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(Transportation-News.com, May 18, 2018 ) The aerospace bearings market is projected to grow from USD 7.88 Billion in 2016 to USD 11.19 Billion by 2022, at a CAGR of 6.01% during the forecast period. Factors such as increase in aircraft orders and deliveries across the globe, and upgradation of aircraft to reduce operational cost are the major growth factors for the aerospace bearings market. The market has been segmented on the basis of type, material, application, aircraft type, and region.
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Based on type, the aerospace bearings market has been segmented into roller, ball, and others. The roller segment accounted for the largest share of the aerospace bearings market in 2016, owing to the application of roller bearings in maximum parts of aircraft and positive demand outlook for aircraft in the future.
Based on material, the aerospace bearings market has been segmented into stainless steel, fiber-reinforced composites, aluminum alloys, engineered plastics, metal-backed, and others. The fiber-reinforced composites segment is anticipated to witness higher growth due to the increasing demand for bearings that can support high static and dynamic loads, and are suitable for corrosive seawater and acidic environments.
Based on application, the aerospace bearings market has been segmented into engine, landing gear, flight control system, aerostructure, and others. The flight control system segment is anticipated to grow at the highest CAGR during the forecast period. Increase in aircraft orders and deliveries across the globe are the major growth factors for the aerospace bearings market. The market is also driven by the need for modern flight control systems. Increasing concerns over flight safety and advanced navigation systems are expected to lead to an increased demand for aerospace bearings in this segment.
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Based on aircraft type, the aerospace bearings market has been segmented into narrow body aircraft, wide body aircraft, very large aircraft, regional transport aircraft, business jet, fighter jet, helicopter, and others. The wide body aircraft segment is anticipated to witness higher growth due to increase in air passenger traffic across the globe, which is leading to an increase in demand for wide body aircraft with high seating capacity. Hence, this is expected to lead to growth of the aerospace bearings market for wide body aircraft.
The geographical analysis of the aerospace bearings market includes regions such as North America, Europe, Asia-Pacific, and RoW. The Asia-Pacific aerospace bearings market is anticipated to grow at a significant CAGR from 2016 to 2022, owing to factors such as increasing air passenger traffic and companies venturing into aircraft manufacturing in the region.
Existing backlogs of aircraft deliveries may restrain the growth of the aerospace bearings market. Products offered by various companies operating in the aerospace bearings market have been listed in this report. Recent developments and contracts include essential products developed and contracts undertaken by various companies. Major players in the aerospace bearings market are GGB Bearings Technology (U.S.), National Precision Bearings (U.S.), SKF Group (Sweden), JTEKT Corporation (Japan), and RBC Bearings Inc. (U.S.), among others.
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