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Global aerospace parts market to grow at CAGR of 3.7%: Report
Industry News- Dec 29,21
The global aerospace parts market - estimated at $ 900.75 billion in 2021, is expected to grow at a CAGR of 3.7% during 2021-2030 forecast period, according to Quince Market Insights
The global aerospace parts market - estimated at $ 900.75 billion in 2021, is expected to grow at a CAGR of 3.7% during 2021-2030 forecast period, according to Quince Market Insights. Aerospace parts are usually made from advanced materials such as nickel-based superalloys, titanium alloys, ultrahigh-temperature ceramics or special sheets which are costly, difficult, and time-consuming to manufacture. Increasing demands for new-generation, lightweight, and fuel-efficient aircraft across the world with emphasis on reducing greenhouse emission are driving the global aerospace parts market. Also, increasing rate of merger and acquisitions in aerospace parts industries with technological advancements are creating various new opportunities for the market players.
However, the high costs involved in manufacturing the aerospace parts may restrain the overall growth of the aerospace parts market. The manufacturing of aerospace parts requires a lot of time and efforts, which sometimes fails to distribute their products on required time due to high demand. This is expected to pose a challenge to the aerospace parts market.
As COVID-19 pandemic continues across the world, many global aerospace parts manufacturing industries are suffering disruption in production and slow demand due to restrictions on travelling and return of workers to their homes. Due to low production level, the overall revenue also reduced during the pandemic. However, with the ease in government restrictions across the world, the business functions are returning to normal, and the aerospace parts market is expected to gear up with their production capacity during the forecast period.
Based on product outlook, the market is segmented into aircraft manufacturing, engines, avionics, equipment, system, and support, and insulation components. Insulation components segment is the fastest growing segment during the forecast period. The segment growth can be attributed to growing aircraft fleet and the need for timely replacement of aerospace part. Insulation components reduce emission and provide protection and safety of personnel, which is contributing to segment growth.
Commercial aircraft segment is dominating the market in 2021 and is expected to remain dominant during the forecast period. The segment growth can be attributed to commercial aircrafts generates economic growth, employment, and facilitates international trade and tourism.
North America holds the largest market share and is expected to remain largest during the forecast period. The presence of leading manufacturers such as Intex Aerospace, Woodward, Inc., GE Aviation, and many others is contributing to the growth of the North America market. Additionally, increasing demands for new-generation aircraft and increasing demands for fixed-owing aircraft in US are expected to boost regional aerospace parts market during the forecast period.
CAGR
Aerospace parts
COVID-19 pandemic
aircraft manufacturing
engines
avionics
equipment
system
Intex Aerospace
Woodward
Inc.
GE Aviation
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