Aerospace Bearing Market 2021 Industry Size, Regions, Emerging Trends, Growth Insights, Opportunitie
The global aerospace bearing market size was valued at USD 6.74 billion in 2020 and is expected to register a CAGR of 6.91% during the forecast period to reach USD 10.06 billion in 2027. Aerospace bearings are installed in aircrafts to reduce the radial and axial loads in the revolving parts, which significantly raise the aircraft fuel efficiency. These aerospace bearings are also aimed to reduce the maintenance cost and timeframe of the aircraft. There are different types of bearings are already adopted, such as ball bearings, plain bearings, and roller bearings. Aerospace bearings are used in all aircraft, including wide-body aircraft, narrow-body aircraft, freighters, and regional jets. The primary use of a bearings in aircrafts are to reduce the axial and radial force that is directly applied to rotating shafts.
Considering the trend, aerospace bearing manufacturers are focusing on developing IoT integrated lightweight bearings to diagnose easily and safely. Plain bearing holds the largest share in term of value revenue size in the global aerospace bearing industry over the forecast period.
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Factors Affecting the Aerospace Bearing Industry Over the Forecast Period:
The aerospace bearings market growth is primarily attributed to the expansion and growth of the overall aviation industry in the developing nations. Also, the rising global air passenger traffic and enhanced aircraft movements boost the aerospace bearings consumption worldwide. Market players are operating in this market focus on lightweight solutions and fuel-efficient solutions combined with investing more in material technology to develop hybrid and ceramic bearings.
Rising in demand for new aircraft for long hauls flights and short-haul flights owing to the increasing passenger travel and rising spending power of the consumers are estimated to enhance market growth of the aerospace beari