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The aerostructures market size is estimated to grow by USD 23.71 billion at a CAGR of 6.78% between 2023 and 2028. The market's growth hinges on various factors, including favorable government initiatives in the Asia-Pacific region that support aviation, the steady increase in air passenger traffic, and the adoption of composite materials for aerostructure components. Governments in the Asia-Pacific region have been implementing policies and initiatives to support the aviation industry, which has contributed to its growth. Additionally, the continuous rise in air passenger traffic, driven by factors such as increasing disposable income and tourism, has fueled the demand for aircraft and related components. Furthermore, the aerospace industry's shift towards composite materials for aerostructure components has led to lighter and more fuel-efficient aircraft, driving market growth in this segment.
Market Forecast 2024-2028
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The Industry is evolving to address key challenges such as reducing fuel consumption and carbon emissions. Manufacturers are focusing on developing sturdy and lightweight structures using cutting-edge materials to enhance aerodynamics and reduce emissions, aligning with environmental concerns. There's a growing demand for eco-friendly goods, leading to the development of sustainable aerostructures and innovative production techniques. The integration of efficient propulsion systems and advanced composites derived from recycled materials and biofuels is driving the industry towards greener practices. This shift is significant for airlines, which are increasingly conscious of their environmental profile. The market extends to spacecraft, encompassing their assembly, structural framework, fuselages, and tail sections, all striving for greater sustainability. Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
There is an increase in the number of air passengers worldwide due to the rapid economic development in emerging economies such as India, China, and Indonesia. In addition, growth in the global tourism industry has also been fuelling the number of air passengers across the world. Furthermore, as per the latest data from the World Bank Group, the number of registered carrier departures across the world showed a continuous increase.
For instance, the number of such departures increased from 20 million in 2020 to over 24 million in 2022. Furthermore, factors including the expanding middle-class population in emerging economies, the growing inclination of this population group for air travel, and the rise in the global working-age population are expected to drive the market growth during the forecast period.
Improvements in aircraft design have resulted in the development of foldable wings for commercial aircraft. The new wing configuration enables the wings to be folded above the fuselage and, consequently, occupy less space inside a hangar. For instance, one of the leading global aircraft manufacturers, Boeing, has been working on large-span, high-efficiency wing designs.
Moreover, the wingtips can be extended back into the horizontal position during take-off, thus providing an extended wingspan to increase the fuel efficiency of the aircraft. Furthermore, Boeing selected Liebherr-Aerospace to accomplish this technological innovation, and the latter will offer components, including latch pin actuators, fold subsystems, and secondary lock actuators. Therefore, it is expected to drive the market growth during the forecast period.
The prices of raw materials including steel, aluminum, and plastic, among others that are used for the production of aerostructure components are volatile. In addition, the high demand-to-supply ratio, high taxes, duties and additional tariffs, and production disruptions in metal ore-mining countries can lead to an increase in raw material prices.
Moreover, such scenarios have been pushing aircraft OEMs to procure raw materials before the scheduled production to keep the price and product mix at controllable levels. In addition, raw material costs account for a major share of the total expenditure incurred by aerostructure component manufacturers. Therefore, any unanticipated fluctuations in raw material prices put pressure on these manufacturers, as an abrupt or unforeseen price rise can affect their overall profit margins. Hence, such factors hinder the market growth during the forecast period.
The OEM segment is estimated to witness significant growth during the forecast period. This segment encompasses companies that design, manufacture, and sell aerostructure components directly to airline operators, government agencies (such as defense departments), and other end-users. In addition, aircraft OEMs are responsible for the initial installation of aerostructure components on aircraft, as well as for providing maintenance and repair services throughout the lifespan of the aircraft.
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The OEM segment was the largest segment and was valued at USD 40.44 billion in 2018. Moreover, this segment includes companies such as Collins Aerospace and other major aerospace companies that design and manufacture aerostructure components for different aircraft models. In addition, these companies work closely with aircraft manufacturers (OEMs) to integrate the aerostructure components into the aircraft design and ensure that they meet all the necessary safety and performance standards. Hence, this segment has complete control over the design, manufacture, and testing of aerostructure components. Therefore, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the platform, the segment is classified into fixed wing aircraft and rotary wing aircraft. Fixed-wing aircraft utilize wings instead of vertical thrust-generating rotors to lift aircraft. The main advantage of these aircraft can traverse long distances, stay within proximity to points of interest, and map wider areas. In addition, fixed-wing aircraft can use gasoline-powered engines. Furthermore, this segment offers numerous advantages, including longer flight time and more payload capacity, can combine vertical takeoff with horizontal flight, is good for long-range transportation, and has stable camera footage without the need for a gimbal. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 35% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The US holds a major share of the operational fleet in North America by undertaking several strategies, such as capacity discipline, mergers and acquisitions, and fleet and network rationalization. Furthermore, the growth in the number of new aircraft deliverables will likely improve the implementation of new manufacturing processes, such as 3D printing, nanotechnology, robotics, and augmented reality, to support aircraft production processes in North America. Hence, such factors drive the market growth in North America 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.
Aernnova Aerospace SA: The company offers aerostructure components for wings and vertical and horizontal stabilizers for Embraer aircraft programs such as the Praetor 500 and Praetor 600 executive jets, the two generations of the E-Jets family of commercial jets and the multi-mission aircraft KC-390 Millennium.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Airbus SE, Albany International Corp., Cyient Ltd., DAHER, Elbit Systems Ltd., FACC AG, Groupe Industriel Marcel Dassault, Leonardo Spa, Magellan Aerospace Corp., Mahindra and Mahindra Ltd., Melrose Industries Plc, Muhr und Bender KG, Raytheon Technologies Corp., RUAG International Holding Ltd., Saab AB, Safran SA, Singapore Technologies Engineering Ltd., Spirit AeroSystems Inc., The Boeing Co., and The Nordam Group LLC.
Technavio report provides 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 research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The Industry is at the forefront of innovation, leveraging cutting-edge materials to produce eco-friendly goods. Automation and digitalization are transforming industrial processes, reducing waste and optimizing machine learning for enhanced quality. Digital tools monitor wear and tear metrics, managing single material made wastes and composite wastes to improve durability and longevity. The industry is focusing on sustainable solutions in assemblies and aligning with environmental policy and legislation to implement efficient recycling solutions and conduct lifecycle assessments. From repurposing E glass fiber waste to enhancing unmanned aerial vehicle (UAV) capabilities for the consumer sector, business sector, and military sector, aerostructures are crucial for applications such as surveillance, agriculture, and delivery services.
Furthermore, the industry also plays a vital role in improving flying performance through advancements in materials science and overhaul (MRO), addressing challenges like the high cost of transportation and reducing reliance on fossil fuels such as diesel fuel and crude oil. This sector's logistics and inventory carrying are being optimized, especially with the growth of e-commerce and home delivery. The industry is also focused on upgrading and retrofitting aging aircraft fleets, utilizing advanced materials like alloys and superalloys for better performance at high temperatures and resistance to fatigue. This transformation impacts various sectors, including commercial aviation, military aviation, and advanced air mobility (AAM), with implications for fixed-wing aircraft and aerospace vehicles in both space exploration and specialized applications.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market Growth 2024-2028 |
USD 23.71 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.34 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, Canada, China, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aernnova Aerospace SA, Airbus SE, Albany International Corp., Cyient Ltd., DAHER, Elbit Systems Ltd., FACC AG, Groupe Industriel Marcel Dassault, Leonardo Spa, Magellan Aerospace Corp., Mahindra and Mahindra Ltd., Melrose Industries Plc, Muhr und Bender KG, Raytheon Technologies Corp., RUAG International Holding Ltd., Saab AB, Safran SA, Singapore Technologies Engineering Ltd., Spirit AeroSystems Inc., The Boeing Co., and The Nordam Group LLC |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market 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 End-user
7 Market Segmentation by Platform
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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