USD 898.58 Billion
Report ID:
SQMIG20A2152 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
63 |
Figures:
77
Global Aerospace Parts Manufacturing Market size was valued at USD 898.58 Billion in 2022 and is poised to grow from USD 935.42 Billion in 2023 to USD 1290.07 Billion by 2031, at a CAGR of 4.1% during the forecast period (2024-2031).
Manufacturing of aerospace parts necessitates much higher administrative costs and superior quality standards. Across the entire value chain, a large number of aircraft manufacturing industries are very active and integrated. These businesses can obtain these parts through provider agreements and internal production facilities. Additionally, producers participate in the process of quality control offered by procurement and outside raw material suppliers. Typically, in use for two or three decades, aircraft are dependable assets. The cost of maintaining and running the aircraft outweighs the revenue they produce, so they must be replaced. When compared to older aircraft, newer aircraft and aerospace components offer better range and payload capacity, which results in improved fuel efficiency, significant cost savings, and higher profit margins.
The industry replacement rate for airlines is roughly 3% annually. Since it is crucial for fleet expansion, fleet replacement creates a solid foundation for long-term demand for the production of new aerospace components. To meet passenger demands, the aerospace industry is constantly changing. The aerospace industry must create new planes and airport infrastructure to accommodate the rising number of passengers and improve the comfort, speed, and luxury of travel. With the high demands from its service consumers, the aerospace business is continuously updating its aircraft with a lot of new accessories and services that will help the passenger to have a safe and better traveling experience. To accomplish this, the aircraft must either be upgraded or a brand-new aircraft must be created. This drives the aerospace parts manufacturing industry as a variety of parts are produced to satisfy passengers' modern needs.
Global Market Size
USD 898.58 Billion
Largest Segment
Commercial
Fastest Growth
Commercial
Growth Rate
4.1% CAGR
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Global Aerospace Parts Manufacturing Market is segmented on the basis of product, type and region. By product, the market is segmented into engines, aircraft manufacturing, insulation components manufacturing. By type, market is segmented into commercial, business, military. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Aerospace Parts Manufacturing Market Analysis by Product
The engine division is the second-most dominant sector in the aircraft manufacturing sectors, contributing significantly to the global market with USD 177 billion in 2021 and projected to reach USD 259 billion in 2030 at a CAGR of 4%. Any machine's important component is its engine, and since an Aeroplane is a massive machine that runs on a powerful engine that travels at high speeds, the engine must be the most durable and in good working order. Essential parts and components are always needed in the aircraft manufacturing sectors in order to build an Aeroplan in fully equipped facilities equipped with the newest technology. The ongoing use of the aircraft's essential elements and components is required for the successful completion of this task.
With sales of USD 22 billion in 2022 and USD 38 billion in 2030, at a CAGR of 6%, insulation components play a role in this. Up until 2030, the engine Manufacturing sector is expected to grow at the fastest rate. To ensure an engine runs smoothly, numerous minor parts and accessories must be assembled during engine production. Because they make up a significant portion of the market, engine parts are important and in great demand for engine manufacturing facilities. The chamber, which is sealed off from the heat generated by the aircraft's moving parts, requires the insulating components.
Aerospace Parts Manufacturing Market Analysis by Type
With a market share of 51.5% in terms of revenue, the commercial sector dominated the production of aircraft parts. Over the ensuing years, it is anticipated that the commercial aircraft segment will continue to develop at the fastest rate. This is due to an increase in passenger and traffic. An increase in the demand for cargo services as a result of improved international trade relations is anticipated to fuel the expansion of the market for commercial aircraft and its components.
The business and general aviation aircraft category includes light aircraft with low takeoff weights that are used for short-haul commercial transportation, corporate travel, personal travel and private leisure flying, including air taxis and commuter airliners. Due to their advantages, including higher mobility, increased productivity, and improved efficiency, business aircraft are in increasing demand. Because flying takes less time than other modes of transportation, business aircraft are expected to increase productivity. Over the projection period, this is anticipated to fuel both demand for business aircraft and aerospace parts.
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With a 50.5% revenue share in 2022, the North American aircraft parts manufacturing industry will rule the regional market. Because of the region's growing number of ageing fleets, the North American economy is extremely favorable for the manufacture of aircraft. Lower operating efficiency and revenue demands for the operating airlines are caused by the replacement of the ageing aircraft. Additionally, an increase in per capita income is predicted to increase the number of people using aero planes, increasing the demand for aircraft and its components.
In 2022, the Asia Pacific region had a sizable portion of the market, and by 2030, it is anticipated to grow at a CAGR of 7.3%. This is a result of the region's aviation sector developing at an increasing rate, which is being fueled by the economies of China, Japan, and other nations. An increase in international air travel and a rise in the need for international freight are factors that are anticipated to increase demand for MRO services and, in turn, for aerospace parts.
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Aerospace Parts Manufacturing Market Drivers
Defense Modernization Programs
Growing Space Exploration Initiatives
Aerospace Parts Manufacturing Market Restraints
Long Certification and Approval Processes
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Details about each competitor are provided in the competitive landscape for the manufacturing of aircraft parts. Included information includes a company overview, financials, revenue generated, market potential, investments in R&D, locations and facilities for manufacturing, production capacities, company strengths and weaknesses, product launch, product breadth and depth, and application dominance.
Aerospace Parts Manufacturing Market Top Player’s Company Profiles
Aerospace Parts Manufacturing Market Recent Developments
Additive Manufacturing and 3D Printing
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global aerospace parts manufacturing market plays a critical role in supplying components and parts to the aerospace industry, including aircraft, spacecraft, and defence systems. It is a dynamic and technologically advanced sector that supports the production, maintenance, and repair of aerospace vehicles. The aerospace parts manufacturing market has witnessed steady growth over the years, driven by factors such as increasing air travel, rising demand for commercial aircraft, defence modernization programs, and space exploration initiatives. The market size is significant, with billions of dollars in annual revenue, and it is expected to continue growing in the foreseeable future. The future of the aerospace parts manufacturing market looks promising. Factors such as the increasing demand for aircraft, advancements in technology, the growing focus on sustainability, and the emergence of electric and hybrid propulsion systems present new opportunities for growth and innovation. The market is expected to continue evolving as manufacturers adapt to changing customer requirements, embrace digital transformation, and invest in sustainable practices.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 898.58 Billion |
Market size value in 2031 | USD 1290.07 Billion |
Growth Rate | 4.1% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Aerospace Parts Manufacturing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Aerospace Parts Manufacturing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Aerospace Parts Manufacturing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Aerospace Parts Manufacturing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Product ID: SQMIG20A2152