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The global aerospace bearing market size was valued at USD 6.74 billion in 2020 and is expected to register a CAGR of 6.91% during the forecast period to reach USD 10.06 billion in 2027. Aerospace bearings are installed in aircrafts to reduce the radial and axial loads in the revolving parts, which significantly raise the aircraft fuel efficiency. These aerospace bearings are also aimed to reduce the maintenance cost and timeframe of the aircraft. There are different types of bearings are already adopted, such as ball bearings, plain bearings, and roller bearings. Aerospace bearings are used in all aircraft, including wide-body aircraft, narrow-body aircraft, freighters, and regional jets. The primary use of a bearings in aircrafts are to reduce the axial and radial force that is directly applied to rotating shafts.
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Considering the trend, aerospace bearing manufacturers are focusing on developing IoT integrated lightweight bearings to diagnose easily and safely. Plain bearing holds the largest share in term of value revenue size in the global aerospace bearing industry over the forecast period.
The aerospace bearings market growth is primarily attributed to the expansion and growth of the overall aviation industry in the developing nations. Also, the rising global air passenger traffic and enhanced aircraft movements boost the aerospace bearings consumption worldwide. Market players are operating in this market focus on lightweight solutions and fuel-efficient solutions combined with investing more in material technology to develop hybrid and ceramic bearings.
Rising in demand for new aircraft for long hauls flights and short-haul flights owing to the increasing passenger travel and rising spending power of the consumers are estimated to enhance market growth of the aerospace bearing market during the forecast period. The global aerospace bearings market research report offers a holistic evaluation of the global market. The report also offers a comprehensive analysis of key segments, global trends, drivers, opportunities, restraints, competitive landscape, market share, and growth factors analysis that are playing a significant role in the development of the market.
The aerospace bearing market had a major impact on the coronavirus COVID-19 outbreak. Due to the pandemic, the government and other local authorities have imposed complete lockdown in severely affected areas, which has disrupted any mode of transportation, which resulted in restricting passengers from traveling. Due to such severe condition aerospace bearing market were unable to manufacture bearings for the aircraft, which led to a disturbance in demand and supply channels. On the other half of the pandemic, the situation is less severe, and the market is expected to grow exponentially in upcoming years.
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The report outlines the global aerospace bearing market study based only type, material, application, aircraft type.
Based on the region, the global Aerospace Bearing Market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2020, North America held the largest share of the total global aerospace bearing market, followed by Europe and Asia Pacific. Moreover, Asia Pacific is expected to project the highest CAGR globally over the forecast period.
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The global Aerospace Bearing Market is highly fragmented, with the presence of a large number of small players across the globe. The key companies operating in the global aerospace bearing market are –
The Aerospace Bearing Market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of segmental/regional outlook with the market player’s presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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