Aerostructures Market Research Report - Forecast till 2030

Aerostructures Market Research Report: Information by Component (Fuselage, Flight Control Surfaces, Wings, Nose, Nacelle and Pylon, and Others), Material (Composite, Alloys, and Metals), End-Use (OEM and Aftermarket), Platform (Fixed Wing and Rotary Wing), and Region (North America, Europe, Asia-Pacific, Middle East Africa, and Latin America) - Forecast till 2030

ID: MRFR/A&D/6297-HCR | February 2023 | Region: Global | 133 Pages         

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Aerostructures Market

Aerostructures Market Size Valued at USD 74.0 Billion Billion, market Grow at a CAGR Of 9 % by 2020 -2030

Segmentation
By Component Fuselage Flight Control Surfaces Wings Nose Nacelle and Pylon Others
By Material Composite Alloys Metals
By End-Use OEM Aftermarket
By Platform Fixed Wing Rotary Wing
Key Players
Companies Profiled   AAR Corp. (US)   Bombardier Inc. (Canada)   Ruag Group (Switzerland)   Saab AB (Sweden)   Spirit Aerosystems Inc. (US)   Stelia Aerospace Group (France)   Triumph Group Inc. (US)   Cyient Ltd (India)   Elbit Systems Ltd (Israel)   GKN Aerospace (UK)   Leonardo SpA (Italy)   UTC Aerospace Systems (US)
Drivers
Market Driving Forces   Increased rapidly over the past few decades due to the increasing number of passengers preferring through the air rather than other travel modes
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Aerostructures Market Overview


Aerostructures Market Size Valued at USD 74.0 Billion by 2030 grwoing at a CAGR of 9% by 2020-2030


This market is one of the primary parts of the airframe or the aeroplane's body. Aerostructures assist an aeroplane with working and endure the streamlined powers, and it incorporates every one of the components that help an aeroplane with flying. It includes the wings, fuselages, impetus frameworks, and flight control surfaces. The Aerostructure market is becoming because of the rising requirement for new aeroplanes alongside the specific interest for a few extra parts. The Aerostructures Market Companies are making aerostructures essentially for business aeroplanes all over the planet. Over the years, the rising number of travellers is empowering Aerostructures Companies to produce aerostructures and driving the aviation hardware market. Additionally, Aerospace Manufacturers are embracing new procedures to improve the presentation of an aeroplane, and the assembling of aerostructures is expanding.


The improvement of composite materials for assembling aeroplanes is energising the development of the market Advancement of innovation has permitted producers to figure out the harm to materials and access the design of the aircraft with the utilisation of the PC or Infrared light to get to the sturdiness and execution. The Aerostructures Market execution of strategy can be estimated with these tests as the aerostructures assume an essential part in aeroplane working. The aerostructures are vital, from helicopters and contender planes to traveller and business streams. The military is putting away a large chunk of change to upgrade the aeroplane armada size, ability to battle, and strength.


COVID-19 Analysis:


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.


Market Dynamics:


Market Drivers:


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.


Market Opportunities:


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.


Market Restraints:


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.


Market Challenges:


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 $48.57 Billion in the year 2020, and it will grow at a CAGR rate of 9% 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.


Market Segmentation:


The Global Market is segmented on the basis of Components, Material, Platform, End-Use, and Regions.



  • By Component- The Component Segment of the Market includes fuselages, wings, flight control surfaces, nacelle, pylon, and empennage.



  • By Material- The Material Segment of the Market Includes composites, alloys, and metals.



  • By Platform- The Platform Segment of the Market is divided into fixed-wing aircraft and rotary-wing aircraft. The fixed-wing aircraft is further divided into commercial, unmanned aerial vehicles, military, general, and others. The rotary-wing aircraft further carried out into commercial, military, unmanned aerial vehicles.



  • By End-Use- This segment of the market Includes original equipment manufacturer and aftermarket.



  • By Regions-The Region Segment of the market includes North America, Europe, Asia Pacific, and the rest of the world.


Regional Analysis:


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.


Competitive Landscape:


The Major Key Players in the Global Market are:



  • AAR Corp. (US),

  • Bombardier Inc. (Canada),

  • Ruag Group (Switzerland),

  • Saab AB (Sweden),

  • Spirit Aerosystems, Inc. (US),

  • Stelia Aerospace Group (France),

  • Triumph Group, Inc. (US),

  • Cyient Ltd (India),

  • Elbit Systems Ltd (Israel),

  • GKN Aerospace (UK),

  • Leonardo SpA (Italy),

  • UTC Aerospace Systems (US).


Recent Developments:


The Covid outbreak has impacted the aviation and protection area also. In the main quarter of 2002, the Boeing organisation and the Airbus SE just enlisted conveyance of 70 and 196 aeroplanes. However, in the year 2019, during a similar measure of time, both organisations conveyed around 389 planes.


 


Due to the Coronavirus pandemic, the public authority all over the planet chose to force lockdown and gave social removal rules, and it profoundly impacted numerous business associations, including aviation.


 


In August 2019, the US airforce granted the Boeing organisation a $999 million agreement for A-10 wing substitution.



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 74.0 Billion
  CAGR   9%
  Base Year   2019
  Forecast Period    2020-2030
  Historical Data   2018
  Forecast Units   USD ( Value )
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   by Component, By Material , By End-Use
  Geographies Covered   North America
  Key Vendors   AAR Corp. (US),Bombardier Inc.(Canada),Ruag Group (Switzerland),Saab AB (Sweden),Spirit Aerosystems,Inc. (US),Stelia Aerospace Group (France),Triumph Group, Inc.(US),Cyient Ltd (India),,Elbit Systems Ltd (Israel),GKN Aerospace (UK),Leonardo SpA (Italy),UTC Aerospace Systems (US).
  Key Market Opportunities   The adoption of 3D printing technology in manufacturing will help to make high-volume products in less time with advanced quality
  Key Market Drivers    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.


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Frequently Asked Questions (FAQ) :

Aerostructures Market growing at a CAGR of 9% by 2020-2030

By 2030, the Aerostructures market can generate USD 74.0 Billion

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.