Aircrafts approaching end-of-life are creating a demand upswing for new aircrafts with advanced technology. As a result, there is a significant uptick in demand for aerospace parts. Amidst these global trends, the aerospace parts manufacturing market is poised to grow at a healthy CAGR during the forecast period (2019-2019). Another factor generating demand for new parts is the rising concern over energy efficiency in existing modes of air travel. Commercial and defense organizations worldwide are looking for lightweight parts laced with advanced technology. The reduction in weight and increments in energy savings will further present gainful growth prospects.
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Key Takeaways of Aerospace Parts Manufacturing Market Study
- Engines dominate parts manufacturing trends with a share of more than half of the total market value. This is followed by aircraft manufacturing which accounts for more than 20% of the current market share.
- When segmented by aircraft type, commercial aircrafts will generate continuous demand on the back of excessive wear and tear induced by increasing number of passengers.
- Business Aircrafts offer the most remunerative growth opportunities owing to multiplying number of high net-worth individuals and successful start-ups.
- North America exhibits share-wide dominance with a majority market share of more than 50% of the total market value.
- Southeast Asia & Oceania offer the most lucrative growth opportunities with a promising growth rate of more than 6% through 2029.
“Aerospace parts manufacturing will witness a spike in demand for energy efficient parts. Market players will witness a rise in demand for old-aircraft parts along with an equal rise in demand for new light-weight parts. Advancements in technology and material science will influence the future growth of this market.”-Says the Fact.MR Analyst
Developing Economies Present Lucrative Growth Opportunities amid Security Concerns
Developing countries of the world are witnessing meteoric rise in air travel. Consumers are increasingly opting for air travel on the back of falling ticket prices and increasing disposable incomes. This has led to an increase in travelling routes, as well as, wear & tear of aerospace parts. Market players can gain a competitive edge by positioning themselves at the forefront of materials and technologies used in parts manufacturing. Cost efficient and energy effective production will create remunerative growth opportunities for market players.
Global Aerospace Parts Manufacturing Market: In-Depth Assessment on Key Segments
The global aerospace parts manufacturing market is segmented on the basis of product type, aircraft type and region.
By Product Type :
- Aircraft Manufacturing
- Cabin Interiors
- Equipment, System, and Support
- Insulation Components
By Aircraft Type :
- Commercial Aircraft
- Business Aircraft
- Military Aircraft
- Other Aircraft
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
Energy Efficiency Drives the Competitive Landscape
Rising energy costs fuel the growing demand for energy efficient aircrafts with lightweight parts that increase fuel efficiency. Developing economies present remunerative growth opportunities for manufacturers to penetrate the region and establish an aircraft manufacturing base.
This will help them leverage the future demand for maintenance, repair, and overhaul activities. Advancements in aircraft technology such as fuselage, engines, avionics, and insulation equipment will induce continued demand for parts.
In order to leverage these trends market players are investing in research & development and strategic partnerships with prospective players.