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The aerospace parts manufacturing market size is forecast to increase by USD 190.69 billion at a CAGR of 4.19% between 2023 and 2028. Market growth is contingent on various factors, including the increasing demand for both commercial and defense aircraft. Additionally, the burgeoning space exploration and satellite industry contribute significantly to market expansion. Moreover, the growth of the maintenance, repair, and overhaul (MRO) industry plays a crucial role in driving market growth. These factors collectively underscore the dynamic nature of the market, propelled by advancements in aerospace technology and the evolving needs of the aviation and space sectors. Our report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.
Furthermore, North American aerospace companies have been known for their technological leadership, innovation, and engineering expertise. This has allowed them to develop cutting-edge products and solutions that meet the evolving needs of the industry. Additionally, CTRM Sdn. Bhd. company offers aerospace parts such as short-haul aircraft seats made of carbon fiber composites and aircraft exterior panels. Also, DAHER, Diehl Stiftung and Co. KG company offer aerospace parts such as Aero structures, Propulsion systems, and Aircraft interiors.
Market Forecast 2024-2028
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In the dynamic landscape of the market, aircraft manufacturers prioritize crafting components for business aircraft and general aviation aircraft to meet escalating passenger traffic demands. With a focus on reducing greenhouse gas emissions and enhancing insulation components, the sector aims to bolster commercial aerospace and transport infrastructure. As a result, ticket prices are optimized while ensuring the required frequency of flights to cater to evolving consumer needs.
The aerostructure segment will account for a major share of the market's growth during the forecast period.? The aerostructure segment, encompassing vital components like fuselage, wings, and flight control surfaces, plays a pivotal role in the market. These components are essential for aircraft construction and operation, providing structural integrity and aerodynamic performance.
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The aerostructure segment was valued at USD 432.41 billion in 2018. Further, with increasing demand for commercial and military aircraft globally, driven by factors such as rising air travel and defense spending, aerostructure production is steadily growing. Manufacturers are investing in advanced materials and manufacturing technologies, such as carbon fiber composites and additive manufacturing, to enhance efficiency and meet evolving customer needs, fueling the segment's expansion.
Based on aircraft type, the market has been segmented into commercial, business, and military. The commercial segment will account for the largest share of this segment.? Aerospace parts for commercial aircraft are diverse and encompass a wide range of components that are essential for the operation, safety, and comfort of passengers and crew. Different systems and components can be used to classify these parts, each playing a specific role in the aircraft's functionality. Additionally, airlines frequently expand their fleets by acquiring new aircraft to meet growing passenger demand or replace older, less fuel-efficient models. Consequently, parts that are required for the construction and maintenance of these new airplanes have increased in demand and drives the market growth during the forecast period.
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North America is estimated to contribute 52% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. North America has a well-established and interconnected aerospace ecosystem that includes manufacturers, suppliers, research institutions, universities, and government agencies.
Moreover, the need for aeronautics components has been driven by demand from both commercial and military planes, as well as an increasing focus on space exploration. North American manufacturers have been able to capitalize on this demand through their expertise and capacity. The defense sector has also played a significant role in driving aerospace parts manufacturing. Defense contracts for military airplanes, UAVs (unmanned aerial vehicles), and other defense technologies have contributed to the industry's growth in the region.
The market thrives on the procurement of high-quality raw material to craft components for various engines and insulation components. With fleet replacement initiatives and the demand for fuel-efficient aircraft, especially in commercial aerospace and transport, manufacturers cater to the rising passenger traffic while addressing concerns over greenhouse gas (GHG) emissions. This includes both business aircraft and general aviation aircraft, driving innovation to reduce greenhouse gas emissions while improving the frequency and availability of flights to meet consumer demands and optimize ticket prices. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The growth of the space industry, including satellite manufacturing, launch services, and exploration missions, creates demand for aerospace components used in space vehicles, satellites, and related technologies. The demand for aircraft components and technology was strongly supported by the space exploration and satellite industry. Due to the growing air passenger air freight volume is on the rise.
Moreover, the increasing interest in space exploration, satellite deployment, and related activities has led to a surge in demand for various aerospace products. The growth of the space industry, driven by government agencies, private companies, and international partnerships, has led to a diverse range of opportunities for aerospace parts manufacturers, which in turn will have a positive impact on market growth during the forecast period.
As the aviation industry seeks to reduce its environmental footprint and adopt more sustainable technologies, aerospace parts manufacturers are investing heavily in developing components for electric and hybrid aircraft. Due to the growing air passenger air freight volume is on the rise. Moreover, advancements in airport facilities and accessories battery technology and energy storage solutions are opening new possibilities for electric and hybrid new-age aircraft, driving further demand for specialized aerospace parts.
Additionally, several companies are at the forefront of this trend, positioning themselves as key players in the development and supply of aerospace parts for electric and hybrid propulsion systems. Further, companies across the aerospace supply chain are capitalizing on the growing demand for electric and hybrid propulsion systems, driving the expansion of the market. These factors are expected to drive market growth during the forecast period.
Aerospace component manufacturers need to adhere to rigorous quality and safety standards to ensure the reliability and airworthiness of aircraft. Advanced materials, precision engineering, and extensive testing, all of which contribute to higher costs, are required to meet these standards. Aerospace parts often involve advanced technologies and engineering solutions.
However, aerospace manufacturing requires a highly skilled workforce with expertise in engineering, machining, assembly, and quality control. The cost of skilled labor is often a premium, and this contributes to workers' costs. The level of customization adds complexity to manufacturing processes and increases costs, which may hinder market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
AEFP Group, Camar Aircraft Parts Co., Ducommun Inc., Eaton Corp. Plc, General Electric Co., Groupe Industriel Marcel Dassault, Honeywell International Inc., IHI Corp., JAMCO Corp., Kawasaki Heavy Industries Ltd., Liebherr International Deutschland GmbH, Mitsubishi Heavy Industries Ltd., Rolls Royce Holdings Plc, Safran SA, Thales Group, Transdigm Group Inc., and W. L. Gore and Associates Inc.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market analysis and report forecasts market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market plays a pivotal role in supporting defense modernization programs and space exploration missions by producing essential components like satellite components and spacecraft structures. Rigorous certification and approval processes ensure adherence to stringent testing, validation, and verification procedures for quality and safety. Utilizing advanced techniques such as 3D printing, manufacturers produce precision-engineered parts like fasteners, fuselages, and door pairings for aircraft prototypes and aircraft conversion. These components are crucial for various aircraft systems, including landing gear, air management systems, and actuation & control systems, to ensure optimal performance and safety, especially in military aircrafts and short-haul commercial transportation.
Additionally, The aerospace parts manufacturing sector is instrumental in supporting MRO services and enhancing military capabilities through the production of critical components such as airframe structures and avionics systems. These manufacturers specialize in tasks like aircraft overhaul, rebuilding, and ensuring the functionality of vital systems like air management and actuation & control. Advanced technologies like fly-by-wire and fly-by-light flight controls are integrated into flight management systems for enhanced safety and efficiency. Additionally, the market caters to diverse needs, including freight traffic, cargo services, leisure flying, and emerging sectors like air taxis. Despite challenges like carbon-intensive operations and aging aircraft, continuous innovation and efficient use of raw materials drive growth in this vital industry.
Furthermore, the market plays a crucial role in producing components vital for the operation and safety of aircraft, including systems for opening and closing doors, air management, and actuation & control. These systems are integrated into the avionics segment, enabling system monitoring and ensuring safety with features like anti-collision systems and pilot interface systems. Additionally, despite challenges such as aging fleets and carbon-intensive operations, the aerospace parts manufacturing sector continues to innovate and evolve to meet the demands of the industry. This market caters to various sectors, from commuter airliners to troops and tanks, providing essential parts for automotive vehicles and helicopters. However, the industry faces challenges such as carbon-intensive operations and greenhouse emissions, underscoring the need for sustainable practices in MRO activities and aerospace and defense operations.
Market Scope |
|
Report Coverage |
Details |
Page number |
182 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.19% |
Market growth 2024-2028 |
USD 190.69 billion |
Market structure |
USD Fragmented |
YoY growth 2023-2024(%) |
3.76 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 52% |
Key countries |
US, Canada, China, Russia, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AEFP Group, Aequs Pvt. Ltd., Camar Aircraft Parts Co., CTRM Sdn. Bhd., DAHER, Diehl Stiftung and Co. KG, Ducommun Inc., Eaton Corp. Plc, General Electric Co., Groupe Industriel Marcel Dassault, Honeywell International Inc., IHI Corp., JAMCO Corp., Kawasaki Heavy Industries Ltd., Liebherr International Deutschland GmbH, Mitsubishi Heavy Industries Ltd., Rolls Royce Holdings Plc, Safran SA, Thales Group, Transdigm Group Inc., and W. L. Gore and Associates Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Aircraft Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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