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The global aerospace bearings market size was USD 7.21 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with aerospace bearings witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 14.25% in 2020 compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 10.21 billion in 2021 to USD 17.44 billion in 2028 at a CAGR of 7.95% in the 2021-2028 period. The sudden rise in CAGR is attributable to the market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Over the last three decades, aerospace bearings have evolved significantly. The earlier focus on providing lightweight, durable, and reliable bearings has changed to the technologically advanced composite materials-based bearings. The new generation aeronautical bearings have additional features, such as reduce weight and space, which enables minimal friction and noise, further leading to lesser maintenance costs. These features would enhance these bearings efficiency and help them operate at minimal failures.
COVID-19 Pandemic Leads to Stagnant Deliveries of New Aircraft and Lower Demand for Bearings
The overall impact of the COVID-19 pandemic on the aerospace bearings market has been negative. The industry saw a lower demand in the overall aircraft deliveries due to the slowdown in air transport across the globe. According to Airbus SAS, the company delivered 863 commercial aircraft in 2019. However, delivered 566 commercial aircraft in 2020, with an order backlog of 7,184 in 2020. Thus, the outbreak of the COVID-19 pandemic has adversely affected the deliveries scheduled in the year 2020. The lower deliveries and the huge order backlogs have slowed down the demand for aircraft systems and components, such as bearings and screws in 2020 and 2021.
Travel restrictions have impacted the supply to neighboring countries, whereas various restrictions and safety guidelines have increased the cost of bearings due to measures, such as screening, testing, and updating equipment.
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Surging Adoption of Composite Bearings is a Prominent Trend
The bearing used in aircraft has strict requirements for weight, performance, and quality. They must be designed and developed in such a way that they should withstand high pressure, extreme loads, and fluctuating temperature during operations. Moreover, they should be lightweight and cost-effective.
Bearing manufacturers, such as TriStar Plastics Corporation and other key players are preferring polymer bearings for aircraft applications instead of stainless steel or other materials. Polymer has key features, such as high load-bearing capacity, performing effectively without lubrication, durable, and lesser maintenance. These operational features enable the use of composite bearing in the tilt, lift, and pivot points in the steering, wings, and fuselages in the aircraft. These advancements will propel the growth during the forecast period of this market.
Rising Demand for Lightweight Helicopters Will Boost the Market Growth
For the last couple of years, there has been a rise in the demand for lightweight helicopters for various commercial and military applications. The rise in emergency air medical services is one of the major reasons for the growth of the market. As stated by the Association of Air Medical Services (AAMS), over 560,000 patients in the U.S. use air medical services per year. Moreover, the rising lightweight combat helicopters for border surveillance and transporting military troops will boost the aerospace bearings market growth.
In December 2020, Sikorsky Aircraft Corporation, for instance, received a contract of worth USD 507 million from the U.S. Army to deliver UH-60M and HH-60M combat helicopters. These technologically advanced combat helicopters are equipped with advance aircraft bearings. This would create high demand for the helicopter service and thus facilitate the demand for new helicopters with advanced systems and components.
Technological Advancement in Aircraft Engines Will Facilitate the Market Growth
The aircraft engine comprises a large number of bearings. Engine manufacturers are focusing on designing and developing fuel-efficient and lightweight engines to meet the stringent norms provided by the Federal Aviation Administration (FAA) and other agencies. The high demand for fuel-efficient engines and lightweight components will force aircraft bearing manufacturers to produce technologically advanced composite bearings for aircraft engines. Leading aircraft manufacturer, Airbus SAS, for instance, proposed its three-concept- zero-emission aircraft, a step toward manufacturing eco-friendly components and systems.
Stringent Rules & Regulations Related to Cost of Bearing Material to Hinder Market Growth
The cost of bearing material plays a crucial role in the overall cost of the aerospace bearing. High-grade steel is generally used by manufacturers. The fluctuating steel price largely impacts the overall price. In addition, the sudden change in the steel price and the ecosystem dominated by the government may lead to a difference in trade price. Furthermore, the impact of COVID-19 has significantly changed the dynamics of the market. The new trade norms and restrictions in the transportation of goods have further created uncertainty in the supply and demand of aerospace bearings. Thus, stringent norms and changing raw material price are expected to hinder the growth of the market.
Rotary Wing Segment is Anticipated to be the Fastest-growing Segment During the Forecast Period
Based on the platform, the market is divided into fixed-wing, rotary-wing and UAVs.
The fixed-wing segment is anticipated to be the largest segment in 2020 due to the increasing demand for commercial aircraft in the upcoming years. According to Airbus SAS, in the next decade, there will be a high demand for around new 40,000 aircraft. This will create novel opportunities for aerospace bearing manufacturers to establish a strong partnership with new companies, along with providing services to existing customers.
The rotary-wing segment is projected to be the fastest-growing segment during the forecast period. The growth of the segment is attributed to the high demand from the air ambulance domain.
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Roller Bearing to be Fastest-growing Segment Fueled by Rising Usage in Aircraft Components and Systems
Based on the product type, the market is classified into plain, roller and ball bearings along with roller screws, and ball screws. The ball bearing and roller bearing segments play a vital role in transferring the energy from one shaft to another shaft with lesser friction and lesser loss of the net power output. The use of ball and roller bearings in aircraft components and systems are equally important and thus, both segments were predicted to contribute to a higher market share in 2020.
The roller screws segment is anticipated to grow substantially during the forecast period. The segment's growth is attributed to the wide application range of rotable systems, such as wing flaps, driveshaft, and other tailbone components in the aircraft. The rotary and the linear motion of roller screws assist in providing the required motion in the limited space. Companies, such as August Steinmeyer GmbH & Co. KG, Ewellix, and other key suppliers would contribute to the major market share in the roller screw segment.
Engineered Plastics Segment to Exhibit Significant Growth Stoked by its Lightweight and Durability Properties
Based on the material, the market is divided into stainless steel, fiber-reinforced composites, engineered plastics, aluminum alloys, and metal-backed. The rising use of engineering plastics in flight control systems and aerostructure components will boost the growth of the market. It has properties, such as lightweight and durability. Hence, engineered plastics will be the fastest-growing segment during the forecast period.
Stainless steel is a widely used material in aircraft bearing as it is most widely available at a lesser cost as compared to other bearing materials. Thus, the stainless steel segment would contribute to held the largest market share during the forecast period.
Fiber-reinforced composites are generally used in a bearing to strengthen its properties, such as ductility and reliability. Similarly, aluminum alloys-based bearings are lightweight and have high strengths as compared to stainless steel and fiber reinforced composites material.
Engine Segment to Show Considerable Growth Backed by High Demand for Advanced Engines
Based on the application, the market is divided into engine, aero-structure, landing gear, and others. The engine comprises of roller bearings and these assist in providing the required transmission in the form of thrust to the engine. These bearings undergo high stress and strain during operations, thus high-quality and precision need to be maintained during the manufacturing of roller bearings for engines. Thus, few key players are manufacturing high precision bearings for engines, such as SKY Evolution, Koyo Bearings, and New Hampshire Ball Bearings, Inc. The rising demand for advanced engines will boost the growth of the segment.
The aerostructure segment is expected to grow at a significant rate during the forecast period owing to the rising maintenance, repair, and overhaul (MRO) programs across the globe.
Landing gear exhibits high stress and load during the aircraft landing. Thus, research and development in the design of lightweight and cost-effective aircraft bearings will propel growth of this segment. The others segment comprises of auxiliary power unit (APU), flight control systems, aircraft interior systems, and cockpit components.
North America Aerospace bearings Market Size, 2020 (USD Billion)
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The global market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
North America stood at USD 2.80 billion in 2020 and is anticipated to dominate the market due to the presence of several aeronautical bearing providers and the availability of advanced machining facilities in the region. AST Bearings, Aurora Bearings, GGB Bearings Technology, National Precision Bearings, Beaver Aerospace & Defense, Inc., and New Hampshire Ball Bearings are some of the major players in the U.S.
The market in Europe is expected to grow significantly during the forecast period. The increasing investment by key players to develop and adopt advanced technologies that will improve the aerospace bearing design and development is likely to drive the market growth.
The market in Asia-Pacific is projected to grow at the highest CAGR in the forthcoming years. The improving economy of emerging countries, such as China and India and the increasing aerospace and defense investment by governments are anticipated to boost the market growth.
The growing manufacturing facilities and technology adoptions in the aerospace sector will increase the demand for aerospace bearings in the rest of the world.
GGB Bearings Technology is a Leader in Offering Aerospace bearing with its Presence across the Globe
The market competition has raised the standards for new entrants, thereby challenging major players based on their services' quality and prices. Thus, key players, such as GGB Bearings Technology are focused on strategic mergers & acquisitions and geographic reach, specifically in Asian countries to endure their global market positions.
GGB Bearings Technology, for instance, provides ball, roller and plain bearings along with screws for various industries across the globe. High investments in aircraft modernization programs and advanced technologies will help the company sustain its market position.
An Infographic Representation of Aerospace Bearings Market
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The global aerospace bearings market research report provides a detailed analysis of the market and focuses on key aspects such as key service providers, types, applications, and services. Moreover, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the market report encompasses several direct and indirect factors that have contributed to the growth of the market over recent years.
Value (USD Billion)
Platform; Product Type; Application, Material, and Geography
By Product Type
Fortune Business Insights says that the global market size was USD 7.21 billion in 2020 and is projected to reach USD 17.44 billion by 2028.
Registering a CAGR of 7.95%, the market will exhibit steady growth during the forecast period (2021-2028).
The rotary wing segment is expected to lead this market owing to the increasing demand for helicopter services for air ambulances and rescue operations amid COVID-19.
GGB Bearing Technology is the leading player in the global market.
North America dominated the market in terms of share in 2020.
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