Home Press Releases Business Aviation Industry in the Middle East Boosting Demand for Aerospace Bearings

Business Aviation Industry in the Middle East Boosting Demand for Aerospace Bearings

by Press Room

(EMAILWIRE.COM, April 19, 2023 ) The Global Aerospace Bearings Market is expected to reach USD 14.7 billion by 2026 from USD 9.6 billion in 2021 at a CAGR of 8.9% from 2021 to 2026, reaching USD 14.7 billion by 2026. The rise of the global space sector, technological innovations, and sustained growth of the Defense sector are the key factors driving the aerospace bearings markets growth. The increasing focus on a greener aerospace sector and its impact on the bearing supply chain are expected to create a demand for aerospace bearings.

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The market is segmented by type, material, application, platform, sales channel, and region. Based on type, the ball bearing segment holds the leading share of the aerospace bearings market. Based on material type, the metal segment is projected to lead the aerospace bearings market from 2021 to 2026, although fiber reinforced composite and ceramic segments are anticipated to record high growth.

The cockpit control and aerostructure segment is projected to grow at a high CAGR during the forecast period, while the fixed wing segment is projected to grow at the highest CAGR. The aftermarket segment held the majority share of the aerospace bearings market from 2021 to 2026, driven by increasing safety regulations and maintenance checks.

The Middle East and Asia Pacific regions are expected to witness high growth in the aviation industry, with the Middle East projected to register the highest CAGR during the forecast period.

Key Market Players

Leading players in the aerospace bearings market include SKF, JTEKT Corporation, Schaeffler AG, The Timken Company, RBC Bearings Inc., and NSK Ltd., which have adopted various growth strategies to further expand their presence in the market.

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