ID: MRFR/A&D/6941-HCR | 89 Pages | Published By Swapnil Palwe on March 2023
Aircraft design and engineering refers to the designing aircraft components such as engine, wings, fuselage, tail, nose, landing gear, and pylon. These components are designed using software such as computer-aided design (CAD). It also involves optimizing existing aircraft design to increase efficiency. Aircraft engineering is the manufacturing of aircraft components as per the design. Various factors are involved in aircraft engineering such as analysis, testing and validation, and value engineering.
The global aircraft design and engineering market is expected to register significant growth during the forecast period owing to an increase in passenger traffic and the subsequent demand for new aircraft. Globally, air passenger traffic has been increasing at a significant pace over the past couple of years. Factors such as decreasing airfares, increasing per capita disposable incomes, especially in developing countries, and improved quality of life have led to a rise in air travel. Global air travel is expected to double from 4.1 billion in 2018 to 8.2 billion by 2027. To cater to the rising number of passengers, there has been a corresponding increase in the demand for new aircraft.
Weight reduction is a key necessity in modern aircraft design as it helps reduce fuel consumption and CO2 emissions. An approximate 1% reduction in aircraft weight lowers fuel consumption by 0.75%. A key objective of the aerospace industry is to increase aircraft efficiency while reducing fuel consumption. Lightweight components enable aircraft manufacturers to achieve these results. Using the additive manufacturing (AM) process, aircraft parts are built as per the CAD design. This is a more efficient process than conventional manufacturing where a substantial amount of raw materials is sometimes machined away to create the final component.
Segmentation of the Global Aircraft Design and Engineering Market
The global aircraft design & engineering market has been segmented on the basis of aircraft component, operation, end use, and region. On the basis of aircraft component, the market has been segmented into engine, wings, fuselage, tail, nose, landing gear, and pylon. The engine segment was the largest in 2018 whereas the fuselage segment is expected to be the fastest growing during the forecast period.
Based on operation, the market has been divided into design, manufacturing, analysis and testing, maintenance, repair, and operations (MRO), and others. In 2018, the design segment led the market due to high investments in research and development aimed at aircraft design. The maintenance, repair, and operations (MRO) is expected to register the highest CAGR during the review period.
Based on end use, the market has been classified as commercial aviation and military aviation. The military aviation segment is expected to exhibit the higher CAGR during the assessment period. This can be attributed to government investments in aviation and military modernization programs across all regions.
By region, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The market in Asia-Pacific is projected to be the fastest-growing owing to an increase in investments in the aviation industry, primarily in India and China. Furthermore, a rise in investments in military aviation is further estimated to drive the growth of the aircraft design & engineering market in the region during the forecast period.
The key players in the global aircraft design & engineering market are Boeing (US), Bombardier (Canada), Embraer SA (Brazil), Airbus SAS (Netherlands), Lockheed Martin Corporation (US) United Technologies Corporation (US), Rolls-Royce PLC (UK), and GE Aviation (US).
The market values and forecast are derived using the MRFR research methodology, which includes secondary research, primary interviews, data triangulation and validation from an in-house data repository, and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
MRFR offers report customization to valued customers. Below are the options available for customization:
In-depth profiling of additional market players (3 to 4 companies)
Detailed analysis of a country-level market and related segments as per the report scope (subject to data availability)
United Technologies Corporation (U.S.), Airbus SAS (Netherlands), Lockheed Martin Corporation (U.S.) are the central players in the market.
A promising CAGR is estimated to transform the market in the future.
The APAC region is estimated to be leading the charge for market development in the forecast period.
A USD 8.2 billion by 2037 is forecasted for the market in the impending period.
The escalation in demand for new aircraft is predicted to usher in development in the global market.