Aerostructures Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The report provides an analysis of the Aerostructures market from 2020 to 2028. It discusses various industry and technology trends currently prevailing in the market along with the factors that drive, restrain, and challenge market growth globally. The Aerostructures market is projected to grow from USD 61.0 billion in 2023 and is projected to reach USD 84.0 billion by 2028, at a CAGR of 6.6% from 2023 to 2028. Factors such as preference for efficient and sustainable aerostructures and expansion of MRO services.

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Based on component, the fuselages segment is expected to lead the market in 2023. The fuselage serves to position the control and stabilization surfaces in specific relationships to lifting surfaces, which is required for aircraft stability and maneuverability. An aircraft fuselage serves as the main framework that houses the flight crew, passengers, cargo, and numerous systems, and is an essential part of the aircraft. The growth of this segment is attributed to the need for new modern aircraft thereby increasing the need for different fuselage designs.

Based on material, the composites segment is expected to lead the market in 2023. Reduced operational costs result from lighter, more fuel-efficient aircraft made possible by the high strength-to-weight ratio of composite materials. Composite materials are a family of materials that have revolutionised numerous sectors. They are made up of two or more different parts that work together to form a stronger material with improved qualities, typically a matrix material and reinforcing fibres. Thus, the growth of this segment is attributed to the need to reduce weight of structural components to help aircraft achieve high performance.

Based on the end user, the OEM segment is estimated to lead the market in 2023. OEMs often specialises in manufacturing components or systems that are especially made to be included into the finished product.The growth of this segment is attributed to the increasing air passenger traffic increases the need for new aircraft thereby increasing the need for aerostructures. The increasing technological advancements in unmanned aerial vehicles and advanced air mobility is also driving this segment.

Based on aircraft type, the commercial aviation segment is projected to lead the market in 2023. Commercial aviation is the operation of passenger and freight flights by airlines for transportation purposes. It is now widely used for long-distance travel since it is quick, convenient, and easily accessible for millions of people who travel every day. The growth of this segment is attributed to the increasing air travel, rise in disposable income of the middle-class population, and increased international trade and tourism across the world. The increasing number of new commercial aircraft orders is also driving this segment.

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Major players operating in the aerostructures market include GKN plc (UK), Triumph Group (US), Latecoere (France), Raytheon Technologies Corporation (US), Kaman Corporation (US), and Safran SA (France). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America and Europe. These companies have products with wider applications, a larger product footprint, significant market share and broader geographical use cases. They have established a strong market presence, reputable products with strong business strategies.

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This release was published on openPR.