SKF (Sweden), JTEKT Corporation (Japan), Schaeffler AG (Germany) are Leading Players in the Aerospace Bearings Market
The aerospace bearings market is estimated to be USD 9.6 billion in 2021 and is projected to reach USD 14.7 billion by 2026, at a CAGR of 8.9% during the forecast period. 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. The aerospace bearings market has been growing at a significant rate, and this trend is expected to continue during the forecast period.
SKF (Sweden), JTEKT Corporation (Japan), Schaeffler AG (Germany), The Timken Company (US), RBC Bearings Inc. (US), and NSK Ltd. (Japan), are the leading players operating in the aerospace bearings market. These players have adopted various growth strategies such as contracts, agreements, acquisitions, expansions, new product launches, partnerships & certifications, investments, venture capital funding, and research & development (R&D) activities to further expand their presence in the aerospace bearings market.
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SKF is a leading player in the aerospace bearings market. The company strives to expand its business in Asia Pacific, Latin American, and the Middle East & African region. The company invested 51Mn in November 2021 in North America to strengthen its manufacturing footprint in the region. SKF has a strong network of 17,000 distributors worldwide which has enabled the company to carry out OEM and aftermarket business worldwide. The company is further investing to develop digital sales channel to further boost the reach of its aftermarket products.
JTEKT Corporation is ranked second in the aerospace bearings market. The company under its business segment Koyo Bearings is global manufacturer & supplier of aerospace bearings. The company has a strong foothold in high growth region such as Asia Pacific with 65% of the company’s revenue emerging from APAC. In a view to expand its business in Europe the company is rebuilding its Kokuba plant in Europe and making significant R&D investments in the region.
Schaeffler AG is ranked third in the aerospace bearings market. The company is a major OEM supplier of the aerospace bearings. The company also undertakes refurbishment and remanufacturing services. The company aims to align its bearing products to support digital and mechatronic technology. The company has launched a program Roadmap 2025 aimed to improve the development of IoT solutions.
The Timken Company is one of the key players in the aerospace bearings market. The company supplies bearings to general, commercial, and military aviation. The company is a leading OEM and aftermarket supplier of the aerospace bearings. The company also provides bearing repair, bearing remanufacturing services, and replacement bearings for the aftermarket industry.
RBC Bearings Inc. is another major player in aerospace bearings market. RBC Bearings Inc. is a major standard and custom aerospace bearing supplier to Military. The company is a key supplier to the US Department of Defense and various other governments worldwide. The company has a strong network of authorized distributors namely National Precision Bearing, Wencor Group, Jamaica Bearings, KLX Aerospace Solutions, W.S. Wilson Corporation, and Wesco Aircraft. RBC Bearings, Inc. The company’s major customers include Lockheed Martin, Safran, Boeing, and the US Government,
Related Reports:
Aerospace Bearings Market by Type (Ball Bearing, Roller Bearing, Plain Bearing), Material (Metal, Metal Polymer & Engineered Plastic, Fiber Reinforced Plastic, Ceramic), Application, Platform, Sales Channel, Region - Global Forecast to 2026
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