Aerospace Parts Manufacturing Market Size to Surpass US$ 1391.16 Billion by 2030, Says The Brainy Insights
NEWARK, N.J., Aug. 16, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global aerospace parts manufacturing market is expected to grow from USD 952.4 Billion in 2021 to USD 1391.16 Billion by 2030, at a CAGR of 4.3% during the forecast period 2022-2030. The North American region emerged as the largest market for the global aerospace parts manufacturing market, with a 38.2% share of the market revenue in 2021. This share is owing to market vendors' rapid product and regional expansion strategies to obtain a competitive advantage.
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Airlines considering fleet expansions may bring older aircraft back into service or keep them in operation for a prolonged period, which is expected to boost development in the aerospace parts manufacturing market. Another factor projected to fuel the global market expansion over the forecast period is technical improvements and a rising need for aircraft built for specific tasks.
Leading companies in the industry include JAMCO Corp., Rolls Royce plc, Intrex Aerospace, Safran Group, CAMAR Aircraft Parts Company, Woodward Hexcel, Eaton Corporation plc, Engineered Propulsion System, GE Aviation, Aequs, Textron, Inc., MTU Aero Engines AG, Superior Aviation Beijing, Raytheon Technologies Corp., and Honeywell International, Inc. These leading players offer more significant opportunities and continuously focus on new product developments and venture capital investments to obtain market share.
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The segment is divided into aircraft manufacturing, engines, avionics, cabin interiors, system and support, insulation components & equipment. The insulation components and equipment segment dominated the market with around 22.6% in 2021. The usage of lightweight equipment in the manufacturing of aerostructures is increasing. Cement, fiber-reinforced polymers, metal combinations, and clay composites are these elements. These components create lightweight structures that are stronger, more flexible, and lighter than aluminum or steel. Developments in the aviation insulation market for research & innovation of novel materials have enabled the development of sophisticated composite materials such as Ceramic Matrix Composites (CMCs), Polymer Matrix Composites (PMCs), and Metal Matrix Composites (MMCs). These materials have heat adsorption efficiency, are lighter in weight, have active noise canceling capabilities, are vibration absorbent, and so on. The application segment is divided into military, commercial, and business aircraft. The commercial aircraft business segment dominated the market by around 54% in 2021. One of the most critical driving factors has been the recent increase in aviation travel. Advanced economies, in particular, are making significant contributions, propelling the worldwide market's expansion. Another vital component in progress has been creating new air services to improve global connection. It is prompting airlines to increase their aircraft fleet. As a result, the need for another age of passenger airliners is expanding.
Growing responsibility for reducing overall aircraft weight via ultralight parts to improve energy efficiency is likely to influence market growth. The increased use of composites in fuselage manufacture to reduce fatigue maintenance in high-stress loaded environments is expected to bring down the overall cost of aero-structure, positively benefiting the industry. Expanding market for aerospace components such as surveillance planes and fighters due to growing security concerns is estimated to have a favorable influence on the expansion during the predicted period.
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This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global aerospace parts manufacturing market-based on below segments:
Global Aerospace parts manufacturing market by Type:
- Aircraft Manufacturing
- Engines
- Avionics
- Cabin Interiors
- System and Support
- Insulation Components and Equipment
Global Aerospace parts manufacturing market by Application:
- Military Aircraft
- Commercial Aircraft Business Aircraft
- Others
About the report:
The global aerospace parts manufacturing market is analyzed based on value (USD Billion). All the segments have been analyzed globally, regional and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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