Aerospace Parts Manufacturing Market Overview:
Aerospace Parts Manufacturing Market Size was valued at USD 6.45 billion in 2022. The Aerospace Parts Manufacturing market is projected to grow from USD6.71445 billion in 2023 to USD 8.5450 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.10% during the forecast period (2023 - 2030).
Due to factors such as a rise in air passenger traffic and a rise in the import-export of goods, the global demand is projected to record substantial Aerospace Parts Manufacturing Market Growth during the forecast period. In addition, growing demand for lightweight and fuel-efficient aircraft is also anticipated to boost industry development. A rapid growth in the number of air passengers and an increase in the production and export of goods have contributed greatly to the growth of this industry. Due to the involvement of many competitors in the industry, strong competition has driven aerospace parts suppliers to concentrate on creativity and to produce innovative products and services.
Increased demand for fleet expansion is projected to create growth opportunities for MRO service providers in developing Asia-Pacific economies, such as China and India. A variety of existing players are extending their production facilities to Asia to meet the rising demand from MRO service providers, which is anticipated to boost the regional market growth.
The replacement of fuel-efficient in-service aged aircraft with fuel-efficient aircraft is motivated with increasing energy prices, which account for a large share of commercial airline operations. Furthermore, growing focus on lowering overall aircraft weight by the use of lightweight components aimed at enhancing their energy quality is expected to have a positive effect on business development. Emerging developments such as additive manufacturing are expected to be embraced by the major players to replace the conventional manufacturing process with smaller aircraft parts with complex structures.
Nevertheless, problems related to fluctuations in the prices of raw materials, tight aviation legislation, and high capital spending could hamper business development. In addition, multiple aircraft OEMs and product manufacturers are likely to change their business models owing to the current COVID-19 pandemic owing to the grounding of different aircraft and rising flight restrictions.
Key Players:
The key players of the Aerospace parts manufacturing sector is dotted by major stakeholders of the sector. These stakeholders take up many initiatives and introduce Aerospace parts manufacturing market demand Trends for the future. The major stakeholders of the Aerospace parts manufacturing sector are as follows.
JAMCO Corporation, Intrex Aerospace, Rolls Royce PLC, CAMAR Aircraft Parts Company, Safran Group
Market Segmentation:
The global aerospace parts manufacturing market demand, by product, is segmented into engines, aircaft manufacturing, cabin interiors, avionics, insulation components, equipment, system, and support. In 2019, the aircraft production sector dominated the industry due to increased demand for new aircraft combined with manufacturers' attempts to clear backlog orders.
By use, the worldwide aerospace components manufacturing industry is segmented into industrial aircraft, commercial aircraft, military aircraft, and others. Due to growing air and freight traffic across the globe, the commercial aircraft segment is anticipated to rise to the highest CAGR during the review period.
Regional Analysis:
The analysis of the Aerospace Parts Manufacturing Sector Industry by regional shows the different regional trends and revenue distribution over the globe.
Due to the involvement of leading companies including Raytheon Technology Company and Honeywell Industrial, Inc., North America led the aerospace parts production industry in 2019.
The presence in Europe of leading aircraft OEMs, such as Airbus SAS, and the growing investment in urban air mobility are driving the region's market growth.
The Asia-Pacific market is projected to record the highest growth in the Asia-Pacific region, owing to the rise in MRO activities across different countries in the region.
Business development in the Middle East Africa area is projected to be led by the rising travel and tourism sector in the Middle East Africa area.
In Latin America, the region 's growth of low-cost carriers (LCCs) is expected to boost the Latin American aerospace parts manufacturing industry.
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