Global Aerospace Bearing Market Report Overview
An Aerospace Bearing is a component used to reduce load as well as friction between the moving or rotating parts in an automobile. Aerospace bearings reduce the axial as well as radial load and improve the fuel efficiency. Aerospace Bearings also reduce the maintenance of the aircraft. Different types of bearings, such as roller bearings, ball bearings and plain bearings, are used for different applications.
Aerospace bearings are used in all aircrafts, including narrow body aircrafts, wide body aircrafts, freighters and regional jets. The primary use of a bearing in an aircraft is to reduce the radial and axial force that is directly applied to shafts. That apart, aerospace bearings also facilitate easy movement of doors, seats and components of flight control systems and engine management systems without any failure.
In this aerospace bearing market report, we have considered aerospace bearings installed in commercial aircrafts and regional jets only. Military and private aircrafts have not been considered under the scope of research. In this aerospace bearing report, we have crunched separate markets for aerospace bearings employed by OEM and aerospace bearings replaced in aftermarket. The narrow body aircraft type segment is projected to remain dominant in terms of both value and volume market share and is expected to grow with high value-high growth rate. With this growth and exceptional sales volume, the narrow body aircraft segment is emerging as a lucrative segment for key suppliers of bearings in the global aerospace bearings market.
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Factors Influencing the Aerospace Bearing Market Growth (Market Dynamics)
Surge in long-haul air travel is resulting in rising demand for wide body aircrafts, which in turn, is boosting the sales of aerospace bearings. According to a 2015 report published by the International Air Transport Association (IATA), the number of passengers travelling by air increased to 3.4 billion passengers in 2015 from 3.3 billion passengers in 2014, registering a growth of 3%. Growing passenger travel is increasing the demand for new aircrafts for long hauls flight as well as short haul flights and will positively impact the growth of the aerospace bearing market over the forecast period. Moreover, improving economic and demographic conditions in developing regions, such as Asia Pacific, will accelerate the growth of the aircraft market, which in turn, will fuel the demand for aerospace bearings.
The global aviation industry is growing at a robust pace and is characterized by intense competition among major airline carriers. These airline carriers go to great lengths to increase their passenger share – they are adding more destinations, decreasing pricing aggressively and renovating aircrafts frequently. Increasing disposable income of middle-class population in developing regions is increasing the air travel passenger count, which in turn, is increasing the demand for commercial aircrafts and directly impacting the global aerospace bearing market.
The global aerospace bearing market is presently being dominated by a few global players with strong distribution networks and supply chains in major aerospace markets. Despite the fact that Asia Pacific countries have small-scale manufacturers for a variety of aerospace bearings, the market proposition will remain positive for leading players due to fact that aerospace OEMs will be inclined towards Tier-1 players and also have long term agreements and contracts with global manufacturers for the supply of bearings. On the flipside, market access for small scale players will majorly remain limited to the aftermarket demand. These are some of the factors that will influence the aerospace bearing market positively.
Key Developments in the Aerospace Bearing Market
In the aerospace bearing market, manufacturers, such as 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, are some of the prominent players. These days, aerospace bearing manufacturers are involving themselves in intense research and development activities to meet the growing demand for innovative, durable and cost-effective products which increase efficiency and reduce friction loss.
- In April 2018, RBC Bearings Incorporated received patent grant for nine bearing products- 1621, 1630, 1635, 1641, along with the 600 Series, 1600 Series, 6900 Series, 7500 Series and 7600 Series. These products offer high strength and are lighter in weight as compared to other products
- In March 2013, RBC Bearings Incorporated acquired Western Precision Aero LLC (“WPA”) for around US$ 2.6 Million. WPA is headquartered in California, USA & is a prominent manufacturer of aerospace components & parts
Furthermore, all the key market participants in the global aerospace bearings market are significantly investing in their research, development and innovations divisions to stay active in the market and ensure that they are not losing any market share to their competitors.
Aerospace Bearing Market Structure
The aerospace bearing market is a consolidated market as Tier-1 players are expected to hold prominent share in the market. The leading players have good presence across the globe. Tier-2 & Tier-3 players are projected to account for approximately 30% to 35% share in the global market and are also projected to generate more than US$ 2,000 Mn, in terms of value, in the aerospace bearing market. Tier-2 and 3 players have good presence in the aftermarket as compared to OEMs.
A Brief Intro of the Research Methodology Employed for the Global Aerospace Bearing Market
Our research methodology for Aerospace Bearing market is based on some key points, such as Defining Research Problem and Objective, Collecting, Analyzing and Interpreting Information, Selecting Methods of Data Collection, Deciding the Type of Data and Developing the Final Research Plan. During the research, we conducted a deep dive research analysis on the applications of aerospace bearings. Then, our team defined aerospace bearings in terms of installation location, application and benefits. We also defined the research objectives so that we were contrastable in crunching the aerospace bearing market. Our team collected data pertaining to aircraft production and deliveries per region and per country from various sources, such as IATA, GAMA, CAPA and other government websites and aircraft manufacturers’ annual presentations & reports. We also conducted primary interviews with aerospace bearing manufacturers, suppliers and experts who have vast experience in the aerospace bearing market. We then interpreted the data collected from various sources and made a perfect frame model for the aerospace bearing market.
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Key Players Dominating the Aerospace Bearing Market
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.