Global Aerospace Parts Manufacturing Market is projected to reach USD 1.2 Trillion by 2028 and register a CAGR of 3.8% during the forecast period from 2020 to 2028. Aerospace is the branch of science and technology-related to both aviation and space flights. The rise in the rate of fleet replacement is expected to increase aircraft production, thus driving the growth of the market.
Global Aerospace Parts Manufacturing Market is expected to register significant growth during the forecast period owing to factors such as the rise in air passenger traffic and an increase in the import-export of goods. Furthermore, the increasing demand for lightweight and fuel-efficient aircraft is also expected to drive the growth of the market.
However, issues related to fluctuations in raw materials prices, stringent aviation regulations, and high capital investment might hamper the growth of the market. Furthermore, owing to the ongoing COVID-19 pandemic various aircraft OEMs and component suppliers are expected to change their business models due to grounding of various aircraft and increasing travel restrictions.
Increasing the adoption of advanced technologies such as additive manufacturing, IoT, and blockchain for manufacturing aerospace parts is driving the growth of the market.
- Rise in Air Passenger Traffic
- Increase in Import-Export of Goods
- Increasing Demand for Lightweight and Fuel-Efficient Aircraft
- Increase in Rate of Aircraft Fleet Replacement: Increasing fleet replacement rates are expected to lead to a surge in aircraft production, which is expected to boost the growth.
- Issues Related to Fluctuations in Raw Materials Prices
- High Capital Investment
- Stringent Aviation Regulations
- Engines: Increasing adoption of additive manufacturing for manufacturing engines by companies such as Safran Group is expected to drive the growth of the segment.
- Aircraft Manufacturing: The segment dominated the market in 2019 owing to factors such as increasing fleet replacement and rising demand for lightweight and fuel-efficient aircraft.
- Cabin Interiors: The augment is expected to grow owing to the extensive use of high-strength and lightweight materials for manufacturing cabin interior structures.
- Avionics: The segment is expected to grow at the highest CAGR during the review period. Avionics are designed to increase the safety and utility of an aircraft.
- Insulation Components: Rising aircraft MRO activities owing to expanding aircraft fleet, is predicted to fuel the demand for insulation components during the review period.
- Equipment, System, and Support: Increasing demand for aircraft maintenance is expected to drive the growth of the segment. For example, in 2018, GE Aviation signed an agreement with Luxaviation to provide its OnPoint Business Jet Maintenance Solution program to the latter’s operators globally.
- Commercial Aircraft: The segment dominated the market in 2019 and is expected to grow at the highest CAGR during the review period owing to increasing air passenger traffic in developing countries such as China and India. However, the ongoing COVID-19 pandemic might slow-down the growth of the segment.
- Business Aircraft: Increasing demand for comfortable travel experience by passengers is expected to drive the growth of the segment.
- Military Aircraft: Rise in the demand for advanced composite materials for the manufacturing of innovative fighter planes is expected to aid market growth. Also, increasing demand for aerospace parts from North Atlantic Treaty Organization (NATO) countries for surveillance aircraft as well as fighter aircraft, owing to increasing security threats is expected to drive the growth of the segment.
- Others: Rising government initiatives in space exploration activities are expected to increase the growth of the segment. Furthermore, increasing demand for drones and UAVs is also expected to drive the growth of the segment. The rising usage of UAVs for military reconnaissance is expected to drive the growth of the segment.
- North America: North America dominated the aerospace parts manufacturing market in 2019 owing to the presence of prominent players such as Raytheon Technology Corporation and Honeywell International, Inc.
- Europe: The presence of prominent aircraft OEMs such as Airbus SAS and the increasing investment in urban air mobility is driving the market growth in the region.
- Asia-Pacific: The market in Asia-Pacific is expected to register the fastest growth, owing to rising MRO activities across various countries in the region.
- Middle East & Africa: Increasing travel and tourism industry in the Middle East & Africa region is expected to drive the market growth in the region.
- Latin America: The growth of low-cost carriers (LCCs) in the region is expected to drive the aerospace parts manufacturing market in Latin America.
- JAMCO Corporation (Japan)
- Intrex Aerospace (US)
- Rolls Royce PLC (UK)
- CAMAR Aircraft Parts Company (US)
- Safran Group (France)
- Woodward, Inc. (US)
- Engineered Propulsion System (US)
- Eaton Corporation plc (Ireland)
- Aero Engineering & Manufacturing Co. (US)
- GE Aviation (US)
Other Prominent Players
- Lycoming Engines (US)
- Superior Air Parts, Inc. (US)
- GKN Aerospace (UK)
- MTU Aero Engines AG (Germany)
- Honeywell International, Inc. (US)
- Raytheon Technology Corporation (US)
- Composite Technology Research Malaysia Sdn. Bhd. (CTRM) (Malaysia)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Kawasaki Heavy Industries Ltd. (Japan)
- Subaru Corporation (Japan)
- IHI Corporation (Japan)
- Lufthansa Technik AG (Germany)
- Diel Aviation Holding GmbH (Germany)
- Elektro-Metall Export GmbH (Germany)
- Liebherr International AG (Germany)
- Hexcel Corporation (US)
- DuCommun Incorporated (US)
- Spirit AeroSystem, Inc. (US)
- Panasonic Avionics Corporation (US)
- AVIC Aircraft Co. Ltd. (China)
- Cobham plc (UK)
Frequently Asked Questions (FAQ) :
The increase in international trade is predicted to promote the global market expansion.
CAMAR Aircraft Parts Company (US), Safran Group (France), Rolls Royce PLC (UK), Woodward, Inc. (US), and Engineered Propulsion System (US) are spurring the market.
The North American regional market is predicted to encourage the market in the near future.
The global market is estimated to register a CAGR of 3.8% in the upcoming period.
The revenue potential of USD 1.2 Trillion by 2028 is foreseen in the market through the forecast period.