Schedule a Call Back
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
Related Stories
Auto & Auto Components
N A N MagneTech to establish India’s first integrated NdFeB magnet facility
N A N MagneTech will establish India’s first fully integrated high-performance NdFeB magnet manufacturing facility in Andhra Pradesh with a Rs 12.5 billion Phase I investment.
Read moreOther Industrial Products
NBC Bearings launches low noise EMQ bearings for electric motor applications
NBC Bearings has launched its Low Noise, Low Vibration Electric Motor Quality (EMQ) Bearings at Mogen Expo, Bengaluru, designed to improve performance in electric motors, EVs and precision equipment..
Read moreAuto & Auto Components
MAHLE launches range extender system for heavy electric trucks
MAHLE has unveiled a new range extender system for heavy electric trucks, designed to improve range, reduce vehicle weight and support cost-efficient electrification of road transport.
Read moreRelated Products
Precision Cutting Tools1
MACHINE TOOLS, POWER & HAND TOOLS
S S Trading Corporation offers a wide range of precision
cutting tools.
Slotting Head Unit for All Cnc Turn Mill Centers
MACHINE TOOLS, POWER & HAND TOOLS
Sphoorti Machine Tools Pvt Ltd offers a wide range of
slotting head unit for all CNC turn mill centers.
Slotted Tool Disc and Tool Holders
MACHINE TOOLS, POWER & HAND TOOLS
Prominent Machine Tools offers a wide range of slotted tool disc and tool holders.
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
