The aerospace bearings market is expected to reap $ 14.24 billion by 2030:
Portland, OR, November 01, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the aerospace bearings Marlet generated $ 5.24 billion in 2020 and is expected to reach $ 14.24 billion by 2030, with a CAGR of 10.6% from 2021 to 2030. The report provides a detailed analysis of the changing dynamics market, major segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increased focus on vehicle weight reduction, focus on green aerospace sector and growth of global space sector and technological innovations drive world growth aerospace bearings Marlet. However, the high cost of raw materials restricts the market to some extent. On the other hand, the emergence of sensor-carrying units and the growth of the urban air mobility platform (UAM) present new opportunities in the years to come.
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COVID-19 Scenario Aerospace Bearing Industry:
- The outbreak of the COVID-19 pandemic has had a huge impact on the aerospace industry, resulting in lower sales.
- The shortage of raw materials and the delay in delivering planes further hampered the market during the pandemic.
- However, the market is expected to pick up soon.
The report offers detailed segmentation of the global aerospace bearings market on the basis of bearing type, aircraft type, application, and region.
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On the basis of bearing type, the ball bearing segment held the highest market share in 2020, holding more than half of the total market share, and is expected to maintain its leading status during the period of forecast. However, the plain bearings segment is expected to register the highest CAGR of 12.5% ââfrom 2021 to 2030.
On the basis of aircraft type, the fixed wing segment held the largest market share in 2020, holding three quarters of the total market share, and is expected to maintain its leading status during the forecast period. Additionally, the rotorcraft segment is expected to register the highest CAGR of 11.6% from 2021 to 2030.
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Based on region, Asia-Pacific contributed the highest share in terms of revenue in 2020, holding nearly one-third of the global market share, and is expected to retain its dominant share of ‘by 2030. Additionally, LAMEA is expected to manifest the fastest CAGR of 12.1% during the forecast period.
The major players in the global aerospace bearings market analyzed in the research include GGB, JTEKT Corporation, Kaman Corporation, NSK Ltd., NTN Corporation, RBC Bearings Inc., Schaeffler AG, SKF, THK CO. LTD. and Timken.
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