Aerospace Parts Manufacturing Market Expected to Achieve 5.5% CAGR by 2029: Growth Forecast Insights

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Aerospace Parts Manufacturing Market Size Growth Forecast: What to Expect by 2025?
The market size of aerospace parts manufacturing has seen constant growth over the past years. The market is projected to expand from $981.27 billion in 2024 to $1029.19 billion in 2025, showcasing a compound annual growth rate (CAGR) of 4.9%. The growth in the past years can be credited to factors such as defense expenditure, demand for commercial aviation, worldwide economic scenarios, trends in outsourcing, and regulatory compliance.

How Will the Aerospace Parts Manufacturing Market Size Evolve and Grow by 2029?
Anticipated to witness robust expansion in the upcoming years, the manufacturing industry for aerospace parts is predicted to reach a market size of $1275.16 billion by 2029, with a compound annual growth rate (CAGR) of 5.5%. Factors contributing to this growth during the forecast period include modernization and refurbishments, a burgeoning space sector, rising demand from emerging markets, resilient supply chains, and a focus on environmental sustainability. Key developing trends during this period are predicted to be the integration of robotics and automation, the deployment of hybrid and electrification propulsion systems, the application of augmented reality (AR) and virtual reality (VR), increased global collaboration and outsourcing, and the implementation of cybersecurity measures.

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What Drivers Are Propelling the Growth of Aerospace Parts Manufacturing Market Forward?
The escalation in the number of passengers using air transportation is slated to boost the aerospace parts production market in the subsequent period. Passenger traffic, defined as the collective amount of individuals boarding and disembarking from aircraft and determined by dividing the passenger miles traveled by the total distance covered in the same timeframe, impacts this market. A yearly surge in passenger traffic necessitates the creation of more aircraft, thereby leading to an increased need for aerospace parts production. This growth in passenger numbers ultimately stimulates market enlargement. In an example from August 2022, the International Air Transport Association (IATA), a trade association based in Canada representing global airlines, recorded a 229.5% rise in international air traffic in 2022 compared to 2021, and moreover, total air traffic saw an increase of 76.2% in 2022. Hence, it can be inferred that the aerospace parts manufacturing market is being propelled by the upsurge in passenger traffic.

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Which Emerging Trends Are Transforming the Aerospace Parts Manufacturing Market in 2025?
Innovations in technology are an emerging trend in the aerospace parts manufacturing industry. Large corporations in this field are dedicated to creating technologically advanced solutions to maintain their market dominance. For instance, in January 2023, Plataine Ltd., an Israeli company specializing in AI-based manufacturing optimization, unveiled its 'FabricOptimizer' solution. This AI-driven solution features a unique defect nesting option and allows manufacturers multiple choices and material calculations for generating the most efficient cutting plan for specific kits. Its role in aerospace manufacturing is significant as it handles supply chain and labor problems through comprehensive process automation, maximizing material usage. The solution minimizes errors, repeat work and material wastage, leading to a continual improvement in the process.

What Are the Key Segments in the Aerospace Parts Manufacturing Market?
The aerospace parts manufacturing market covered in this report is segmented -

1) By Product: Engines, Aerostructure, Cabin Interiors, Equipment, System and Support, Avionics, Insulation Components
2) By Application: Interior, Propulsion Systems
3) By End Use: Commercial Aircraft, Business Aircraft, Military Aircraft, Other Uses

Subsegments:
1) By Engines: Turbine Engines, Turbojet Engines, Turboprop Engines
2) By Aerostructure: Fuselage Sections, Wings And Wing Components, Tail Structures
3) By Cabin Interiors: Seating Systems, Galleys And Lavatories, Cabin Lighting
4) By Equipment, System, And Support: Landing Gear Systems, Fuel Systems, Electrical Systems
5) By Avionics: Flight Control Systems, Navigation Systems, Communication Systems
6) By Insulation Components: Thermal Insulation, Acoustic Insulation, Fireproof Insulation

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Who Are the Key Players Shaping the Aerospace Parts Manufacturing Market's Competitive Landscape?
Major companies operating in the aerospace parts manufacturing market include 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.

What Geographic Markets Are Powering Growth in the Aerospace Parts Manufacturing Market?
North America was the largest region in the aerospace parts manufacturing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global aerospace parts manufacturing market report during the forecast period. The regions covered in the aerospace parts manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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