The Global Aerospace Parts Manufacturing Market Overview: Information About The Market's Segmentation By Product, Type and Region, With The Forecast Till 2030. According to the reports published, the global Aerospace Parts Manufacturing Market Size is expected to grow at a CAGR of 4.6%, earning a valuation of USD 1130.4 Billion by 2030, from its early figures of USD 754.1 Billion in 2021.
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The aircraft sector is constantly evolving to meet its passenger demands. The aerospace sector must create new planes and airport infrastructure to accommodate the rising number of passengers and improve flight comfort, speed, and luxury. The aerospace business is constantly improving its aircraft with many new accessories and services that will give the passenger a safe and better travelling experience in response to the high demands from its service consumers.
DRIVING FACTORS FOR THE GLOBAL AEROSPACE PARTS MANUFACTURING MARKET-
The Aerospace Parts Manufacturing Market is driven by an increase in passenger and freight traffic and a faster rate of fleet replacement.
The demand for and manufacture of the next-generation aircraft is being driven by the increase in passenger traffic, particularly in the Middle East and Asia-Pacific. This may be advantageous for the sector since it has resulted in a modest uptick in aircraft production and increased production of aerospace components. Since the demand for high-end next-generation aircraft is expected to increase significantly over the next ten years, both passenger and freight traffic is expected to grow at an exceptional rate. In addition, it is predicted that the number of people flying will continue to rise, increasing by 10% to 15% annually. The availability of flights to all significant locations, the low cost of tickets, and the frequency of the flights are further factors encouraging more people to travel. For these reasons, aircraft manufacturers must create modern aircraft that can accommodate growing passenger numbers.
INCREASE IN THE RATE OF REPLACING THE AIRCRAFT FLEET
One of the areas with the fastest growing greenhouse gases is aviation, a field that produces a lot of carbon emissions. The demand for air travel is rising, and the marginal fuel efficiency is declining, increasing the pressure on the aircraft sector to cut greenhouse gas emissions. The potential imposition of significant levies pushes airlines to upgrade to modern, fuel-efficient aircraft in favour of outdated fleets. Due to the enormous technical breakthroughs over the previous few years, the aircraft industry has been obliged to replace the obsolete fleet with more advanced performance aircraft. A regular aeroplane lasts for two or three decades in service, but because they are more expensive to maintain and run than they are profitable, they must be replaced immediately and within a set period. In the upcoming years, the annual replacement rate of an aircraft will rise from the current 3%. New components are produced when an aircraft must be replaced or refurbished, a significant element propelling the aerospace parts manufacturing market.
Global Aerospace Parts Manufacturing Market Report Coverage
|Market Size in 2021:||USD 754.1 Billion|
|Forecast Period 2021-2030 CAGR:||4.6%|
|2030 Value Projection:||USD 1130.4 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||119|
|Segments covered:||By Product, By End Use, By Region, COVID-19 Impact Analysis|
|Companies Covered:||Jamco Corporation, Intrex Aerospace, Rolls Royce plc, CAMAR Aircraft Parts Company, Safran Group, Woodward Inc., and others|
|Growth Drivers:||The Aerospace Parts Manufacturing Market is driven by an increase in passenger and freight traffic and a faster rate of fleet replacement.|
|Pitfalls & Challenges:||The Demand For Modern Aeroplanes is Driven By Growth in Emerging Nations and Rising Per-Capita Wealth.|
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RESTRAINTS ON THE GLOBAL AEROSPACE COMPONENTS MANUFACTURING MARKET
A critical barrier to the worldwide aerospace parts manufacturing market is fluctuating raw material prices. Every manufacturer relies on the accessibility and availability of suppliers' and subcontractors' raw materials, subassemblies, and essential components. Steel, titanium sheets, composite materials including carbon and boron, aluminium sheets, plates, forgings, and other raw materials are among the main ones needed to manufacture an aircraft. Financial stability and the performance of suppliers and subcontractors based on the availability of raw materials and other components are crucial to supplying goods and services to clients. A minor financial issue at the supplier's end causes the expenses incurred for parts or raw materials to climb in this situation, which is why prices have gone up. This is what limits the aerospace parts manufacturing companies' ability to expand and proves to be a barrier.
OPPORTUNITIES IN THE GLOBAL AEROSPACE PARTS MANUFACTURING MARKET
The Demand For Modern Aeroplanes is Driven By Growth in Emerging Nations and Rising Per-Capita Wealth.
Major emerging economies with rising per capita incomes are crucial for the growth of the aircraft components manufacturing sector since rising per capita incomes have increased the number of passengers. Following this, there has been an increase in the number of aircraft passengers, which is predicted to continue in the upcoming years. It is obvious that the demand for airline services has increased due to the growth in the number of passengers. The aircraft manufacturing sectors are compelled to produce modern aircraft to meet the demand of passengers for ease and improved transportation.
Aircraft producers are attempting to innovate and spur evolution in the aviation sector to meet these needs. Due to this, there has been a significant rise in the demand for aircraft parts on the international market, opening up many doors for producers and suppliers of these components.
SEGMENTATION OF THE GLOBAL AEROSPACE PARTS MANUFACTURING MARKET-
Industry analysts have divided the production of aeronautical parts into products and categories. Engines, aircraft manufacturing, and insulating component manufacturing are the market segments when considered within the area of by-product segmentation. The market is dominated by the aircraft manufacturing sector, which is expected to generate USD 601.95 billion in revenue by 2030 with a CAGR of 3.9%. The industries that produce aircraft are continually in need of crucial parts and materials needed to build an aircraft with complete facilities and the newest technology. Key parts and components that are to be used in the aircraft for the efficient and effective operation of every aircraft component are continuously required to make this happen. These aircraft manufacturing businesses are one of the primary sectors from which the aerospace components manufacturing companies are finding that they may earn enormous revenue figures.
The engine division, which had a considerable impact on the global market with USD 177.2 billion in 2021 and is anticipated to rise to USD 258.83 billion in 2030 with a CAGR of 4.3%, is the second-most dominant category after the aircraft manufacturing sectors. Any machine's fundamental component is its engine, and since an aeroplane is a massive machine that runs on a high-speed, high-power engine, the engine must be the most robust and reliable part of the entire machine. The assembly of numerous minor parts and accessories that support an engine's flawless operation is necessary for engine production due to their importance and strong demand from engine manufacturing companies due to their significant market share.
The third segment that contributes is insulation components, with sales of USD 21.5 billion in 2021 and USD 37.57 billion in 2030, respectively, expanding at a CAGR of 6.4%. The fastest growth rate, which is expected to last through 2030, is in this sector. The chamber, where the heat from the aircraft's moving elements cannot enter the aircraft, requires insulating components.
Commercial, business, and military aircraft are further divided into the market as mentioned above type segments. Commercial aircraft is the largest of these segments, with revenues of USD 418.6 billion in 2021 and an anticipated CAGR of 5.2% of USD 660.60 billion in 2030. With the increase in passenger and freight traffic, it is said that demand for commercial aircraft has reached an all-time high. Along with this, there is a rise in the demand for cargo services, which is turning out to be one of the industry's major driving forces for aircraft components production. The second-most important market contributor is the military aircraft segment, which is expected to generate revenues of USD 223 billion in 2021 and USD 303.93 billion by 2030, with a CAGR of 3.5%. Commercial and business aircraft differ from military aircraft in terms of quality, design, and capabilities. With a projected market share of USD 162.25 billion by 2030 and a CAGR of 4.8% from early 2021 numbers, which stand at USD 162.25 billion, business aircraft represent the third-largest source of revenue.
REGIONAL ANALYSIS OF THE AEROSPACE PARTS MANUFACTURING INDUSTRY-
North America, Europe, Asia-Pacific, Middle Easter & Africa are the regions that make up the bulk of the global aerospace parts manufacturing market. The North American region, with a market value of USD 411.1 billion in 2021, an anticipated USD 522.49 billion by 2030 and a CAGR of 2.7%, is now dominating the global market.
Given that North America has the most air travel, it is the region where the aerospace parts manufacturing market is most likely to grow. Because of this, North America is by far the most dominant region in the world. Europe is the second most dominant region after North America, with a market value of USD 254.8 billion in 2021 and a CAGR of 5.7% to reach USD 419.63 billion by 2030. Europe's industrial infrastructure is the reason it has a considerable growth rate of 5.7%, which is higher than that of North America.
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The aerospace parts manufacturing market is no different from other industrial divisions operating out of Europe, which is recognised as the global hub for the automobile industry. Other regions, such as the Middle East & Africa and Asia-Pacific, also contribute significantly to the industry. The market in Asia-Pacific is expected to reach USD 270.33 billion by 2030 with a CAGR of 7.5%, which is the highest growth rate predicted. Compared to the other two regions, the Middle East and Africa region has the lowest market value, with a market share of USD 8.7 billion in 2021 and USD 13.84 billion in 2030, respectively, thanks to a CAGR of 5.3%.
COMPETITIVE PLAYERS IN THE GLOBAL AEROSPACE PARTS MANUFACTURING INDUSTRY -
Jamco Corporation, Intrex Aerospace, Rolls Royce plc, CAMAR Aircraft Parts Company, Safran Group, Woodward Inc., and others are the leading players in the global aerospace parts manufacturing industry.
KEY PLAYERS' RECENT DEVELOPMENTS -
• The aeroplane, known as Project Blue Sky Vol. 5, was equipped with the first hands-free restroom doors in April 2021, thanks to a partnership between Jamco and ANA.
• To maintain its market share in the aerospace parts industry, Intrex Aerospace will partner with Eaton and UTC Aerospace in December 2021.
• In April 2022, Infosys and Rolls Royce launched an aerospace engineering and digital innovation centre in India, marking the largest industry collaboration ever.
SEGMENTATION OF THE GLOBAL AEROSPACE PARTS MANUFACTURING MARKET -
- By Product
- Aircraft Manufacturing
- Insulation components manufacturing
- By Type:
- Business aircraft,
- Military aircraft,
- Commercial aircraft
- By Region:
- North America,
- Asia - Pacific,
- Middle East and Africa
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