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Global Aerospace Bearings Market 2023: Key Players SKF, NSK Ltd, JTEKT Corporation, Schaeffler AG, and NTN Corporation

06-09-2023 03:27 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ReportsnReports

Aerospace Bearings Market

Aerospace Bearings Market

The global aerospace bearings market is estimated to be USD 12.4 billion in 2023 and is expected to reach USD 14.6 billion by 2028 at a CAGR of 3.3% from 2023 to 2028. The growth of this market can be attributed to the airlines striving to modernize their fleets to improve fuel efficiency, reduce maintenance costs, and enhance passenger comfort. This trend involves retiring older aircraft and replacing them with newer, more technologically advanced models. As new aircraft are introduced, the demand for aerospace bearings increases.

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Prominent companies include SKF (Sweden), NSK Ltd. (Japan), JTEKT Corporation (Japan), Schaeffler AG (Germany), and NTN Corporation (Japan), among others.

The aerospace bearings market refers to the industry that supplies bearings specifically designed and manufactured for use in various aerospace applications. Bearings are essential components that facilitate smooth and efficient movement between two or more surfaces, reducing friction and enabling rotational or linear motion.

In the aerospace industry, bearings play a critical role in a wide range of applications, including aircraft engines, landing gear systems, flight control systems, auxiliary power units, and various other aircraft components. They are designed to withstand high speeds, extreme temperatures, heavy loads, and harsh operating conditions typically encountered in aerospace environments.

Key factors driving the aerospace bearings market include:

Growth in the Aerospace Industry: The aerospace industry has been experiencing steady growth due to increasing air travel, demand for new aircraft, and technological advancements. This growth directly translates into the demand for aerospace bearings to support aircraft manufacturing and maintenance operations.

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Rising Demand for Fuel Efficiency: With a focus on fuel efficiency and environmental sustainability, aerospace manufacturers are continuously working on lightweighting their aircraft. Bearings that are lightweight and offer reduced friction help in achieving these goals, leading to increased demand for advanced aerospace bearings.

Increasing Adoption of Composite Materials: The growing use of composite materials in aircraft structures requires specialized bearings that can handle the unique challenges posed by these materials. Composite-friendly bearings are designed to accommodate differences in thermal expansion, reduce galvanic corrosion, and maintain performance under varying loads and temperatures.

Technological Advancements: Continuous research and development efforts have led to the introduction of advanced bearing materials, lubrication systems, and sealing technologies. These advancements offer improved performance, durability, and reliability, driving the demand for aerospace bearings.

Maintenance, Repair, and Overhaul (MRO) Activities: As the existing aircraft fleet ages, there is an increasing need for maintenance, repair, and overhaul services. Bearings are critical components that require regular inspection and replacement during these activities, contributing to ongoing demand in the aerospace aftermarket.

Defense and Military Applications: The aerospace bearings market also benefits from defense and military applications, where reliable and high-performance bearings are crucial for military aircraft, helicopters, missiles, and other defense systems.

The aerospace bearings market is highly competitive and is served by a few major manufacturers as well as several specialized suppliers. These companies focus on product development, customization, and adherence to stringent aerospace regulations and standards.

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It's worth noting that market dynamics can change over time due to factors such as technological advancements, regulatory changes, geopolitical developments, and global economic conditions. For the latest information and market trends, it is recommended to refer to industry reports, market research, and aerospace industry publications.

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