Dundee Road Suite
430 Northbrook, IL 60062 USA 1-888-600-6441
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