Aerospace Bearings Market Top Industry, Opportunities, Growth, Shares, Size by 2028

The global aerospace bearings market size is projected to grow from USD 10.21 billion in 2021 to USD 17.44 billion in 2028. Fortune Business Insights™ provided this information in a report, titled, “Aerospace Bearings Market, 2021-2028.” As per the report, the market stood at USD 7.21 billion in 2020. It is set to exhibit a CAGR of 7.95% in the forecast period in 2021-2028.

NSK Ltd. Introduces New Machine Tool Bearing Technology
In January 2021, NSK Ltd., a manufacturer based in Japan developed its latest machine tool bearing technology that can enhance reliability, lower run-in-time, and make spindle assembly easier than before. The company exhibited its technology at the NSK VIRTUAL EXPO - Machine Tool Online Exhibition. It provides numerous features, including improvements in the overall productivity. It can also reduce temperature rise and improve cage strength under oil-air lubrication. Such initiatives by key companies would propel the demand for aircraft bearings in the near future.

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Effect on Supply of Bearings to Various Countries Hampered Growth amid COVID-19 Pandemic
In 2020, the COVID-19 pandemic took a huge toll on the number of aircraft deliveries. Travel bans also affected the supply of aerospace bearings to neighboring countries. Also, their costs increased dramatically because of the implementation of various safety guidelines, especially upgradation of the equipment, testing, and screening. In October 2020, AST Bearings, for instance, put forward new rules for the transportation of goods amid the pandemic.

Report Coverage-
The report provides intelligent insights on new product developments, R&D activities, and future technologies in this industry. At the same time, it delivers elaborate information about recent investments, developments, and untapped geographies. Besides, our analysts have conducted an assessment of manufacturing capabilities, strategies, and shares of prominent companies.
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Drivers & Restraints-
Implementation of Strict Norms by Government Agencies to Bolster Growth
Aircraft engine manufacturers are nowadays trying to develop and design lightweight and fuel-efficient engines in order to keep up with the strict norms implemented by regulatory bodies, such as the Federal Aviation Administration (FAA). Some of the others are striving to come up with technologically advanced composite aerospace bearings for these engines. Airbus SAS, a renowned aircraft manufacturer, for instance, took a step towards the manufacturing of eco-friendly components by proposing the three-concept- zero-emission aircraft. However, uncertainty in the supply chain of bearings owing to the COVID-19 pandemic may hinder the aerospace bearings market growth in the upcoming years.

Segments-
Engineered Plastics Segment to Grow Rapidly Stoked by Usage in Flight Control Systems
By material, the market is segregated into stainless steel, fiber-reinforced composites, engineered plastics, aluminum alloys, and metal-backed. Amongst these, the engineering plastics segment is expected to grow rapidly by holding a significant aerospace bearings market share. This growth is attributable to the surging usage of this type of plastic in aerostructures components and flight control systems.

Regional Insights-
Availability of Unique Machining Facilities to Help North America Dominate in Market
• North America stood at USD 2.80 billion in 2020 in terms of revenue and would retain its dominant position throughout the forthcoming years. The availability of advanced machining facilities and the presence of multiple aeronautical bearing providers in the region would drive growth.
• In Asia Pacific, the market is expected to showcase the highest CAGR on account of the rising investment by governments in the aerospace and defense sector.
• Europe would exhibit significant growth because of the need to improve the design of aircraft bearings. Hence, major companies are investing huge sums in the same. Germany-based August Steinmeyer GmbH & Co. KG., for instance, designed ball screws for machine slides and electric cylinders, mainly for linear actuators in January 2021.

Competitive Landscape-
Key Companies Aim to Broaden Footprint through Introduction of Innovative Products
The global market possesses a large number of new entrants that are presently creating major challenges for leading and established players in terms of price and quality of services. GGB Bearings Technology, for instance, is a dominant company that is focusing on investing huge sums in aircraft modernization programs to compete with its rivals. A few others are launching state-of-the-art aircraft bearings to broaden their offerings and expand footprint.

Below is one of the latest industry developments:
• February 2020: Kaman Air Vehicles signed an agreement with Trust International Group to gain access to the exclusive rights to market the latter’s K-MAX® medium-to-heavy lift helicopter in the U.A.E. It would help the company to broaden its geographic presence across the Middle East and enhance the aircraft’s aerial lift capability.
Fortune Business Insights™ lists out the names of prominent vendors of aerospace bearings
operating in the global market.

They are as follows:
• AST Bearings (The U.S.)
• Aurora Bearings (The U.S.)
• GGB Bearings Technology (The U.S.)
• JTEKT (Japan)
• Kaman Specialty Bearings (Germany)
• National Precision Bearings (The U.S.)
• New Hampshire Ball Bearings (The U.S.)
• August Steinmeyer GmbH & Co. KG (Germany)
• UMBRAGROUP (Italy)
• Kugel Aerospace & Defence (The U.K.)
• Thomson Industries, Inc. (India)
• Beaver Aerospace & Defense, Inc. (The U.S.)

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