Global Aerospace Parts Manufacturing Market Expansion at 5% CAGR, Valued at $1240.75 Billion by 2029

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What Are the Aerospace Parts Manufacturing Market Size Forecast for 2025?
The market size of the manufacturing of aerospace parts has been on a constant increase in the past years. Its size is projected to expand from $981.27 billion in 2024 to $1021.81 billion in 2025, with a compound annual growth rate (CAGR) of 4.1%. The growth observed in the historic period can be credited to factors such as defense expenditures, demand in commercial aviation, worldwide economic circumstances, outsourcing patterns, and compliance with regulations.

What Is the Market Size Outlook for Aerospace Parts Manufacturing Until 2029?
In the coming years, the aerospace parts manufacturing market is projected to witness consistent growth. By 2029, the market is expected to reach $1240.75 billion, increasing at a compound annual growth rate (CAGR) of 5.0%. This projected growth during the forecast period can be attributed to factors such as renewal and modernization, the expanding space industry, emerging market demand, supply chain resilience, and environmental sustainability. The market trends expected to dominate the forecast period include the integration of automation and robotics, the development of electrification and hybrid propulsion systems, the use of augmented reality (AR) and virtual reality (VR), worldwide collaboration and outsourcing, as well as cybersecurity measures.

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What Are the Major Factors Driving Demand in the Aerospace Parts Manufacturing Market?
The forecasted surge in passenger traffic is expected to boost the aerospace parts manufacturing market. Passenger traffic, a term used to describe the quantity of passengers making use of the airport, whether embarking or disembarking flights, is calculated by dividing the total number of passenger miles journeyed by the total distance traversed during that time. As passenger traffic increases annually, there will be a need for additional aircraft, necessitating higher production of aerospace parts, thereby driving market growth. For example, in August 2022, the International Air Transport Association (IATA), a trade body for global airlines which is based in Canada, recorded a 229.5% increase in international air traffic in 2022 compared to 2021. Furthermore, a total rise of 76.2% in air traffic was observed in 2022. Hence, the uptick in passenger traffic is catalyzing the growth of the aerospace parts manufacturing market.

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How Are End-Use Segments Shaping the Aerospace Parts Manufacturing Market Outlook?
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

What Are the Strategic Trends Transforming the Aerospace Parts Manufacturing Market Landscape?
The rise of technological improvements is an emerging trend becoming more pronounced in the aerospace parts manufacturing market. The primary firms involved in aerospace parts manufacturing are concentrating on introducing innovative technological solutions to solidify their standing. For instance, in January 2023, An AI-based manufacturing optimization service provider from Israel, Plataine Ltd., introduced the 'FabricOptimizer' solution. This innovative AI-based solution offers a defect nesting solution and was designed uniquely. It allows manufacturers to autonomously select various alternatives and material quantities, generating the most efficient cut plan for specific kits. This proves beneficial in aerospace manufacturing as it tackles supply chain issues and workforce difficulties through complete process automation and enhancing material utilization. It aids in lessening mistakes, rework, and material waste, contributing to constant process enhancements.

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Who Are the Prominent Companies in the Aerospace Parts Manufacturing Market by ?
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.

Which Region Is Expected to See the Highest CAGR 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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