Exhibiting a healthy CAGR, the revenue of the aerospace parts manufacturing market will expand nearly 1.5X during the forecast period, 2019-2029. A substantial increase in the demand for commercial and defense aircraft and concerns over fuel efficiency would be the key growth drivers. In addition, regulations against harmful emissions are increasing investments towards innovation in aerospace parts across the globe.
“The industry will witness a hike in demand for energy-efficient components. Market players will also witness a rise in demand for parts of old-aircraft models along with new lightweight counterparts. Technology and material science innovations will play a key role in shaping up the market,” opines Fact.MR in its new research study.
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Aerospace Parts Manufacturing Market – Key Takeaways
- Engines are projected capture over 50% of overall market value, followed by aircraft manufacturing at 20%.
- Driven by wear and tear by high passenger counts, parts for commercial aircraft are likely to garner substantial traction.
- North America is leading the pack in the global aerospace parts manufacturing market; Southeast Asia & Oceania would offer lucrative growth avenues.
- Business aircraft are likely to provide superior remunerative opportunities driven by the rising number of high net individuals.
Aerospace Parts Manufacturing Market – Key Driving Factors
- The transition in the aviation industry towards the adoption of lightweight, new generation parts is a key driver.
- Increasing scope for material and process advancements by manufacturers to widen investment opportunities.
- Replacement of end-of-life aircraft with modern counterparts will sustain growth.
- Rising fuel costs and demand for energy-efficient aircraft will be a major growth driver.
Aerospace Parts Manufacturing Market – Key Restraints
- Strict manufacturing and safety regulations, and the need for certification, are major challenges for new entrants.
- Emerging market players are generating disruption of competition, challenging established players in North America and Europe, through low cost novel products.
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Aerospace parts manufacturers are investing in R&D and are seeking strategic partnerships with new players. Key players in aerospace parts manufacturing market include Dassault Systems, Rolls Royce Plc, Lycoming Engines, JAMCO Corporation, Eaton Corporation plc, Intrex Aerospace, Sumitomo Precision Products Co. Ltd., CAMAR Aircraft Parts Company, Bridgestone Corporation, Safran Group, Curtis-Wright Corporation, Woodward Inc., Triumph Group, Eaton Corporation Plc, Premium Aerotech, and Zodiac Aerospace.
About the Report
This 170-page research study offers a comprehensive analysis of the global aerospace parts manufacturing market, covering historical and forecast data for the forecast period. The report delivers compelling insights on the basis of product type (engines, aircraft manufacturing, cabin interiors, equipment, system, and support, avionics, and insulation components), aircraft type (commercial aircraft, business aircraft, military aircraft, and others), and across key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).