As the aviation market continues to grow and expand across the globe, so too is the aerospace bearings market. While the market size recently exceeded $1.16 billion USD in 2020, it is expected to continue growth with a CAGR of over 6.4% between the years of 2021 and 2027. In this blog, we will discuss the various factors that are driving the market as well as what areas are seeing the most growth, allowing you to have a better understanding of such industry trends.
There are many factors that are driving the growth of the aerospace bearings market, examples including rapid global urbanization and an increase of business travel. Additionally, a growing demand for landing gear, flight controls, aerostructures, and engines are all also bolstering the need of aerospace bearing components as travel and tourism are increasing on a global scale.
Whether a flight is being conducted for passenger transport, business, or military operations, it is beneficial for any aircraft to have minimum travel times, better convenience, smooth operations, and more. With commercial aviation as an example, accessibility of air travel has increased over the years, leading to more aircraft being constructed to meet the rising demand. With this increase of aircraft, additional bearings are required for the construction of overhead baggage compartments, latches, cargo bay floors, seat mechanisms, hinges, and more.
When discussing the growth of the aerospace market, it is important to consider the effects of the COVID 19 pandemic that has continued since 2019. The aircraft supply chain as a whole has seen major effects from the pandemic, mostly in the form of decreased aircraft orders as demand declined. With manufacturers shutting down certain operations and a slower growth rate, the overall sales volume of bearings has decreased in a number of sectors and industries. Nevertheless, as trade restrictions begin to loosen and markets become increasingly stable once again in the present, the market is expected to begin recovering at a gradual rate.
Across all bearing types, the ball bearing segment is seeing a major rate of growth as values are projected to reach upwards of $650 USD by 2027. This growth is fueled by commercial and defense aircraft operations, ball bearings being capable of handling thrust, radial forces, reversible thrust, combination loads, and more. Ball bearings also have a reduced maintenance cost as a result of their casing and lubrication retention, making them a simplistic and cost-effective solution for many needs. With these benefits, overall industry growth across the forecast timelines should continue to expand. Aside from such examples, growth may also be a result of increased maintenance, upgrading aging fleets, and other such factors that are being seen in the European region and beyond.
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