Global Aerospace Parts Manufacturing Market was valued $907.2 Bn in 2019 and is expected to reach $xx Bn by 2026, at a CAGR of xx% during the forecast period.
Global Aerospace Parts Manufacturing Market Introduction
Aerospace is a discipline of science and technology that is concerned with both aviation and space travel. The increased pace of fleet replacement is likely to boost aircraft manufacturing, propelling the industry forward. Furthermore, rising emphasis on reducing total aircraft weight via the use of lightweight parts in order to increase energy efficiency is expected to boost the market growth.
Global Aerospace Parts Manufacturing Market Dynamics
Rising energy expenses, which make for a large portion of commercial airline operations, are driving the replacement of in-service aged aircraft with fuel-efficient aircraft. Furthermore, rising emphasis on reducing total aircraft weight via the use of lightweight parts in order to increase energy efficiency is projected to boost the market growth. Because of its existing aircraft manufacturing base and considerable potential for aerospace Maintenance, Repair, and Overhaul (MRO) operations, the United States has the biggest market for aviation components manufacture. Advanced technical capabilities, along with airworthiness for the manufacturing of high-quality items, such as crucial aircraft parts like wings and fuselage are also projected to propel the market growth.
Tier 1 suppliers, such as systems and significant structural manufacturers that work on aviation engines, turbines, jets, and engine propulsion systems are under a lot of pressure from Original Equipment Manufacturers (OEMs). As the result, the industry is becoming increasingly consolidated at tier 1 of the supply chain, as a result of increased mergers and acquisitions to reduce supply chain complexity.
On account of improvements in terms of performance and cost-efficiency of the end-use structure, the market has seen an inclination toward the incorporation of lightweight materials for aerospace parts manufacturing. Because of its greater corrosion resistance and ability to keep strength at high temperatures, industry participants are favoring lightweight aluminum alloys. In terms of product quality and design, participants in the aircraft parts manufacturing market confront stiff competition. To stay in the market, they are focusing on clients that have specific requirements. Major players are anticipated to use new technologies like additive manufacturing to replace traditional production processes for smaller aircraft components with complicated structures.
Global Aerospace Parts Manufacturing Market Segment Analysis
Due to the rapid replacement rate of the products, the insulation components segment was valued at USD 22.3 billion in 2019 and is expected to grow at the fastest CAGR of 6.3% over the forecast period. Over the forecast period, rising aircraft MRO operations, owing to the increasing aircraft fleet, are expected to drive demand for these components. Increased use of composites in fuselage manufacturing to reduce fatigue maintenance in high tension loaded environments is expected to lower overall aero-structure costs, positively impacting the market. In 2019, the category led the market, and this trend is projected to continue in the future.
Avionics production is predicted to increase in lockstep with aircraft production, as they are meant to improve an aircraft's safety and utility. Actuators make up a large portion of the avionics industry since they are employed in all of an aircraft's systems, including the oxygen, air, hydraulic, fuel, and water systems. Actuators can also be found in flaps, landing gear, and armament systems.
With a value of USD 467.4 billion in 2019, commercial aircraft led the aerospace components manufacturing market in 2019. Because of the increase in passenger and freight traffic, this category is expected to have the largest demand. Over the projection period, the industry is likely to rise due to rising demand for cargo services and increased global trade links. Due to cheap pricing and growth in the size of the aircraft, demand for business aircraft is expected to grow. Air travel takes less time than other types of transportation, hence business planes are expected to enhance productivity. Over the forecast period, this is likely to enhance demand for business aircraft, benefiting growth.
Global Aerospace Parts Manufacturing Market
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Global Aerospace Parts Manufacturing Market Regional Insights
Global Aerospace Parts Manufacturing Market 1
Because of the existence of significant aviation components manufacturers as well as a large aircraft manufacturing sector in the area, North America accounted for more than half of total sales in 2019. Over the forecast period, rising demand for new-generation aircraft is predicted to promote regional growth. Because of the growing trend of replacing obsolete landing gear with sophisticated systems, the aerospace parts manufacturing industry in the United States is characterized by rising demand for landing gear and other support components. Furthermore, demand for fixed-wing aircraft is expected to increase in the United States.
Due to the rapid expansion of the aviation sector in the area, which is increasing the growth of the maintenance, repair, and overhaul service market, Asia Pacific is expected to be the fastest-growing market, with a CAGR of 6.7% over the forecast period.
Because of the consistency of R&D expenditures in the aerospace and military sectors in Europe, the area is expected to grow steadily. The market also has a cutting-edge research method that is very inventive. Over the forecast period, the rapid increase in the production of cabin interior components is expected to drive regional market growth.
Global Aerospace Parts Manufacturing Market Report Scope: Inquire before buying
Global Aerospace Parts Manufacturing Market 2
Global Aerospace Parts Manufacturing Market, by Region
• North America
• Europe
• South America
• MEA
• Asia Pacific
Global Aerospace Parts Manufacturing Market Key Players
• Dassault Systems
• Rolls Royce Plc
• Lycoming Engines
• JAMCO Corporation
• Eaton Corporation plc
• Intrex Aerospace
• Sumitomo Precision Products Co. Ltd.
• CAMAR Aircraft Parts Company
• Bridgestone Corporation
• Safran Group
• Curtis-Wright Corporation
• Woodward Inc.
• Triumph Group
• Eaton Corporation Plc
• Premium Aerotech
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