What’s driving the Aerospace & Defense C-Class Parts Market Growth?| Key Participants are Precision Castparts Corp, Arconic, RBC Bearings Incorporated, Eaton Corp., and Stanley Black & Decker, Inc

Global Market Insights presents the Aerospace & Defense C-Class Parts Market provides a detailed overview of major drivers, restraints, challenges, opportunities, current industry trends and strategies impacting the global market along with estimates and forecast of revenue.

North America is expected to account for a considerable share in the aerospace & defense c-class parts market place. Strong presence of major aircraft manufacturers across the region including Lockheed Martin and Boeing, along with pending backlogs are expected to provide strong growth prospects. Moreover, manufacturers are introducing innovative and efficient solutions for catering to increasing aircraft traffic demand.

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Existing geopolitical issues among major economies including China, North Korea, South Korea, the U.S., Israel, and India have necessitated the requirement for strong aircraft fleets. This in turn will drive the investments for the development of innovative technologies along with upgradation of existing systems. For instance, defense budget of the U.S. for fiscal year 2019 included modernization program for existing Air Force strike fighter aircrafts and bombers. Additionally, replacements of older parts and newer aircraft orders will positively influence the aerospace & defense c-class parts market growth over the study timeframe.

Aerospace & Defense C-Class Parts Market will grow at an exponential CAGR over the projected timeframe due to increasing air passenger traffic coupled with component replacements for ageing aircraft fleet. According to the Boeing Commercial Market Outlook, more than 500 aircrafts are expected to reach around 25 years of age by 2020, that will require extensive MRO for maintaining their airworthiness. The incorporation of innovative technologies along with increasing technical complexities in aircrafts will further expand the industry size till 2025.

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Based on aircraft, the aerospace & defense c-class parts market place is segmented into commercial, regional, military aircraft, and helicopters. Increasing air passenger traffic, lower air fares, and proliferating tourism and travel industry are favoring the commercial aircraft segment growth over the forecast timeframe.

Industry participants are entering single aisle jet segment to cater a wide customer base. For instance, in February 2018, COMAC announced the delivery of C919 jet by 2021. Additionally, in May 2018, the company announced high orders of around 815 for its COMAC C919 aircraft, thereby providing a positive outlook for the industry expansion.

Aerospace & defense c-class parts market place based on distribution channel, is bifurcated into OEM and MRO. OEM segment is expected to account for a significant share over the forecast timeframe. This share is primarily attributed to the prevalence of mergers and acquisition strategies among component manufacturers and aircraft manufacturers for continuous components supply. For instance, in July 2015 Precision Castparts Corp. announced acquisition of Noranco. This strategy enabled the company to expand its product portfolio offerings and expand their market share.

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Based on products, aerospace & defense c-class parts market place is categorized into hardware, electronic components, bearing, and machined components. Hardware components include fasteners, bolts, nuts, rivets, screws, springs, valves, and washers, are expected to form the basic requirement for aircrafts production, contributing the largest market share over the forecast period. Industry players are offering a wide range of innovative products to aircraft manufacturers for reducing production time thereby lowering overall aircraft backlogs.

Few aerospace & defense c-class parts market participants include Precision Castparts Corp, Arconic, RBC Bearings Incorporated, Eaton Corp., and Stanley Black & Decker, Inc. Industry participants are engaged in mergers & acquisitions along with collaborations with aircraft OEMs to strengthen their industry foothold. For instance, in July 2015 Precision Castparts Corp. announced the acquisition of Noranco. This strategy enabled the company to expand their product portfolio offering for catering to a wide customer base.

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