Aerospace Bearings Market
The Aerospace Bearings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aerospace Bearings Global Market Report 2024, The aerospace bearings market size has grown rapidly in recent years. It will grow from $7.94 billion in 2023 to $8.86 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to aging aircraft fleet, rise in military budgets, regulatory changes, rise in space exploration initiatives, rise in focus on lightweight materials.
The aerospace bearings market size is expected to see rapid growth in the next few years. It will grow to $13.55 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to emerging markets growth, cybersecurity threats, infrastructure development, increasing demand for new aircraft, rising demand for uavs. Major trends in the forecast period include enhanced lubrication technologies, smart bearings, miniaturization, sustainable bearing solutions, condition monitoring.
The increasing focus on the green aerospace sector is significantly contributing to the growth of the aerospace bearings market. Green aerospace focuses on increasing aircraft fuel economy and developing new technologies and systems to achieve a global future of carbon-neutral air transportation. Major aerospace Bearing manufacturers are focused on developing fuel-efficient bearings to shift the market demand towards low emission products. For instance, in December 2022, according to the International Air Transport Association, a Canada-based trade association, the output of sustainable aviation fuel (SAF) is expand by 200% from 2021 to 300 million liters in 2022. It mainly relies on the use of hydrogen as a primary power source. Therefore, the focus on the green aerospace sector is expected to propel the growth of the aerospace bearings market going forward.
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The aerospace bearings market covered in this report is segmented –
1) By Bearing Type: Plain Bearing, Roller Bearing, Ball Bearing, Others
2) By Material: Stainless Steel, Fiber-Reinforced Composites, Engineered Plastics, Ceramics, Alloy
3) By Application: Landing Gear, Cockpit Control, Aerostructure, Aircraft Systems, Engine And APU Systems, Doors, Aircraft Interiors
Technological advancement has emerged as a key trend gaining popularity in the aerospace bearings market. Major companies operating in the aerospace bearings sector are focused on developing new technological solutions to meet consumer demand. For instance, in January 2021, NSK Ltd., a Japan-based manufacturer of bearings developed a new machine tool bearing technology that reduces run-in time, makes spindle assembly easier, and also improves reliability. This technology reduces temperature rise under oil-air lubrication and improves cage strength. It is more durable and reliant.
The aerospace bearings market report table of contents includes:
1. Executive Summary
2. Aerospace Bearings Market Characteristics
3. Aerospace Bearings Market Trends And Strategies
4. Aerospace Bearings Market – Macro Economic Scenario
5. Global Aerospace Bearings Market Size and Growth
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31. Global Aerospace Bearings Market Competitive Benchmarking
32. Global Aerospace Bearings Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Aerospace Bearings Market
34. Aerospace Bearings Market Future Outlook and Potential Analysis
35. Appendix
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