According to the new research report on "Aerospace Bearings Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the aerospace bearings market is expected to reach US$ 6,436.48 million by 2028, registering a CAGR of 6.5% from 2022 to 2028.
North America, comprised of the United States, Canada, and Mexico, has emerged as a dominant player in the aerospace bearings market, owing to its strong and growing economies. The region's high spending on the aerospace sector and the demand for new aircraft are driving the need for aerospace bearings. Additionally, the presence of numerous aircraft OEMs and aircraft component manufacturers, combined with high military spending on procurement, are key factors fueling market growth in the region. North America is at the forefront of technological advancements and expenditure on aerospace technologies, which has further boosted the aerospace bearings market in the region. Moreover, the use of aerospace bearings is on the rise due to the presence of leading aeronautical companies such as Boeing, Northrop Grumman, Airbus North America, and Textron. The increasing demand for reliable aerospace bearings and their rising applications in aircraft assembly in the US, Canada, and Mexico are also contributing to the market growth. Furthermore, the expanding applications of aerospace bearings, particularly in helicopters, commercial airplanes, and fighter jets, along with the large presence of aerospace manufacturing hubs, are driving the aerospace bearings market in North America. This wide range of applications in various types of airplanes is expected to increase the size of the aerospace bearings market in the region.
The global aviation industry had to cease operations during the COVID-19 pandemic due to limited resources, as the outbreak drastically reduced the demand for aircraft worldwide, resulting in a significant decline in orders and production for aircraft manufacturers. However, in 2021, the North American aircraft market saw an increase in manufacturing as demand for next-generation aircraft to replace older models rose, which drove the demand for bearings in the aerospace industry in North America. Unfortunately, in 2021, the suspension of ongoing production of the Boeing B737 Max due to accidents had a negative impact on the size of the aerospace bearings market in the region. By analysing the aerospace bearings market, industry players can gain insight into emerging trends, new technologies, and macro and micro factors that can impact their business growth.
In North America, the US holds the largest market share of the aerospace bearings market in 2021 owing to the rising number of commercial and general aviation deliveries. According to the General Aviation Manufacturer's Association, there were around 2,630 units of aircraft were delivered in 2021, compared to around 2,408 units in 2020. This has driven the demand for different aerospace bearings across the general aviation industry in the United States.
The aerospace bearings market can be divided into different segments, including type, application, material, and aircraft type. Type is further categorized into ball bearings, roller bearings, needle bearings, thrust bearings, and others. Application segments include aircraft landing gear struts, hydraulic fuel pumps, flight control systems, and others. Material segments consist of stainless steel, fiber-reinforced composites, engineered plastics, and others. Lastly, aircraft type is categorized into fixed wing and rotary wing. Therefore, the aerospace bearings market report provides comprehensive insights into various applications and trends of aerospace bearings within the market scope.
Key Findings of Study:
The US has the largest defense budget globally, and a large amount of budget is contributed towards the adoption and procurement of upgraded fighter planes. The rising production of military aircraft across the US also acts as a supporting factor for the aerospace bearings market growth in the country. For instance, in 2021, Boeing announced that it had delivered around 21 units of F/A-18 Hornet/Super Hornet multirole fighters; 13 KC-46 Pegasus aerial refueling aircraft; and 16 P-8 Poseidon maritime patrol aircraft that were manufactured in the US.
In Europe, government initiatives to develop advanced military fighter jets and the high defense budget created for the production of aircraft, helicopters, and fighter jets are boosting the aerospace bearings market size in the region. The adoption of aerospace bearings in the manufacturing of business jets is also driving the market growth in Europe. The region is also witnessing the increasing production of fixed and rotary winged airplanes, which contribute to the aerospace bearings market growth in Europe. For instance, in 2021, Airbus announced that it logged 419 helicopter orders, which included orders for light helicopters, H125 and H130. Further, France ordered 40 H160s (civil and military versions), eight H225Ms, and two H145s; Spain ordered 36 H135s; and Germany procured eight H145s for the Bavarian police force. Such contracts are leading to increase in production volume and boosting helicopter production in the region, which is further driving the aerospace bearings market in the region.
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