Aerospace Parts Manufacturing Market size is set to grow by USD 190.69 bn from 2024-2028,rise in demand for new commercial and defense aircraft boost the market- Technavio

NEW YORK, April 5, 2024 /PRNewswire/ -- The global aerospace parts manufacturing market  size is estimated to grow by USD 190.69 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.19%  during the forecast period.  The aerospace parts manufacturing market experiences growth due to the renewal of commercial and defense fleets, driven by population growth, urbanization, and rising disposable income. Advanced aircraft models, with their improved efficiency, increase economical flying and passenger demand. MRO services, engines, insulation components, and aircraft parts are in high demand for commercial, business, general aviation, and military aircraft. Manufacturers focus on producing carbon-efficient components, addressing aging fleets, and meeting defense modernization programs. 

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Segment Overview 

This aerospace parts manufacturing market report extensively covers market segmentation by Product (Aerostructure, Engine, Avionics, Others) Aircraft Type (Commercial, Business, Military) Geography (North America, Europe, APAC, Middle East and Africa, South America)

Market segmentation by Product

The aerospace parts manufacturing market encompasses helicopters and various aircraft types, including commercial, business, and military. Aging fleets in the commercial aircraft sector necessitate MRO activities, driving demand for aerospace components such as engines and insulation materials. With increasing passenger travel, airport facilities expand, and frequency and availability of flights grow. Aging aircraft in the aerospace and defense industry require fleet replacement, leading to the production of new-age aircraft and the need for corresponding components. The carbon-intensive nature of aerospace manufacturing contributes to greenhouse emissions, prompting the use of raw materials that minimize environmental impact. Aircraft manufacturers cater to diverse markets, including commercial, business, and military, providing MRO services for fleet modernization programs and enhancing military capabilities.

Geography Overview

The North American aerospace parts manufacturing market is thriving, driven by the demand for helicopter parts due to aging fleets and MRO activities in the aerospace and defense sector. Passengers' needs are met through the production of accessories for new-age aircraft, while airport facilities require constant maintenance and upgrades. Aircraft manufacturers focus on producing advanced aerospace components for commercial, business, and military aircraft, including engines and insulation components. The carbon-intensive nature of the industry necessitates the exploration of raw materials and their efficient use. Fleet replacement and the demand for aircraft parts continue to fuel growth, with defense modernization programs and military capabilities also contributing significantly. 

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• The aerospace parts manufacturing market experiences continuous growth, driven by technological advancements like additive manufacturing. This innovation enables the production of lightweight, high-performance components for helicopters, aircraft, and rocket engines. Key players, such as General Electric Co., adopt this technology for reduced lead times and cost savings. Aging fleets, MRO activities, and defense modernization programs further fuel market demand. Key sectors include helicopters, commercial and business aviation, and military aircraft. Sustainability is a focus area, with efforts to reduce carbon-intensive manufacturing processes and greenhouse emissions.
• The aerospace parts manufacturing market encompasses components for space exploration missions, propulsion systems, satellite components, and spacecraft structures. Costs range from USD500 to USD50,000, depending on factors like complexity, materials, and technology. Specialized parts for avionics, engines, and advanced systems can cost millions. Quality and safety are paramount for wings, fuselages, doors, and other airframe components. Key areas include certification, fuel-efficient aircraft, freight traffic, and military applications. Technologies like 3D printing and aerostructure innovation continue to shape the industry.

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Research Analysis

The Aerospace Parts Manufacturing Market plays a crucial role in the aviation industry, supplying essential components for various types of aircraft, including commercial, business, and general aviation aircraft. These components encompass engines, insulation materials, wings, and airport accessories. With the increasing demand for fuel-efficient and eco-friendly aircraft, manufacturers focus on producing greenhouse gas emissions-reducing parts. Fleet replacement and passenger traffic growth drive the market, leading to an increase in the production of new-age aircraft and the need for frequent aircraft maintenance. Ticket prices and flight frequency are significant factors influencing the market's dynamics. Aircraft manufacturers continue to innovate, developing advanced components to improve air travel's efficiency and safety.

Market Research Overview

The Aerospace Parts Manufacturing market is a significant sector, driven by the demand for components in the aviation industry. Aircraft parts manufacturing involves the production of various components such as engines, composites, and structural parts. These components are crucial for the proper functioning of aircraft and must adhere to stringent quality standards. The market is characterized by advanced technologies, including 3D printing and composite materials, which enable the production of lightweight and durable parts. The market is also influenced by factors such as regulatory requirements, raw material prices, and geopolitical tensions. Companies in this sector include MROs, OEMs, and suppliers, who compete based on cost, quality, and innovation. The market is expected to grow due to increasing air travel demand, fleet expansion, and technological advancements.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Aerostructure
• Engine
• Avionics
• Others
• Aircraft Type
• Commercial
• Business
• Military
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio