Global Aerospace Bearings Market Soars with a Focus on Green Aerospace and Technological Advancements
Aerospace Bearings Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, GREATER LONDON, UK, November 28, 2023 /EINPresswire.com/ -- The global aerospace bearings market demonstrated robust growth, escalating from $6.76 billion in 2022 to $7.39 billion in 2023, marking a noteworthy Compound Annual Growth Rate (CAGR) of 9.3%. The market is poised for continued expansion, with the size expected to reach $10.01 billion by 2027, driven by a projected CAGR of 7.9%.
Green Aerospace Initiatives Propel Market Growth
The market for aerospace bearings is experiencing significant impetus from the escalating focus on the green aerospace sector. Green aerospace initiatives aim to enhance aircraft fuel economy and advance technologies and systems for a global future of carbon-neutral air transportation. Key aerospace bearing manufacturers are actively involved in developing fuel-efficient bearings to align with the market demand for low-emission products. A notable example is Airbus, which unveiled the "ZEROe" concept in September 2020, showcasing the world's first zero-emission commercial aircraft. The initiative relies on hydrogen as a primary power source, aiming for zero-emission flight by 2035. The heightened emphasis on the green aerospace sector is expected to be a driving force behind the sustained growth of the aerospace bearings market.
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Leading Players in the Aerospace Bearings Market
Major players in the aerospace bearings market include AST Bearings, Enpro Industries, JTEKT Corporation, Kaman Corporation, New Hampshire Ball Bearings Inc., National Precision Bearing, RBC Bearings Incorporated, SKF Group, Schaeffler AG, NTN Corporation, The Timken Company, Pacamor Kubar Bearings, Regal Rexnord Corporation, Schatz Bearing Corp., and HKT BEARINGS Limited.
Technological Advancements Fuel Market Dynamics
Technological advancements have emerged as a prominent trend, shaping the aerospace bearings market. Key companies in the sector are actively engaged in developing innovative technological solutions to meet evolving consumer demands. In a noteworthy instance, NSK Ltd., a Japan-based bearing manufacturer, introduced a novel machine tool bearing technology in January 2021. This technology aims to reduce run-in time, simplify spindle assembly, and enhance reliability. It achieves a reduction in temperature rise under oil-air lubrication, improves cage strength, and demonstrates enhanced durability and reliability.
Regional Dynamics and Market Segmentation
North America secured the position of the largest region in the aerospace bearings market in 2022, and it is anticipated to be the fastest-growing region during the forecast period.
The global aerospace bearings market is segmented –
1) By Bearing Type: Plain Bearing, Roller Bearing, Ball Bearing, Others
2) By Material: Stainless Steel, Fiber-Reinforced Composites, Engineered Plastics, Ceramics, Alloy
3) By Application: Landing Gear, Cockpit Control, Aerostructure, Aircraft Systems, Engine And APU Systems, Doors, Aircraft Interiors
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Aerospace Bearings Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Aerospace Bearings Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on aerospace bearings market size, aerospace bearings market drivers and trends, aerospace bearings market major players, competitors' revenues, market positioning, and aerospace bearings market growth across geographies. The aerospace bearings market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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