Northbrook, IL 60062 -- (SBWIRE) -- 09/27/2023 -- The global market for aerospace bearings market is estimated to be USD 12.4 billion in 2023 and expected to reach USD 14.6 billion by 2028 at a CAGR of 3.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. The rise of the global space sector, technological innovations, and sustained growth of the defense sector are the key factors driving the aerospace bearings market's growth. The increasing focus on a greener aerospace sector and its impact on the bearing supply chain are expected to create a demand for aerospace bearings. The aerospace bearings market has been growing at a significant rate, and this trend is expected to continue during the forecast period.
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Growing fleet of commercial and combat aircraft to drive the aerospace bearings aftermarket
The aftermarket segment is projected to lead the aerospace bearings market. With the increasing number of aircraft in operation and the need for regular maintenance, repair, and overhaul (MRO) services, there is a growing demand for replacement bearings. The aftermarket segment offers opportunities for bearing manufacturers, MRO providers, and suppliers to cater to the maintenance and replacement requirements of existing aircraft fleets. As a result, the aftermarket segment is expected to hold a significant share in the aerospace bearings market. The need to maintain and extend the lifespan of these aircraft drives the demand for aftermarket bearings.
The commercial aviation segment is expected to dominate the aerospace bearings market. The continuous growth in air travel, expansion of airline fleets, and the need for regular maintenance and replacement of bearings in commercial aircraft drive the demand. With a rising number of passengers and increasing aircraft orders, there is a significant demand for aerospace bearings in the commercial aviation sector. Manufacturers and suppliers catering to this segment are poised to benefit from the sustained growth and demand in the commercial aviation segment of the aerospace bearings industry.
The landing gear segment of the aerospace bearings market by application is projected to dominate the market. The aerospace bearings market based on the application is segmented into landing gear, cockpit control, aerostructure, aircraft system, engine & APU system, door, and aircraft interior. The landing gear segment will emerge as the frontrunner in the aerospace bearings market. With increasing aircraft production and a surge in air travel, the demand for reliable and high-performance landing gear systems is on the rise. Aerospace bearings play a crucial role in ensuring smooth operation and safety during landing and take-off. Manufacturers are focusing on developing advanced bearing solutions that offer enhanced durability, reduced weight, and improved performance. This growing demand, coupled with technological advancements, is expected to drive the landing gear segment's dominance in the aerospace bearings market, creating opportunities for innovation and market expansion.
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North America is expected to account for the largest share in 2023.
The aerospace bearings market industry has been studied in North America, Europe, Asia Pacific, and Rest of the World. The North America region accounts for the largest market share. This can be attributed to factors such as the presence of major aircraft manufacturers, advanced aerospace technology, and significant investments in the aviation industry. North America has a well-established aerospace sector and a high demand for aircraft, both in the commercial and military segments. Additionally, the region's focus on technological advancements and stringent safety regulations further drives the demand for aerospace bearings. As a result, North America is expected to hold a prominent position in the aerospace bearings market.
Major players operating in the aerospace bearings companies are SKF (Sweden), NSK Ltd. (Japan), JTEKT Corporation (Japan), Schaeffler AG (Germany), and NTN Corporation (Japan), among others, are some of the market players.