Aerospace Bearing Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Aerospace Bearing Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The aerospace bearings market is anticipated to grow at a CAGR of 6.5% during the forecast period.

The pandemic led to various governments imposing stringent regulations and banning the import and export of raw materials, which led to a sudden downfall regarding the valuable parts needed for the manufacturing of aerospace bearing systems. Additionally, manufacturers in various nations were forced to shut down their businesses wholly or partially due to the global lockdown. Furthermore, the pandemic also led to delays in terms of activities as well as initiatives concerning the development of advanced bearing systems. The decline in the COVID-19 pandemic led various governments worldwide to ease up on the stringent regulations which were in place and open up the borders, which led to a free flow of trade and availability of raw materials, parts, and components for manufacturers to resume production and meet the increasing aerospace bearing procurement demand. Thus, this will lead to the market growing steadily in the years to come.

Aerospace bearings require proper care and maintenance for their long run operation. They are crucial to ensure the correct application and installation of aerospace bearings to extend their lifespan. Changing government policies & regulations pertaining to emission standards and climate change goals will also hinder aerospace bearings production in the near term. Moreover, automation, along with condition monitoring and remanufacturing digital services, will reduce scrap rates, increasing energy efficiency and environmental benefits.

Since the past few decades, aerospace bearing has witnessed significant evolvement. The earlier focus on providing lightweight, durable, and reliable bearings has given way to the development of advanced composite-based bearings. Moreover, the newer generation of aerospace bearings is made of various advanced features such as reduction in the weight as well as the space occupied, which enables for minimalistic friction as well as noise, thereby leading to the decrease in terms of maintenance costs of the aerospace bearings. Moreover, such features shall help to increase the efficiency of the bearings and thus help the bearings to operate at minimal costs, thereby leading to growth in the market.

The Ball Bearing segment is expected to witness significant growth during the forecast period. Ball bearing types are used extensively throughout aircraft airframe and engine design. Aerospace ball bearings are the most versatile, well-studied/engineered, and manufactured of the bearing types. The growth in this segment can be attributed to various features of ball bearings, such as low-friction and high-durability bearings, which are much more suitable in the aviation sector. Aerospace ball bearings are used in multiple applications such as air circulation systems, electronic engine-powered control units, fuel supply, air conditioning, satellite switching elements, navigation tools, cargo, supply stations, antennae and sun protector systems, pressure regulating systems, and measuring and controlling systems.

Aerospace deep groove ball bearings are usually charged with a pre-determined fill of military specification grease suitable for the application and environment in which the bearing operates. The aeroshell range of greases is generally considered the unofficial industry standard, with many grades and types delivering extremely wide temperature tolerances and high levels of stability when subjected to external contamination, such as water condensation, anti-icing fluid, etc. The amount or fill of grease given to each bearing is again application dependant. In the present scenario, companies such as GRW are engaged in providing aerospace ball bearings that fit all safety and quality regulations in the aviation and defense market. Thus, these developments will likely lead to growth in the market during the forecast period.

The North American region is expected to witness significant growth during the forecast period. The development of the aerospace bearings market in the North American region is attributed to the presence of various aircraft OEMs and aircraft component manufacturers. Increasing military spending and procuring numerous military aviation aircraft by the North American region will also contribute to witnessing significant growth during the forecast period. An increase in the demand for new and reliable aerospace bearings and the number of relevant applications for aircraft assembly in United States and Canada will also contribute to the market's growth in the long run. Various aerospace bearings manufacturers in United States, such as Accurate Bushing Company, Federal-Mogul Corporation as well as MSC Industrial Supply Company, are engaged in the development of new advanced composite-based bearings with various advanced features such as reduction in weight as well as space occupied, which enables for minimalistic friction as well as noise thereby leading to the decrease in terms of maintenance costs and this will propel the growth of the market during the forecast period.

Some of the most prominent players in the Aerospace Bearings Market are AST Bearings, Aurora Bearings, GGB Bearings Technology, JTEKT, and Kaman Speciality Bearings, among others. Various companies are now focused on growth strategies, including developing and launching new aerospace-bearing products, product approvals, and patents. Moreover, an expanded product portfolio of advanced aerospace-bearing solutions, as well as increased investments in R&D and strategic acquisitions, will be the key factors that will lead to these players dominating the market during the forecast period.

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