Aerospace Parts Manufacturing Market to Reach $1.94 Trillion by 2031, Led by Equipment & Support Segment

Allied Market Research published a report, titled, "Aerospace Parts Manufacturing Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product Type, by End User : Global Opportunity Analysis and Industry Forecast, 2021-2031" The research report offers quantitative and qualitative analyses of the overall market environment, focusing on key investment opportunities, top market segments, value chain analysis, market dynamics, regional outlook, and the competitive landscape. The global aerospace parts manufacturing market size was valued at $0.85 trillion in 2021, and is projected to reach $1.94 trillion by 2031, growing at a CAGR of 9.2% from 2022 to 2031.

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The aerospace industry has always been at the forefront of technological advancements, constantly pushing the limits of what is possible in terms of performance and efficiency. One of the latest trends in the industry is the rise in adoption of composite components, which offer a wide range of benefits over traditional materials such as metal. Composite materials are made up of two or more varied materials that are combined to create a material with properties that are superior to those of the individual materials. In the aerospace industry, composites are typically made up of a resin matrix and reinforcing fibers such as carbon, glass, or aramid.

The market for aerospace parts manufacturing is experiencing growth due to various factors such as a rise in demand for commercial aircraft, an increase in adoption composite components, surge in need for military aircraft, government initiatives, and advancement in technologies. However, the market growth is restrained by factors such as limited regulatory infrastructure, high manufacturing cost of aerospace parts, and lack of skilled people to manufacture aerospace parts. On the other hand, surge in adoption of 3D printing in aircraft manufacturing and rise in demand for lightweight & durable aerospace components will present new growth opportunities for the global aerospace parts manufacturing market in the coming years.

Composite materials are also used in the construction of aircraft engine components such as fan blades, shrouds, and casings. The excellent fatigue resistance and high temperature tolerance of composite materials make them ideal for these applications. The use of composite materials has also had an impact on the supply chain, creating new opportunities for suppliers and manufacturers. The increased demand for composite materials has led to the development of new manufacturing techniques and materials, which has led to the creation of new jobs and the expansion of existing companies. Such huge adoption of composite component in aerospace industry to increase the sales for aerospace parts manufacturing market.

Based on product type, the aerostructure segment contributed to the largest share of more than two-fifths of the global aerospace parts manufacturing market in 2021 and is expected to dominate the market during the forecast period. The demand for aerostructure is propelled by several factors including, the need for fuel efficiency and environmental sustainability, the growth of air transportation, advancements in materials and manufacturing technology, and military modernization program. However, the equipment, system, and support segment are expected to witness the fastest CAGR of 11.9% from 2022 to 2031. This is due to the growth of the aviation industry, advancements in technology particularly in material science and electronics, regulatory requirements, and the need for improved safety and efficiency.

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On the basis of end user, the commercial aircraft segment grabbed the highest share of more than half of the overall aerospace parts manufacturing market in 2021 and is projected to maintain its dominance in 2031. Commercial aircraft are the largest segment of the global aerospace parts manufacturing market, as the number of air travel passengers have largely recovered by 2022. The expected increase in passenger travel on commercial aircraft is projected to drive growth in the aerospace parts and components market. Moreover, the business aircraft segment is expected to exhibit the fastest CAGR of 10.9% during the forecast period. The rise in demand for business jets is projected to increase the demand for spare parts and components.

Based on region, the market in North America accounted for nearly half of the global aerospace parts manufacturing market and is likely to dominate in terms of revenue during the forecast period. This is because, North America is the largest region in the global aerospace parts manufacturing market as the aerospace industry continuously innovates and develops modern technologies, like fuel efficient engines, composite materials, and advanced avionics. Also, the government in North America had provided policy and financial support to the aerospace industry which drives the growth of the market in the region. Moreover, the Europe is expected to witness the fastest CAGR of 11.8% from 2022 to 2031. The European Union and its members have increased their defense spending, creating ample opportunities for the development of aerospace companies to supply military aircraft and for countries to purchase new aircraft according to their needs.

Leading Market Players:

> Dassault Aviation
> Lockheed Martin Corporation
> Thales Group
> Lufthansa Technik
> Rolls-Royce plc
> Boeing Company
> Honeywell International Inc.
> Safran S.A.
> GENERAL ELECTRIC
> PARKER HANNIFIN CORP

The report analyzes these key players of the global aerospace parts manufacturing market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

Key Benefits For Stakeholders:

○ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the aerospace parts manufacturing market analysis from 2021 to 2031 to identify the prevailing aerospace parts manufacturing market opportunities.
○ The market research is offered along with information related to key drivers, restraints, and opportunities.
○ Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
○ In-depth analysis of the aerospace parts manufacturing market segmentation assists to determine the prevailing market opportunities.
○ Major countries in each region are mapped according to their revenue contribution to the global market.
○ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
○ The report includes the analysis of the regional as well as global aerospace parts manufacturing market trends, key players, market segments, application areas, and market growth strategies.

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Reasons to Buy This Aerospace Parts Manufacturing Market Report:

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• To develop effective R&D strategies, gather information, analysis, and strategic insight from competitors.

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