Persistence Market Research has rolled out a new market research report titled “Aerospace Bearing Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026”, which examines the aerospace bearing market and offers critical insights for the next eight years. Based on the findings specified in the report, the market is expected to witness rising demand due to increasing aircraft fleet and air travel passenger count.
The estimated value of the aerospace bearing market in 2018 is US$ 5,979.3 Mn. The market is expected to expand at a CAGR of 7.2% and reach US$ 10,396.6 Mn by the end of 2026. In addition to that, the Aerospace Bearing market is projected to create incremental $ opportunity worth US$ 4,417.3 Mn during the forecast period.
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Aerospace Bearing Market: Dynamics
Increasing consumer preference for air travel is aiding the growth of the aerospace bearing market. Various factors, such as the growth in the tourism industry, growth of international travel, competitive pricing of air travel by airline carriers, higher disposable income, drastic reduction in travelling time and increase in amenities provided during air travel, are largely contributing to increasing consumer preference for air travel. This has led to airline carriers deploying new aircrafts, which, in turn, is driving the growth of the aerospace bearing market.
Owing to economic and demographic growth of the Asia Pacific region, IATA expects Asia Pacific to be the fastest growing aerospace bearing market among all regions. Moreover, airline carriers are focusing on improving passenger comfort, which will lead to increased adoption of comfortable, highly customized and advanced cabin interior systems. This will boost the growth of interior aerospace bearings and positively impact the global aerospace bearing market. Furthermore, the integration of more number of aerospace bearings in executive/business class seats for providing more comfort to aircraft passengers in long haul flights is another factor that will drive the growth of the aerospace bearing market.
Over the past decade, weight reduction and performance improvement have been the prime focus of the aerospace industry. However, these two attributes can only be achieved through the use of advanced materials which are costlier than the ones used generally. These days, manufacturers are focusing on reducing manufacturing cost. These factors when combined with the existent intense competition present in the aerospace bearing market will create significant pressure on manufacturers to reduce their margins. This restricted pricing flexibility in the aerospace bearing market might act as a barrier for the new entrants in the market.
Aerospace Bearing Market: Forecast
The global Aerospace Bearing market is estimated to grow and become 1.7X during the forecast period. It is estimated to grow in correlation with aircraft deliveries and fleet size throughout the forecast period.
By region, North America, followed by Europe and Asia Pacific, is projected to dominate the global aerospace bearing market over the forecast period. Moreover, APAC, followed by MEA region, is estimated to remain the most opportunistic region in the aerospace bearing market. In terms of value, APAC is projected to create incremental $ opportunity worth US$ 1,028.3 Mn in the global Aerospace Bearing market during the forecast period.
By application type, the engine management systems segment will dominate the market with a value of US$ 3,873.5 Mn in 2018. However, the flight control systems segment is projected to account for 23.4% of the market value share in the global aerospace bearing market during the forecast period. In terms of growth, the Interior & Others segment is projected to grow with a modest growth rate during the latter half of the forecast period in the global aerospace bearing market.
By sales channel, the OEM segment is expected to dominate the global aerospace bearing market with a year-over-year growth rate of 5.8% in 2018. Additionally, the aftermarket segment is projected to account for more than a 20% share in the global Aerospace Bearing market. The potential for the aerospace bearing aftermarket is expected to remain high owing to increasing aircraft MRO market during the forecast period.
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Aerospace Bearing Market: Competitive Landscape
Some of the key players involved in the manufacturing of Aerospace Bearings and included in this study are JTEKT Corp, Schaeffler AG, NSK Ltd., NTN Bearing Corporation, AB SKF, Timken Company, MinebeaMitsumi Inc., Aurora Bearing, National Precision Bearing, GGB Bearings and BC Bearings, among others.