NEW YORK, Oct. 3, 2023 /PRNewswire/ — The aerospace parts manufacturing market is expected to grow by USD 185 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 3.81% during the forecast period. The market is segmented by aircraft type (commercial, business, and military), product (aircraft manufacturing, engine, avionics, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). Space exploration and the satellite industry are key factors driving market growth. The demand for aerospace components to be used in space vehicles, satellites or related technologies is increasing due to the growing space sector, which includes satellite production, launch services, and exploratory missions. In addition, there has been a surge in demand for all types of aircraft components due to growing interest in space exploration, satellite deployment, and related activities. A wide variety of opportunities exist for manufacturers of aeronautics parts due to space industry growth, which is driven by Government Agencies, Private Companies, and International Partnerships. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample
- The report recognizes the following as some of the key players in the aerospace parts manufacturing market: AEFP Group, Aequs Pvt Ltd., Camar Aircraft Parts Co., CTRM Sdn. Bhd., DAHER, Diehl Stiftung and Co. KG, Ducommun Inc., Eaton Corp. Plc, General Electric Co., Honeywell International Inc., IHI Aerospace Co. Ltd., JAMCO Corp., Kawasaki Heavy Industries Ltd., Liebherr International Deutschland GmbH, Mitsubishi Heavy Industries Ltd., Rolls Royce Holdings Plc, Safran SA, Thales Group, TransDigm Group Inc., and Dassault Aviation SA
- The Aerospace Parts Manufacturing Market is fragmented in nature.
- Market to observe 3.57% YOY growth in 2023.
- The growth of the MRO industry is a major trend in the market.
- A constant supply of replacement parts for aircraft maintenance is required by the MRO industry.
- A high MRO market in North America contributes to the demand for components of the aeronautics industry, such as wings, engines, and cockpits.
- As a result of an increase in air travel demand, the number of flights leads to increased use of aircraft as well as more frequent maintenance requirements.
- Hence, these factors are expected to drive market growth during the forecast period.
- The high cost associated with aerospace parts manufacturing is a significant challenge restricting market growth.
- To ensure aircraft reliability and airworthiness, component manufacturers in the aerospace sector need to comply with strict quality and safety standards.
- Furthermore, such standards require the use of new materials and precision technology as well as extensive tests which all lead to increased costs.
- Advanced technology and engineering solutions are often involved in the manufacture of aeronautics parts.
- However, there is a need to have highly qualified staff with expertise in engineering, machining, assembly, and quality control of aircraft. The cost of skilled workers is often a premium, and this results in increased worker costs.
- Hence, these factors are expected to restrict market growth during the forecast period.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
The commercial segment will account for a major share of the market’s growth during the forecast period. Aerospace parts are diverse and include a wide variety of components that are essential to the operational, security or comfort of passengers and crew on commercial aircraft. Such parts may be classified according to their systems and components, each having its own role in the functioning of an aircraft. Furthermore, airlines often expand their fleets by purchasing new aircraft to meet the growing passenger demand or replacing aging, lower fuel-efficiency models. As a result, demand for the parts needed to build and maintain these new aircraft has increased. Hence, these factors are expected to drive segment growth during the forecast period.