Aerostructures Market Forecast Competitive Landscape Based on Product design
- nita bombare
- Aug 25, 2022
- 3 min read
Market Scope
Market Research Future (MRFR) reveals that the Aerostructures Market was worth USD 48,578.3 million in 2020, while it can achieve a growth rate of 5.60% from 2020 to 2027.
Primary Boosters and Restraints
The aerostructures industry will experience relentless growth in the next few years, thanks to the escalating demand for military and commercial aircraft all over the world. Majority of the passengers are inclining towards air travel rather than any other mode of transportation, given the high comfort level and the long-distance coverage in a short period. This has raised the procurement rate of commercial aircraft, in turn bolstering the growth rate of the aerostructures market.
The demand for new and lightweight aircraft has been surging especially in emerging nations like China, Vietnam, Brazil, and India. This could be owing to the blossoming middle-class populace, increasing disposable income, and the stunning growth of international and domestic tourism. On the other hand, the surge in military expenditure in these countries should also present lucrative opportunities to aerostructures manufacturers in the long run. Not to mention, the escalating border tensions in the Middle East have elevated the manufacturing of military aircraft for various missions. The rapid growth of the aerospace & defense sector in the region will boost the market demand in the ensuing years.
Major Players
AAR Corp. (US), Bombardier Inc. (Canada), Ruag Group (Switzerland), Saab AB (Sweden), Spirit Aerosystems, Inc. (US), Stelia Aerospace Group (France), Triumph Group, Inc. (US), Cyient Ltd (India), Elbit Systems Ltd (Israel), GKN Aerospace (UK), Leonardo SpA (Italy), UTC Aerospace Systems (US) are the well-established aerostructure manufacturers in the global market.
Segmental Review
Component listed in the MRFR study are wings, fuselages, nacelle, flight control surfaces, empennage, and pylon. Fuselage forms the biggest segment while the empennage category would capture the fastest CAGR during the given period.
The materials used by manufacturers are alloys, metals, and composites. The top segment in the market is that of metal, whereas the fastest growth will be displayed by the composite segment in the coming years. The demand for composites is quite substantial, as a result of the rising number of OEMs focusing on using lightweight materials for improved fuel efficiency of the aircrafts.
Major platforms in the market are fixed-wing aircraft as well as rotary-wing aircraft. The types of fixed-wing aircraft are unmanned aerial vehicles, commercial, general, military, and more. The rotary-wing aircraft types are military, unmanned aerial vehicles, and commercial. In the lead is the fixed wing aircraft category, which shall capture the highest growth rate as well. Fixed wing aircraft note exponential demand in the military segment, as the deployment of UAVs continues to soar.
Some of the top end-users are original equipment manufacturer as well as aftermarket. The aftermarket segment could secure the highest expansion rate over the conjectured period, as a result of the surge in aftermarket services provided by various aerostructure manufacturers worldwide.
Regional Status
North America has procured the leading spot in the aerostructures market. Reputed firms like Magellan Aerospace, Triumph Group and United Technologies Corporation lend the region a competitive edge in the worldwide market. Dramatic growth of the region’s aviation sector and the huge demand for defence aircraft further strengthens the market position.
Asia Pacific has been witnessing a dramatic growth in passenger traffic, while several airlines are focused on procuring multiple aircraft fleets with stronger fuselage, wings, and other aerostructure components. As a result, the APAC market is off to chart the fastest growth pattern in the years to come. China and India in particularly are witnessing stupendous growth, given the presence of world’s biggest aviation sectors that are increasingly procuring new aircraft.
Recent Developments
September 2021
Dynamatic Technologies has entered a contract deal with Boeing for supplying assemblies for the latter’s tactical fighter – F-15EX Eagle II. This is the first time in India wherein aerostructures for the most advanced and the latest F-15EX Eagle II would be created. Dynamatic Technologies will start supplying the F15EX aerostructure a
Comments