Aerospace Bearings Market is Segmented by Bearing Type (Ball Bearing [Angular Contact Ball Bearing and Deep Groove Ball Bearing], Roller Bearing [Tapered Roller Bearing, Spherical Roller Bearing, Cylindrical Roller Bearing, and Others], and Plain Bearing), by Material Type (Metallic Bearings, Non-Metallic Bearings, and Hybrid Bearings), by Platform Type (Commercial Aircraft, Regional Aircraft, General Aviation, Military Aircraft, Helicopter, and UAV), by Application Type (Engine & Transmission, Flight Control System, Landing Gear, Airframe, Auxiliary System, EOTS, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Highlights
An aircraft contains components that can withstand enormous pressure and stress while in motion. This is possible because of bearing assemblies, that are evolving and getting more complex with time. Bearings are present throughout an aircraft, and their evolution has been driven by the desire for lightweight yet strong aircraft components, as well as the need for failure-proof operation. Many key components of aviation engines and landing gear must be able to move, and every bearing's aim is to allow two mated surfaces to rotate, either together or separately. In the aerospace industry, safety, reliability, space, and weight savings are some constantly faced challenges, due to which there is a need for high-quality aircraft bearings.
Even before the COVID-19 pandemic, the global aerospace industry was under stress, owing to the B737Max grounding in 2019. The sudden outburst of COVID-19 further deepened the market challenges, causing unimaginable disruption and losses for the stakeholders. The aerospace bearings market typically relies on the organic growth of the aerospace industry and follows the trajectory as the latter. Key challenges that arose in front of the industry stakeholders on account of the pandemic were reduced demand, supply chain disruptions, financial pressure, and workforce impairment.
However, the long-term outlook still seems fruitful, well backed by the industry’s buoyant nature and strong fundamentals. The lift of Boeing’s B737Max in October 2020, gradual opening up of travel restrictions, rebounding aircraft deliveries, and Airbus’ significantly healed revenue (reaping profit in Q1 2020 as opposed to grave loss in Q1 2020) are among the few key factors signaling towards healthy and quick recuperation, helping the market to grow at a CAGR of 7.8% during 2021-2026 to reach the figure of US$ 1.9 Billion in 2026.
Key Players
The supply chain of this market comprises several nodes including raw material suppliers, bearing manufacturers, OEMs, and MRO companies. The following are the key players in the aerospace bearings market (alphabetically arranged).
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