The COVID-19 outbreak has impacted various industrial sectors with aerospace being one of the highest impacts. Lockdowns across countries along with air travel restrictions are affecting domestic and international flights. Furthermore, a slowdown in the transportation of non-essential goods and disruptions in the distribution chain have majorly impacted the aviation sector. This has also lowered the sales of various types of aircraft coupled with MRO demand for components such as bearings. The COVID-19 crisis has negatively impacted several players operating in the market.
The roller bearing segment is expected to witness 6.6% growth rate through 2027. Resembling wheels, roller bearings enable devices to roll, reducing the friction between the surface of the bearings and the surface they are rolling over. Roller bearings find applications in multiple areas such as engines, cockpit controls, landing gears, and aerostructures.
The fiber reinforced composites segment valued at USD 75 million in 2020 owing to the increasing demand for lightweight and environmental-friendly products in aerospace applications. Conventionally bearings are majorly produced from stainless steel metal due to the cost-effectiveness and durability of the metal. In the last few years, several manufacturers are focusing on research & development to produce lower weight and cost-effective alternatives such as fiber reinforced composites and ceramics.
The aerostructure application segment is estimated to attain a CAGR of6.8% till 2027. Roller bearings are majorly used in aerostructure designing. The aerostructure of the aircraft needs to be strong to hold off the exceptional operational circumstances and offer durability.
The fixed wing segment will dominate more than 89% of the market share by 2027 due to a rising in demand for new fixed wing aircraft. Asia Pacific and the Middle East are projected to showcase a significant increase in demand for fixed wing aircraft in the coming years.
Asia Pacific aerospace bearings market is predicted to expand at over 6% CAGR during 2021 to 2027. APAC countries including China, Japan, and India observed significant demand for aerospace bearings in 2020. The COVID-19 pandemic has forced lockdowns across APAC, disrupting supply chains in the region attributed to limited permissible transportation. Several countries in Asia Pacific were under severe lockdown and suffered immense loss owing to the shutdown of the aerospace sector.
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Table of Contents (ToC) of the report:
Chapter 3 Aerospace Bearings Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2017 - 2027
3.3 COVID 19 impact on industry landscape
3.4 Industry ecosystem analysis
3.4.1 Distribution channel analysis
3.4.2 Value chain disruption analysis (COVID 19 impact)
3.4.3 Vendor matrix
3.5 Cost structure analysis
3.6 Technology landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth driver
3.8.2 Industry pitfalls & challenges
3.9 Innovation & sustainability
3.10 Growth potential analysis, 2020
3.11 Porter's analysis
3.12 Company market share analysis, 2020
3.13 PESTEL analysis
3.14 COVID-19 impact on aerospace bearings market
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