Aerospace Bearing Systems Market Size, Trends, Share, Growth, and Opportunity Forecast, 2024 - 2031 Global Industry Analysis By Type (Plain Bearing, Ball Bearing, Roller Bearing, and Others), By Material Type (Stainless Steel, Aluminum Alloys, Fiber Reinforced Composites, Metal Polymer & Engineered Plastics, Ceramics, and Others), By Platform (Fixed-Wing, Rotary-Wing, and UAVs), By Application (Engine Systems, Flight Control Systems, Landing Gear Systems, Airframe Systems, and Others) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

Aerospace Bearing Systems Market Size, Trends, Share, Growth, and Opportunity Forecast, 2024 - 2031 Global Industry Analysis By Type (Plain Bearing, Ball Bearing, Roller Bearing, and Others), By Material Type (Stainless Steel, Aluminum Alloys, Fiber Reinforced Composites, Metal Polymer & Engineered Plastics, Ceramics, and Others), By Platform (Fixed-Wing, Rotary-Wing, and UAVs), By Application (Engine Systems, Flight Control Systems, Landing Gear Systems, Airframe Systems, and Others) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)
Region: Global
Published: June 2024
Report Code: CGNAAD753
Pages: 220

The Global Aerospace Bearing Systems Market was valued at USD 12.67 Billion in 2023 and is anticipated to reach a value of USD 26.38 Billion by 2031 expanding at a CAGR of 9.7% between 2024 and 2031.

Aerospace bearing systems are specialized designed to allow relative motion between moving parts while reducing friction and supporting loads. These bearings are mostly provided with seals to avoid contaminant entry and even to retain the lubricant. Aerospace bearing systems are installed in aircraft and aerospace systems. These bearings play an essential role in ensuring the reliability, safety, and efficiency of various aerospace applications. These specialized bearings are crafted with accurate attention to detail to deliver optimal performance. Aerospace bearing system is a mechanical device that regulates the movement and rotation of various components within an aerospace framework. The aerospace bearing systems market is witnessing significant growth due to factors such as rapid growth in aerospace industry, demand for lightweight systems, increase in demand for air travel, and increasing defense spending. Aerospace bearings are found throughout several parts of an aircraft, including engine systems, flight control systems, landing gear systems, airframe systems, among others.

Aerospace Bearing Systems Market Major Driving Forces

Rapid Growth in Aerospace Industry: The aerospace industry is experiencing significant growth due to rise of international travel, rising passenger traffic, and increasing commercial aircraft fleet sizes. This rapid expansion creates a higher demand for aircraft production, including aerospace bearing systems.

Demand for Lightweight Systems: The rising demand for lightweight aerospace bearing systems is significantly influencing the growth of the market. Increasing importance of reducing the weight of the aircraft to achieve an optimal performance is boosting the sales of aerospace bearing systems.

Increase in Demand for Air Travel: The market for aerospace bearing systems is also driven by the rise in demand for air travel. As road congestion, particularly in urban areas get worsen, hence people are looking for less-time consuming ways to get to their destinations, which is driving growth of the market.  

Increasing Defense Spending: The increasing defense expenditure across the world due to geopolitical concerns and national security are driving the growth of aerospace bearing systems market. This leading to increase in investments in upgradation and expansion of defense aircraft fleets, driving demand for aerospace bearing systems.    

Aerospace Bearing Systems Market Key Opportunities

Increasing Space Exploration Activities: The increasing interest in space exploration and its related activities is expected to create significant opportunities for market growth. This growing interest in space exploration has promoted to invest significantly in initiatives focused on investigating the celestial surroundings, consequently leading to increase in demand for advanced aerospace bearing systems.

Technological Advancements: The continuous advancements in bearing technology, to develop bearing with improved performance. Manufacturers are focusing on developing fuel-efficient ad lightweight engines to comply with the stringent regulations. The growing demand for fuel-efficient engines and lightweight components encourage aerospace bearing manufacturers to develop technologically advanced bearing systems for aircraft engines.

Demand for Unmanned Aerial Vehicles (UAVs): The rising demand for unmanned aerial vehicles (UAVs) is anticipated to present significant opportunities for market expansion. The use of bearings in UAVs is critical for their efficient and reliable operation. The growing use of UAVs in both military and commercial applications creates demand for lightweight and reliable bearings for these aerial platforms.

Aerospace Bearing Systems Market Key Trends

·         The increasing demand for lightweight aircraft structures is one of the significant trend in the aerospace bearing systems industry

·         The rapid growth of the commercial aviation sector, especially in emerging economies is a key factor driving the market growth

·         Adoption of antimicrobial and antibacterial aerospace bearing systems treatments to enhance hygiene and cleanliness

·         Technological advancement in bearing technology is leading to the development of bearing with improved performance  

·         The increasing interest in space exploration and its related activities is a notable trend shaping the market growth

·         The surge in adoption of composite bearings is a prominent trend in the global aerospace bearing systems market

·         Introduction of sensor based bearings & self-lubricating bearings are some significant trends influencing the market growth

Region-wise Market Insights

North America accounted for the largest market share at 41.3% in 2023 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 10.2% between 2024 and 2031.

North America region is taking lead in the aerospace bearing systems market due to its well-established aerospace industry, technological innovation, expanding aviation sector, and rising defense budgets. Furthermore, In North America, the demand is also driven by a strong presence of key market players, robust defense sector, and the availability of advanced machinery facilities in the region. Europe has a robust aerospace industry with leading aircraft manufacturers investing in development of advanced technologies. In Asia-Pacific, the market is characterized by the expanding commercial aviation sector, increasing defense expenditure, rising disposable incomes, growing urbanization, and a surge in air passenger traffic which has created an increasing demand for aerospace bearing systems. The Middle East and Africa has been witnessing a growing demand for aerospace bearing systems with growing manufacturing facilities whereas, in South America, the market is influenced by economic factors, with the expansion of aviation sector.

Market Competition Landscape

The global aerospace and defense fluid conveyance systems market is highly consolidated with the presence of well-established manufacturers. Key players in the aerospace bearing systems market engage in strategies aimed at gaining a competitive edge. These strategies include product innovation, design differentiation, and the incorporation of sustainable and eco-friendly materials to meet evolving consumer preferences. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

The manufacturers are focusing on the technological advancements for delivering modern and sophisticated solutions. Additionally, key players operating in the industry are making significant investments for driving innovation and fuel market expansion.

Key players in the global aerospace bearing systems market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         AST Bearings

·         Aurora bearings

·         GGB Bearings Technology

·         JTEKT Corporation

·         SKF Group

·         Kaman Speciality Bearings

·         National Precision Bearings

·         New Hamphshire Ball Bearings

·         NSK Ltd.

·         Nachi-Fujikoshi Corp.

·         GGB Bearing Technology

·         MinebeaMitsumi Inc.

·         The Barden Corporation

·         BAE Systems plc

Report Attribute/Metric

Details

Market Revenue in 2023

USD 12.67 Billion

Market Revenue in 2031

USD 26.38 Billion

CAGR (2024 – 2031)

9.7%

Base Year

2023

Forecast Period

2024 – 2031

Historical Data

2019 to 2023

Forecast Unit

Value (US$ Mn)

Key Report Deliverable

Revenue Forecast, Growth Trends, Market Dynamics, Segmental Overview, Regional and Country-wise Analysis, Competition Landscape

Segments Covered

·   By Type (Plain Bearing, Ball Bearing, Roller Bearing, and Others)

·   By Material Type (Stainless Steel, Aluminum Alloys, Fiber Reinforced Composites, Metal Polymer & Engineered Plastics, Ceramics, and Others)

·   By Platform (Fixed-Wing, Rotary-Wing, and UAVs)

·   By Application (Engine Systems, Flight Control Systems, Landing Gear Systems, Airframe Systems, and Others)

Geographies Covered

North America: U.S., Canada and Mexico

Europe: Germany, France, U.K., Italy, Spain, and Rest of Europe

Asia Pacific: China, India, Japan, South Korea, Southeast Asia, and Rest of Asia Pacific

South America: Brazil, Argentina, and Rest of Latin America

Middle East & Africa:  GCC Countries, South Africa, and Rest of Middle East & Africa

Key Players Analyzed

AST Bearings,Aurora bearings.,GGB Bearings Technology,JTEKT Corporation,SKF Group,Kaman Speciality Bearings,National Precision Bearings,New Hamphshire Ball Bearings,NSK Ltd.,Nachi-Fujikoshi Corp.,GGB Bearing Technology,MinebeaMitsumi Inc.,The Barden Corporation, and BAE Systems plc.

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