What is the global market size of Aerospace Bearings Market?

Global Aerospace Bearings Market size was valued at USD 10.89 billion in 2021 and is poised to grow from USD 12.4 billion in 2022 to USD 2.67 billion by 2030, growing at a CAGR of 9.6% during the forecast period (2023-2030).

Global Aerospace Bearings Market Size, Share, Growth Analysis, By Type(Roller Bearings, Ball Bearings), By Application(Engine Systems, Landing Gear Systems) - Industry Forecast 2024-2031

Report ID: SQMIG20A2075 | Region: Global | Published Date: March, 2024
Pages: 202 | Tables: 64 | Figures: 75

Global Aerospace Bearings Market Regional Insights

North America dominated the global aerospace bearings market. The region is home to some of the world's largest aerospace manufacturers, including Boeing and Lockheed Martin, contributing significantly to the demand for aerospace bearings. The well-established aerospace industry in North America, coupled with the presence of numerous defense and commercial aviation companies, drives the market growth in the region. Additionally, the region's strong focus on technological advancements and research and development activities further boosts the demand for advanced aerospace bearings.

Asia-Pacific (APAC) is experiencing rapid growth and is emerging as one of the fastest-growing regions in the aerospace bearings market. The expanding commercial aviation sector in countries like China and India, along with the increasing defense expenditure, is propelling the demand for aerospace bearings in the region. The rising disposable incomes, growing urbanization, and a surge in air passenger traffic contribute to the market growth. Furthermore, the presence of prominent aircraft manufacturers, such as Airbus and Mitsubishi Aircraft Corporation, in APAC fosters the demand for aerospace bearings.

Global Aerospace Bearings Market Report Snapshots

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The Global Aerospace Bearings Market size was valued at USD 12.40 Billion in 2022 and is poised to grow from USD 13.59 Billion in 2023 to USD 28.30 Billion by 2031, at a CAGR of 9.60% during the forecast period (2024-2031).

The global aerospace bearings market is characterized by a mix of established and emerging players striving to gain a competitive edge. Companies in the market are focused on continuous product innovation, technological advancements, and strategic collaborations to expand their market presence. Additionally, there is a growing emphasis on research and development activities to develop high-performance bearings that meet the evolving requirements of the aerospace industry. The competitive landscape is driven by factors such as product quality, reliability, customer service, and the ability to offer customized solutions that cater to specific aerospace applications. 'SKF (Sweden)', 'Timken Company (US)', 'NTN Corporation (Japan)', 'Schaeffler AG (Germany)', 'RBC Bearings Incorporated (US)', 'NSK Ltd. (Japan)', 'JTEKT Corporation (Japan)', 'Aurora Bearing Company (US)', 'THK Co., Ltd. (Japan)', 'Nachi-Fujikoshi Corp. (Japan)', 'GGB Bearing Technology (US)', 'Wafangdian Bearing Group Corporation (China)', 'MinebeaMitsumi Inc. (Japan)', 'Regal Beloit Corporation (US)', 'NMB Technologies Corporation (US)', 'The Barden Corporation (US)', 'Kaman Corporation (US)', 'RKB Bearing Industries (Switzerland)', 'Federal-Mogul Corporation (US)', 'BAE Systems plc (UK)'

One significant driver of the global aerospace bearings market is the increasing demand for lightweight aircraft structures. With the aim of improving fuel efficiency and reducing emissions, aerospace manufacturers are focusing on developing lightweight aircraft designs. This has led to a surge in the demand for advanced aerospace bearings that offer reduced weight without compromising on performance and durability. Lightweight bearings not only contribute to overall weight reduction but also enhance aircraft maneuverability, leading to increased efficiency and cost savings for airlines.

One key market trend in the global aerospace bearings market is the increasing adoption of additive manufacturing, also known as 3D printing, for bearing production. Additive manufacturing allows for the creation of complex geometries and intricate designs, offering greater design flexibility and customization options. This technology enables aerospace bearing manufacturers to produce lighter, more durable, and highly efficient bearings with improved performance characteristics. The use of additive manufacturing in bearing production also facilitates faster prototyping and reduces production lead times, contributing to overall cost savings and increased operational efficiency.

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Global Aerospace Bearings Market Size, Share, Growth Analysis, By Type(Roller Bearings, Ball Bearings), By Application(Engine Systems, Landing Gear Systems) - Industry Forecast 2024-2031

Global Aerospace Bearings Market Regional Insights

Global Aerospace Bearings Market Report Snapshots

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What is the global market size of Aerospace Bearings Market?

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