According to our latest study on "Super Precision Bearing Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application," the market is projected to grow from US$ 8,780.12 million in 2022 to US$ 13,100.28 million by 2028; it is estimated to register a CAGR of 6.9% from 2022 to 2028.
Increasing Demand from Aerospace Industry Fuels Super Precision Bearing Market Growth
In aerospace applications, super precision bearings are used in engines, gearboxes, pneumatic and electric starters, and various auxiliary aircraft positions to improve operational efficiency. These bearings are useful in ensuring reliable aircraft operation with minimum power loss, which is increasing their demand in the aerospace industry. In addition, super precision bearing manufacturers are increasingly focusing on implementing innovative initiatives to increase aircraft reliability. For instance, in July 2022, Barden Bearings improved the design of super precision bearings for aircraft starter generators. The improved design led to better oil flow to the bearing; it also strengthened the bearing cage structure and introduced a method to detect cage debris. Thus, such initiatives by the manufacturers to increase the efficiency of the aircraft are boosting the demand for super precision bearings in the aerospace industry, contributing to super precision bearing market growth.
In addition, many countries across the globe are engaged in boosting their aviation industry by introducing manufacturing facilities for aircraft. For instance, in October 2022, the Prime Minister of India laid the C-295 aircraft manufacturing facility's foundation in Vadodara and became a leading manufacturer and exporter of transport aircraft worldwide. This manufacturing facility was launched to cater to the increasing demand for passenger and cargo aircraft in the country, as the requirement for aircraft is expected to reach ~2,000 by 2050. Aircraft production requires super precision bearings in its engines, gearbox, and starter generators. Thus, the rising number of initiatives to boost aircraft production is contributing to the demand for super precision bearings for new aircraft production. In addition, according to Aerospace Manufacturing news published in December 2022, the global aircraft order was recorded to be 299 in October 2022. Approximately 95 aircraft were delivered in October 2022, which registered a growth of 51% compared to the figure in October 2021. Thus, the rising aircraft deliveries are boosting the aerospace industry, which is driving the demand for super precision bearings in the industry and contributing to super precision bearing market growth.
Key Findings of Study:
The super precision bearing market is segmented based on type, applications, and geography. Based on type, the super precision bearing market is segmented into angular contact ball bearings, cylindrical roller bearings, and others. Based on application, the super precision bearing market is divided into spindles, high speed rolling mills, printing machinery, precision ball screw, live centers, high speed turbochargers, vacuum pumps, automotive, boat gyrostabilizers, semiconductor industry, textile machinery, medical & dental, measuring machines, and aviation & defense. By geography, the super precision bearing market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Based on type, the global super precision bearing market is segmented into angular contact ball bearings, cylindrical roller bearings, and others. Machine tools and other precision applications require superior bearing performance for high system rigidity. However, elastic deformation can occur under extreme pressure and load. Therefore, an angular contact ball bearing is used in various applications to maintain the productivity and accuracy of machine tools. SKF developed a new super precision angular contact ball bearing that improves the performance of machinery in several applications. These bearings provide high reliability, superior accuracy, and excellent performance for applications such as parallel kinematic machines (PKM) and grinding and boring machines. Thus, the featured characteristics of angular contact ball bearings make it most preferable for wide-scope applications, which is expected to boost super precision bearing market growth in the coming years.
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