High demand air travel services and increased demand for new aircrafts are expected to drive the demand for global aerostructures market in the forecast period, 2023-2027.
According to TechSci Research report,Aerostructures Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, the global aerostructures market is anticipated to witness impressive growth in the forecast period, 2023-2027. Aerostructure includes all the necessary components to construct an airplane. It includes components like wings, nose, fuselage, nacelle, pylon, and empennage. Factors such as the increase in the number of aircraft and the growing popularity of unmanned aerial vehicles are driving the demand for the global aerostructures market. With the rise in the number of passengers willing to travel via air route, the commercial aviation industry is gaining immense popularity among consumers. The aircraft manufacturing industry utilizes the outsourcing methodology to manufacture aerostructure at a massive scale. They are working on integrating advanced technologies like the internet of things, artificial intelligence, biometrics, robotics, and blockchain technology and investing in ultralight materials and unmanned aircraft technologies, which are expected to act as a positive factor for the global aerostructures market.
However, the difficulties observed in recycling the composite materials used to make aircraft may restrain market growth in the forecast period.
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The global aerostructures market is segmented into component, material, platform, end use, regional distribution, and competitive landscape.
Based on component, the market is divided into wings, nose, fuselage, nacelle and pylon, and empennage. Fuselage is expected to hold the largest market share in the forecast period. Fuselage is a vital component of an aircraft, and it covers the entire body of an aircraft. It generally holds crew, passengers, cargo, or engine. Fuselage also controls the position and stabilizes the surface, which is required to ensure aircraft maneuverability and stability.
Based on material, the market is divided into alloy, metal, and composite. The composite material segment is expected to witness the fastest incremental growth in the forecast period owing to its ability to lower the weight of an airplane and increase its fuel efficiency. Also, the manufacturers have started preferring composite materials to manufacture aircraft components as it offers enhanced strength, flexibility, durability, and design. And alloy material is expected to account for dominant market share as they lower the overall aircraft weight and aid in improving the performance of the aircraft. They gain increased demand from aerostructure manufacturers as they show properties like low-density, excellent fatigue, high specific modulus, and cryogenic toughness.
Based on the platform, the market is bifurcated into fixed wing aircraft and rotary wing aircraft. The fixed wing aircraft is expected to witness the highest CAGR in the forecast period. Fixed wing aircraft include military aircraft, commercial aircraft, general aviation aircraft, UAVs, and business jets. They have a high demand for commercial, security, and industrial applications.
Based on end use, the market is divided into OEM and replacement. The OEM segment is currently dominating the market and is expected to maintain its dominance over the next five years. The unmanned aerial vehicle is gaining popularity across the globe as it can be used for several applications, including medicine deliveries, package delivery, border surveillance, and monitoring places, amongst others.
On the basis of regional analysis, the North American region is expected to hold the largest market share over the next five years. This region has high aerospace and defense aircraft demand owing to the growing business and commercial aviation industry. The presence of major market players such as Triumph group and Spirit Aerosystems, Inc. in the region is expected to influence the market growth. Also, the high-end investments for research and development activities and early adoption of advanced manufacturing technologies further support the global aerostructures market growth.
Major market players operating in the global aerostructures market are:
- Spirit Aerosystems, Inc.
- Airbus SE
- SAAB AB
- Triumph group
- Leonardo S.P.A
- GKN Aerospace
- Safran SA
- Arconic
- Elbit Systems Ltd.
- FACC AG
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Market players invest significant amounts in technological advancements to upgrade the manufacturing process and increase efficiency. The growing popularity of 3D printing technology among aircraft manufacturers is expected to create lucrative growth opportunities for the global aerostructures market. The use of 3D printing technology offers several advantages. It is a less time-consuming cost-effective process, lowers the amount of material used, and generates a limited quantity of waste. Also, the increased demand for superalloys and composite materials among the aviation industry market players and the rapidly developing aircraft industry is expected to propel the growth of the global aerostructures market till 2027 said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Aerostructures Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Component (Wings, Nose, Fuselage, Nacelle and Pylon, Empennage), By Material (Alloy, Metal, Composite), By Platform (Fixed Wing Aircraft, Rotary Wing Aircraft), By End Use (OEM, Replacement), and By Region,has evaluated the future growth potential of global aerostructures market and provides statistics information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global aerostructures market.
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