Global Aerospace Parts Manufacturing Market

Aerospace Parts Manufacturing Market Size, Share, Growth Analysis, By Product(Engines, Aircraft Manufacturing), By Type(Commercial, Business) - Industry Forecast 2024-2031

Report ID: SQMIG20A2152 | Region: Global | Published Date: March, 2024
Pages: 202 | Tables: 63 | Figures: 77

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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). 

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. 'Airbus (France)', 'Boeing (United States)', 'General Electric (United States)', 'Safran (France)', 'Rolls-Royce Holdings (United Kingdom)', 'Lockheed Martin (United States)', 'United Technologies Corporation (United States)', 'Honeywell International (United States)', 'Leonardo S.p.A. (Italy)', 'Northrop Grumman Corporation (United States)', 'Raytheon Technologies Corporation (United States)', 'Thales Group (France)', 'BAE Systems (United Kingdom)', 'Spirit AeroSystems (United States)', 'Bombardier (Canada)', 'Mitsubishi Heavy Industries (Japan)', 'Kawasaki Heavy Industries (Japan)', 'Embraer (Brazil)', 'Saab AB (Sweden)', 'Pratt & Whitney (United States)', 'Zodiac Aerospace (France)', 'Textron Inc. (United States)'

Governments around the world are investing in defense modernization programs to enhance their military capabilities. This includes the procurement of advanced military aircraft, missiles, and defense systems. The aerospace parts manufacturing market benefits from these programs as it supplies critical components required for defense equipment manufacturing.

Additive manufacturing, also known as 3D printing, is revolutionizing the aerospace industry, including parts manufacturing. This technology allows for the production of complex, lightweight, and customized parts with reduced material waste. It offers design flexibility, shorter lead times, and the potential for on-demand production. Aerospace parts manufacturers are increasingly adopting additive manufacturing techniques to enhance efficiency, reduce costs, and improve performance.

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.

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