Report ID: SQMIG20A2188
Report ID:
SQMIG20A2188 |
Region:
Global |
Published Date: July, 2001
Pages:
157
|
Tables:
124 |
Figures:
77
Aerostructures Market size was valued at USD 47.4 billion in 2019 and is poised to grow from USD 51.13 billion in 2023 to USD 101.01 billion by 2031, growing at a CAGR of 7.86% in the forecast period (2024-2031).
The term aerostructure refers to all of the structural components of an aircraft's airframe or body. Aerostructures assist an aircraft in functioning and withstanding aerodynamic forces, and they encompass all of the parts that assist an aircraft in flying. Wings, fuselages, propulsion systems, and flight control surfaces are components of it. The aerostructure market is expanding due to the increasing demand for new aircraft as well as the specific requirement for various replacement parts.
Aerostructure companies manufacture aerostructures primarily for commercial aeroplanes all around the world. The growing number of passengers have encouraged aerostructure companies to produce aerostructures, propelling the aerospace equipment industry. Aerospace manufacturers are also implementing innovative ways to improve aircraft performance, and the production of aerostructures is expanding.
Furthermore, the use and development of composite materials for aircraft manufacturing are propelling market expansion. The advancement of technology has enabled manufacturers to detect material deterioration and access the structure of the aircraft using a computer or infrared light to assess durability and performance. These studies can be used to assess market performance of structures, as aerostructures play an important role in aircraft operation. From helicopters and military jets to passenger and commercial jets, aerostructures are critical.
US Aerostructures Market is poised to grow at a sustainable CAGR for the next forecast year.
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REQUEST FREE CUSTOMIZATIONAerostructures Market size was valued at USD 47.4 billion in 2019 and is poised to grow from USD 51.13 billion in 2023 to USD 101.01 billion by 2031, growing at a CAGR of 7.86% in the forecast period (2024-2031).
The aerostructures market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective and customized solutions for students. 'AAR Corporation (U.S.)', 'Bombardier Inc. (Canada)', 'Cyient Ltd. (India)', 'GKN plc (U.K.)', 'Leonardo S.P.A. (Italy)', 'RUAG International Holding AG (Switzerland)', 'Saab AB (Sweden)', 'Spirit AeroSystems Holdings Inc. (U.S.)', 'STELIA Aerospace Group (France)', 'Triumph Group, Inc. (U.S.)', 'Collins Aerospace (U.S.)', 'Elbit Systems Ltd. (Israel)'
The important factor driving the expansion of the aerostructures market is the increase in demand for UAVS in military and commercial applications. The increased number of border clashes and disagreements between adjacent countries is driving the need for military unmanned vehicles. As a result, the procurement of high-altitude long-endurance (HALE) and medium-altitude long-endurance (MALE) unmanned aerial vehicles (UAVs) is expanding in order to improve intelligence, surveillance, and reconnaissance (ISR) capabilities. These UAVs have a long endurance of 24 to 48 hours and fly at a greater altitude, which helps to boost military mission capabilities. Furthermore, UAVs built of composite materials outperform regular UAVs in terms of performance.
North America to Dominate the Aerostructures Market
The aerostructure market was valued at USD 47.40 billion in 2021 and it is expected to reach USD 80.48 billion by 2028, at a CAGR of 7.86% over the forecast period.
North America held the largest market share and is expected to dominate the market.
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Report ID: SQMIG20A2188