According to the most recent analysis by Global Market Insights Inc., the aerospace bearings market is expected to reach USD 1.8 billion by 2027. During the projected period, robust demand for repair and maintenance from aerospace applications around the world is expected to fuel overall development. The COVID-19 pandemic has had an impact on a variety of industries, with aerospace being one of the most affected. Domestic and international flights are being impacted by country-wide lockdowns and air travel restrictions. Furthermore, a slowdown in the transportation of non-essential commodities as well as distribution chain interruptions has had a significant influence on the aviation industry. As a result, sales of various types of aircraft have decreased, as has MRO demand for components like bearings. The COVID-19 situation has had a negative influence on a number of market players.
In 2020, specifically, the Middle East aviation market was worth USD 13.19 billion, and by 2026, it is expected to be worth USD 23.07 billion, with a CAGR of 7.86 percent (2021 - 2026). The Middle-East Aviation market includes fixed-wing and rotary-wing aircraft sales in the commercial, military, and general aviation sectors in the Middle East. The market provides an overview of air passenger traffic, aircraft orders and deliveries, defence spending analyses, new route introductions, and regional aviation investments by country. Commercial aircraft, military aircraft, and general aviation are the three types of aircraft that make up the Middle East Aviation Market. Passenger Aircraft and Freighter Aircraft are two types of commercial aircraft. Combat and non-combat aircraft are separated from the Military Aircraft section. Helicopters, Turboprop Aircraft, Piston Fixed-wing Aircraft, and Business Jets are all sub-segments of the General Aviation segment.
“Middle East is considered as a high-potential market for future business jet sales, as several corporations in the US and Europe cut back on extras like corporate plane charters to save money and placate investors”
In particular, Saudi Arabia now holds a significant market share in the Middle Eastern aviation business. The country is undergoing a gradual transformation to become a vital aviation-related industry in the region, with an increase in the number of market-related advancements. Saudi Arabia has always viewed aviation as a tool of boosting economic progress. The privatisation of airports has contributed significantly to Saudi Arabia's aviation industry's growth. Furthermore, the Saudi Arabian aviation business has seen tremendous growth in terms of airport infrastructure during the last two decades. Saudi Arabia's military aviation, on the other hand, is undergoing tremendous growth and transformation. Saudi Arabia is growing its military aviation fleet, and numerous military aircraft have already been ordered. The continued competition between Saudi Arabia and Iran could be the key motivator, resulting in an increase in military aircraft purchases in Saudi Arabia.
Due to the existence of a considerable high net worth and ultra-high net worth individual (HNWI/UHNWI) population in the region, the Middle East has proven to be a lucrative market for both business and private aviation. Because of their great luxury and comfort, large-cabin and long-range business jets are in high demand in the Middle East. Despite the fact that there will be just one business jet delivered in the region in 2020, demand for business jets in the region is likely to increase in the future years, following a period of decline. Due to increased concerns about the spread of the COVID-19, first-class and corporate travellers are projected to prefer general aviation choices for safer and faster transportation in the future, which will drive the segment. Manufacturers of business jets have also moved their attention to the region. Middle East is considered as a high-potential market for future business jet sales, as several corporations in the US and Europe cut back on extras like corporate plane charters to save money and placate investors. The category is also being driven by an increase in demand for charter operations.
Despite a decrease in deliveries in 2020, the Middle East will continue to be a lucrative market for business jets. In addition, as countries seek to improve their aerial combat capabilities, this region are projected to place additional military aircraft orders during the coming decade. As a result, the competition among the existing market competitors is projected to heat up even more in the future years.