Market Size of Aerospace Bearing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.50 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Aerospace Bearing Market Analysis
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.
