Aerostructure is all the structural components of the airframe or the aircraft's body. Aerostructures help an aircraft to function and withstand the aerodynamic forces, and it includes all the elements that help an aircraft to fly. It includes the wings, fuselages, propulsion systems, flight control surfaces. The Aerostructure market is growing due to the increasing need for new aircraft along with the particular demand for some spare parts. The Aerostructures Market Companies are making aerostructures primarily for commercial aircraft around the globe. The increasing number of passengers over the years is encouraging Aerostructures Companies to manufacture aerostructures, and it is driving the aerospace equipment market. Also, Aerospace Manufactures are adopting new techniques to enhance the performance of aircraft, and the manufacturing of aerostructures is increasing.
Also, the adoption and development of composite materials for manufacturing of aircraft are fueling the growth of the market Advancement of technology has allowed manufacturers to find out the damage to materials and access the structure of the aircraft with the use of the computer or Infrared light to access the durability and performance. The Aerostructures Market performance of structure can be measured with these tests as the aerostructures play a vital role in aircraft functioning. Starting from helicopters & fighter jets to passenger & business jets, the aerostructures are very important. The military is investing a lot of money to enhance the aircraft fleet size, fighting ability, and strength.
This Global Market Report Highlights that the market was valued at $48,578.3 million in the year 2020, and it will grow at a CAGR rate of 5.60% in the forecast period due to rising demand for the Advanced Composite Structures. Aerospace Manufactures are trying to make more advanced and strong aircraft; as a result, the demand for Advanced Composite Structures has increased in the past few years rise in government initiatives to make the air defense stronger and upgrade the defense services is boosting the Global Market. The adoption of 3D printing in Aerospace Aerostructures Manufacturers and the low cost of Advanced Composite Structures also creates a positive impact in the Global Market.
The coronavirus outbreak has affected the aerospace and defense sector as well. In the first quarter of the year 2002, the Boeing company and the Airbus SE only registered delivery of 70 and 196 aircraft, respectively. But in the year 2019, during the same amount of time, both of the companies delivered around 389 aircraft. This data shows the decline in the delivery of aircraft due to the covid-19 pandemic. Due to the covid-19 pandemic, the government around the world decided to impose lockdown and issued social distancing guidelines, and it highly affected many business organizations, including aerospace. But the growing demand for UAVs for surveillance might support the Aerostructures Market Growth. For example, in 2019, Kratos Defense & security solutions, Inc. received a $57 million contract from the Air Force and Navy of the US. This contract was to improve the performance of jet-powered unmanned vehicles.
Additionally, In July 2019, Insitu Inc.'s space & security sector received a contract of $390.4 million for three years to build an aircraft for the US Navy, marine corps, and their other military clients. So, the Aerostructures Market had a mixed impact due to the covid-19 pandemic.
The manufacturing and delivery of commercial aircraft have increased rapidly over the past few decades due to the increasing number of passengers preferring through the air rather than other travel modes. The rising per capita income of people around the world and emerging economy has helped to increase the number of passengers, and it is boosting the production of commercial aircraft to meet the demand. Demand for aircraft among the big countries like India and China has increased rapidly due to changing lifestyles of people. The adoption of new lightweight structures for aircraft that will enhance performance is driving the Global Industry Growth. With the lightweight materials, the speed of the aircraft increases, and it will reduce carbon emissions and it will improve fuel efficiency. As a result, the Global Market will see positive growth in demand. The upgrade in the military aircraft is also one of the major drivers of the Global Market. The demand for military vehicles due to border tension is rising. Therefore, the military adopting enhance intelligence, surveillance, and ISR capabilities.
These UAVs have high endurance that can improve military power. In addition, the UAVs are made with Advanced Composite Structures that can give better performance than traditional ones and are driving the Aerostructure Equipment Market Growth. Nowadays, Advanced Composite Structures are highly preferred to manufacture airplanes due to their properties such as durability, toughness, and reliability. The materials provide strength, and they are lightweight, and it is enhancing the aircraft's strength while reducing the overall weight. These factors will drive the Aerostructure Equipment Market in the forecast period.
The demand for advanced composite materials in the aviation sector is rising drastically, and manufacturers are adopting advanced technologies like 3D printing to improve the production capacity. The adoption of 3D printing technology in manufacturing will help to make high-volume products in less time with advanced quality and performance. Also, this technology will help to reduce the number of consumed materials in the manufacturing process. It is a cost-effective manufacturing process, and the adoption of this technology will bring opportunities for the Aerostructure Equipment Market.
The composite materials have so many properties that make them an ideal choice for the development of aircraft structures. But the recycling of composite materials is very hard to use with different materials, and it is a major restraint in the Aerostructures Market Growth. Also, the shutting down of Many manufacturing companies due to the covid-19 pandemic is also the restraint for the market.
Raising concern regarding the disposal of composite materials used in the manufacturing of aircraft, alloy contamination can be a challenge for the Global Industry. The Key Players are playing a crucial role in overcoming these challenges and boosting the demand for the Market in the coming years.
Cumulative Growth Analysis:
The Global Market was valued at $48,578.3 million in the year 2020, and it will grow at a CAGR rate of 5.60% in the forecast period due to rising demand for Advanced Composite Structures. The Aerostructures Market will grow more in the coming years with rising demand for composite structures.
The Global Market is segmented on the basis of Components, Material, Platform, End-Use, and Regions.
The Major Regions in the Global Market are North America, Europe, Asia Pacific, and the rest of the world. According to the Aerostructures Market Report, North America holds the highest share in the market and is expected to dominate the market in the forecast period due to the expansion in the aviation industry in this region. Also, North America has the highest demand for defense aircraft, which will propel the market growth in the forecast period.
Asia Pacific region will show promising growth in the forecast period due to rising focus on the development of advanced aircraft manufacturing facilities. Supportive government initiatives and rising Investment in the air defense sector will boost the demand for the Aerostructures Market in this region. The rising population, along with the rising demand for commercial aircraft, will boost the market. The rest of the world will see moderate growth in the Aerostructures Market Demand due to the lack of manufacturers in the region. However, this region, like UAE, will see huge growth due to the huge demand for aircraft.
The Major Key Players in the Global Market are:
Frequently Asked Questions (FAQ) :
By 2024, the aerostructures market can thrive at 6.1% CAGR.
By 2024, the aerostructures market can generate decent value.
Cyient Ltd (India), GKN Aerospace (UK), and Elbit Systems Ltd (Israel) are some reputed names in the aerostructures market.
The availability of top notch OEMs can promote aerostructures market.
Price fluctuations can hinder the aerostructures market growth.