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Aerospace Parts Manufacturing Market Size, Growth Analysis, Industry Forecast 2024-2033
Aerospace Parts Manufacturing Market Size
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According to The Business Research Company's, The aerospace parts manufacturing market size has grown strongly in recent years. It will grow from $953.43 billion in 2023 to $1002.29 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to defense spending, commercial aviation demand, global economic conditions, outsourcing trends, regulatory compliance.
The aerospace parts manufacturing market size is expected to see strong growth in the next few years. It will grow to $1240.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to renewal and modernization, growing space industry, emerging market demand, supply chain resilience, environmental sustainability. Major trends in the forecast period include automation and robotics integration, electrification and hybrid propulsion systems, implementation of augmented reality (AR) and virtual reality (VR), global collaboration and outsourcing, cybersecurity measures.
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Market Drivers and Trends:
A rise in passenger traffic is expected to propel the aerospace parts manufacturing market going forward. The total number of passengers using the airport, including those boarding and disembarking aircraft, is referred to as passenger traffic. It was calculated as the number of passenger miles traveled divided by the total distance traveled during that time. The increase in passenger traffic every year will require the production of more aircraft, which will require increased manufacturing of aerospace parts. The rise in passenger traffic will propel market growth. For instance, in August 2022, according to the International Air Transport Association (IATA), a Canada-based trade association of the world's airlines, international air traffic increased by 229.5% in 2022 compared to 2021and further, total air traffic increased by 76.2% in 2022. Therefore, the rise in passenger traffic is driving the aerospace parts manufacturing market.
Technological advancements are a key trend gaining popularity in the aerospace parts manufacturing market. Major companies operating in the aerospace parts manufacturing market are focused on developing new technological solutions to strengthen their position. For instance, in January 2023, Plataine Ltd., an Israel-based provider of AI-based manufacturing optimization solutions, launched the 'FabricOptimizer' solution, a new AI-based solution with a nesting around defect solution. It is uniquely designed with AI-based technology that enables the manufacturers to automatically select various options and material quantities, which creates the most optimized cut plan for specific kits. It helps in aerospace manufacturing by addressing supply chain and workforce challenges through full process automation and maximizing material utilization. It helps in reducing errors, rework and material waste, which leads to continuous process improvement.
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Major Key Players of the Market:
RTX Corporation, General Electric Company, Airbus SAS, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., BAE Systems plc, Safran S.A., Eaton Corporation plc, Freudenberg & Co. KG, Rolls Royce plc, Bombardier Inc., Dassault Systems SE, MTU Aero Engines AG, Spirit AeroSystems Holdings Inc., Embraer S.A., GKN Aerospace Ltd., Woodward Inc., Hexcel Corporation, Triumph Group, Panasonic Avionics Corporation, Jamco Corporation, Kellstrom Defense Aerospace Inc., Intrex Aerospace, Aequs Private Limited, CAMAR Aircraft Parts Company, Lycoming Engines, Aero Engineering & Manufacturing Co., Engineered Propulsion System Inc., Superior Air Parts Inc., Aviant Aerospace Inc.
Aerospace Parts Manufacturing Market 2024 Key Insights:
• The aerospace parts manufacturing market size is expected to see strong growth in the next few years. It will grow to $1240.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Growing Passenger Traffic Fuels Expansion In The Aerospace Parts Manufacturing Market
• Technological Innovations Redefine Aerospace Parts Manufacturing Landscape
• North America was the largest region in the aerospace parts manufacturing market in 2023
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