Aerospace Parts Manufacturing Market Emerging Trends And Opportunities By 2030
Aerospace Parts Manufacturing Industry Overview
The global aerospace parts manufacturing market size was estimated at USD 851.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.0% from 2022 to 2030. The rising demand for lightweight, new-generation and fuel-efficient aircraftowing to the emphasis on reducing Greenhouse Gas (GHG) emissions is predicted to boost market growth over the forecast period. The aerospace industry was severely impacted due to the COVID-19 pandemic as manufacturers were unable to export the product owing to the trade limitations placed by the various governments. In addition, the majority of the manufacturers suspended operations across all the major economies to comply with the norms for lockdown, which impacted market growth.
The market for aerospace parts manufacturing is expected to witness a supply-demand gap, leading to a rise in the order backlog of aircraft deliveries. This is expected to encourage the OEMs (aircraft manufacturers) to temporarily increase their production levels to match the order backlog over the forecast period. The manufacturers are expected to witness a significant increase in revenue across the supply chain, owing to the market. The U.S. exhibits the largest market for aircraft parts manufacturing, owing to the presence of established aircraft manufacturing base, coupled with huge potential for aerospace MRO activities. Also, advanced technological capabilities, coupled with airworthiness for the production of superior-quality products, including critical aircraft parts, such as wings and fuselage, are expected to boost industry growth.
Gather more insights about the market drivers, restrains and growth of the Global Aerospace Parts Manufacturing market
Tier 1 suppliers, which comprise systems and major structure manufacturers are engaged in the manufacturing of aero engines, turbines, jets, and engine propulsion systems, experience severe pressure from OEMs. As a result, the industry demonstrates increasing consolidation through tier 1 of the supply chain, owing to rising mergers & acquisitions to reduce the supply chain complexity. The industry players face competition in terms of product quality and design. The industry players are targeting the customers with customized requests to sustain in the market. Companies are also likely to adopt emerging technologies, such as additive manufacturing, to replace the traditional manufacturing process of smaller aircraft components with complex structures.
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Aerospace Parts Manufacturing Market Segmentation
Grand View Research has segmented the global aerospace parts manufacturing market on the basis of product, end-use, and region
Aerospace Parts Manufacturing Product Outlook (Revenue, USD Billion, 2017 - 2030)
- Engines
- Aerostructure
- Cabin Interiors
- Equipment, System, and Support
- Avionics
- Insulation Components
Aerospace Parts Manufacturing End-use Outlook (Revenue, USD Billion, 2017 - 2030)
- Commercial Aircraft
- Business Aircraft
- Military Aircraft
- Other Aircraft
Aerospace Parts Manufacturing Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Companies profiled:
Some of the prominent players in the aerospace parts manufacturing market include:
- JAMCO Corp.
- Intrex Aerospace
- Rolls Royce plc
- CAMAR Aircraft Parts Company
- Safran Group
- Woodward Hexcel
- Engineered Propulsion System
- Eaton Corporation plc
- Aequs
- GE Aviation
- Textron, Inc.
- Raytheon Technologies Corp.
- MTU Aero Engines AG
- Superior Aviation Beijing
- Honeywell International, Inc.
- Mitsubishi Heavy Industries, Ltd.
- Composite Technology Research Malaysia Sdn. Bhd. (CTRM)
- Kawasaki Heavy Industries Ltd.
- IHI Corp.
- Subaru Corp.
- Lufthansa Technik AG
- Spirit AeroSystems, Inc.
- Ducommun, Inc.
- Liebherr International AG
- Elektro-Metall Export GmbH
- Diehl Aviation
- Panasonic Avionics Corp.
- Thales Group
- Dassault Group
- Parker Hannifin Corp.
- Chemetall GmbH
- Daher Group
Order a free sample PDF of the Aerospace Parts Manufacturing Market Intelligence Study, published by Grand View Research.
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