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Global Aerospace Bearings Market expected to reach USD 11.19 Mn by 2022, Key players - JTEKT Corporation (Japan), SKF Group (United States), GGB Bearing Technology (France), RBC Bearing Inc. (United States), NSK Ltd. (Japan), The Timken Company (United St
Global Aerospace bearings Market
The Industry for aerospace bearings is strongly influenced by the increased demand for aircraft deliveries. Air traffic is increasing in both developed and developing countries, resulting in increased demand for more aircraft. This has led aircraft manufacturers and aircraft engine manufacturers to buy bearings faster than before. In addition, the need to modernize old aircraft with new and reliable technologies is also driving manufacturers to upgrade older aircraft with advanced bearings, fuelling the aerospace bearing Industry. The Industry for aerospace bearings was valued at USD 7.88 billion in 2016 and is expected to reach USD 11,190 million in 2022, with a CAGR of 6.01% during the forecast period.
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Global Aerospace bearings Market Drivers and restraints:
The growth of the Industry of bearings for the aerospace industry is affected by the high cost of raw materials. Technical plastics, stainless steel and alloys are extremely expensive due to their various capacities, which increase the cost of the products. This has the effect of increasing the cost of the final bearing, which prevents aircraft manufacturers and engine manufacturers from obtaining these bearings of advanced material, slowing down the growth of the industry of bearings in the aerospace industry. In addition, the maintenance of these bearings is also high, which is another factor that has a negative impact on the aerospace industry. It is estimated that the aerospace bearing Industry is experiencing significant growth over the years due to the increased use of fiber reinforced composite bearings. These bearings can support heavy loads and are automatic, which is attracting increasing interest among bearing manufacturers. Due to their ability to withstand heavier loads compared to stainless steel bearings and aluminium alloys, aircraft manufacturers and aircraft engine manufacturers are purchasing fiber-reinforced composites. It is expected that this decision by aircraft and airplane engine manufacturers will stimulate the aerospace bearing Industry.
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Global Aerospace bearings Market Geographical segmentation:
Geographically, the aerospace bearings industry is segmented into five strategic regions of North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. The aerospace bearing Industry is dominated by North America, followed by Europe.
List of Key Players in Global Aerospace bearings Market:
The main players in the industry are AST Bearing LLC (United States), JTEKT Corporation (Japan), SKF Group (United States), GGB Bearing Technology (France), RBC Bearing Inc. (United States), NSK Ltd. (Japan), The Timken Company (United States), Aurora Bearing Company (United States), National Bearing Precision (United States) and NTN Corporation (Japan).
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