Global Air Bearings Market Research Report: by Type (Hydrostatic/Aerostatic, Hydrodynamic/Aerodynamic), by Application (Precision Machinery Tools, High-speed Machines, Others), by End-user (Aviation, Automotive, Medical, Space, HVAC, Microturbine, Compressors, Semiconductor, Wastewater Management, Others), and Region – Forecast to 2023
The air bearings market is touted to touch a valuation of USD 10,733 million by 2023, as per the findings of Market Research Future (MRFR). Characteristics of durability, rotation with high precision, repeatability, cost-benefit, and environment-friendly nature are prime advantages which can witness its wide application in end-use industries. Adoption of lean methodologies by industry stalwarts to expedite the production process in light of heavy demand is likely to bolster market volume tremendously.
The air bearings market is expected to exhibit a CAGR of 6.82% from 2018 to 2023 (forecast period) owing to application of these machine elements in high-spinning tools. In addition, the capacity of these elements to handle loads at extreme temperatures can lead to massive demand. For instance, the aerospace industry used an air-bearing platform to lift heavy loads in the assembly line with ease and causing minimal bottlenecks.
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Contamination of the pressurized air can cause friction in the bearings and may pose a challenge to the market. But revolutionary technologies such as viscous shear for isolating environments and prevent effective cleaning without contact is likely to resolve this restraint.
By type, the hydrostatic/aerostatic segment accounted for 58.72% share of the Air Bearings Market in 2017. It can touch a valuation of USD 6,520.4 million by 2023, at a CAGR of 7.42% during the forecast period. This can be attributed to its properties of low noise, high rotational precision, and low heat generation. Meanwhile, the hydrodynamic/aerodynamic segment accounted for 41.28% market share in the same year. It can experience a CAGR of 5.92% over the review period owing to hydrodynamic bearings’ propensity to handle heavy loads. This segment can elicit a volume of 2,891 thousand units and reach a valuation of USD 4,212.7 million by 2023.
Among applications, the precision machinery tools segment accounted for 48.78% share in 2017, followed by high-speed machines (35.66%) in the same year. Precision machinery tools can command a demand of 3,172 thousand units of air bearings by 2023. It can experience a robust CAGR of 7.24% over the forecast period to reach a commendable valuation of USD 5,361.5 million by 2023. On the other hand, the high-speed machines application is expected to touch USD 3,809.1 million by 2023.
By end-user, aviation accounted for nearly 23% share in the air bearings market in 2017, followed by medical. The aviation segment can generate close to USD 1,282.8 million by 2023, at a CAGR of 7.99% during the assessment period. It can accumulate a demand totaling 1,656 thousand units by 2023. The medical segment can generate USD 1,075.9 million by 2023 for the air bearings market owing to its integration in bio-medical systems. Its use in artificial joints for seamless movement with minimum friction is likely to bode well for the market.
Geographic analysis of the air bearings market includes namely North America, Europe, Asia Pacific (APAC), the Middle East & Africa, and Latin America. Among these, APAC accounted for 56.59% share in 2017 on the basis of value, followed by Europe (18.07%), North America (14.39%), MEA (6.19%), and Latin America (4.76%).
The APAC region can touch a valuation of USD 6,214.6 million by 2023, expanding at a CAGR of 7.22% during the forecast period. This can be attributed to the abundance of minerals in the region, with countries such as India, China, and South Korea contributing the maximum to the market. In addition, booming sectors of manufacturing, textiles, and electronics can propel the regional market volume exponentially. Europe is the second-best performing region in the air bearings market and aims to reach a value of USD 1,878.1 million by 2023, at a CAGR of 6.25% during the assessment period. Development of air bearings with longer service life and few replacements are likely to contribute to regional growth.
Major market players listed in the air bearings market are Mohawk Innovative Technology, Inc. (U.S.), Specialty Components Inc. (U.S.), Leuven Air Bearings NV (Belgium), Aerolas (Germany), Xdot Engineering and Analysis, PLLC (U.S.), Dover Motion (U.S.), Newport Corporation (U.S.), Professional Instruments Company (U.S.), GAT Gesellschaft für Antriebstechnik mbH (Germany), New Way Air Bearings (U.S.), Air Bearings Ltd. (U.K.), Canon Semiconductor Equipment Inc. (Japan), Loadpoint Bearings Ltd. (U.K.), Hovair Systems, Inc. (U.S.), OAV Air Bearings (U.S.), Westwind Air Bearings (U.K.), Aerotech Inc. (U.S.), R&D Dynamics Corporation (U.S.), MAGER S.r.l. (Italy), PI Nelson Air Corp (U.S.), and others.
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