Aerospace Parts Manufacturing Market – Global Industry Analysis and Forecast (2023-2029)

Aerospace Parts Manufacturing Market size was valued at US$ 1.60 Mn. in 2029. Engine Parts Manufacturing is expected to dominate the post COVID era for Aerospace Parts Manufacturing Market.
Aerospace Parts Manufacturing Market Overview:
An aerospace manufacturer is described as a person or corporation that builds, designs, sells, tests, and maintains aeroplanes, their parts, rockets, missiles, or spacecraft of various types. Aerospace could be classified as a technological industry. Machining Inconel, reaction-propulsion engine, fan blades, aeroplane brake system components, hydraulic fittings, and mil-spec electrical connectors and electronic aerospace components are all examples of aerospace parts. Aviation is supported by the aircraft industry, which constructs aeroplanes as well as manufactures aircraft parts for maintenance. Aircraft and their parts are used by the civil and military aviation industries. The majority of the work is carried out in accordance with type certifications and Defense Standards issued by a government agency. Aerospace Parts Manufacturing market is expected to register CAGR of approximately 4% during the forecast period.To know about the Research Methodology :- Request Free Sample Report
Aerospace Parts Manufacturing Market Dynamics:
One of the primary factors driving the growth of the aerospace parts manufacturing market is the increasing need for lightweight, fuel-efficient, and new-generation aircrafts. The market is expected to develop at a faster rate as the rate of aircraft manufacturing rises due to increased fleet replacement, technological advancement, and the growing need for aircraft specialized for specific missions. The market benefits from an increase in collaborative activities among major players for the development of aeronautical products. In addition, the aerospace parts manufacturing market is influenced by key manufacturers expanding their manufacturing operations to Asia to meet the increased demand from MRO service providers. Furthermore, during the forecast period, the extended in-service period of aircrafts provides profitable opportunities for market players.

These procedures are funded by pay-as-you-go government funding for military and other national programmes, or by capital obtained through equity financing—either by public or risk-sharing private investors, or by loans from traditional venture capital sources like banks and insurance companies. Leasing has become an effective cash flow saver for airlines, and leasing businesses have become a source of procurement funds for contractors, since the cost of major air transports has risen into the hundreds of millions of dollars. Because of the large amount of overall money required and the risk of cost and market fluctuations, shared investment among suppliers and prime contractors over the course of a programme has become more common.

Governments frequently sponsor applied research since it is so important to the industry's competitiveness. Funds are frequently provided by entities such as NASA and military service laboratories that work directly with the country's industry in the United States. Governments in Europe and the rest of the world frequently provide direct financial support for research to their countries' industries. ESTEC, the European Space Research and Technology Centre, is located in Noordwijk, Netherlands, and is run by the international European Space Agency. ESTEC is the European industrys’ and scientific communities' technical development interface. It is in charge of spacecraft development and has its own technological laboratories and substantial testing facilities for spacecraft and components under simulated launch and in-space conditions. The United Kingdom, Sweden, and France supports government policies.

The expansion of the aerospace components manufacturing market is expected to benefit from increased government initiatives for space exploration. Drones and Unmanned Aerial Vehicles (UAVs) are expected to play a significant part in this expansion. In the near future, the growing usage of unmanned aerial vehicles for military surveillance is expected to aid segment expansion. Declining military spending may have an impact on demand for military aircraft, which is expected to slow the global market's growth over the forecast period.

Emerging Aerospace parts Design Methodologies:

Because design engineers cannot anticipate all production concerns, significant design rework is common. Despite the apparent simplicity of the initial conceptual design phase, it determines 70–80% of the cost of an aircraft product. Because cutting costs is more crucial than ever, a new design process called concurrent engineering (CE) has taken the place of the old cycle. Many components of the design endeavor are coordinated by CE through dedicated teams of designers, engineers, and representatives from other related activities and processes.

Supporting operations like as stress analysis, aerodynamics, and materials analysis, which would normally be done in order, can now be done simultaneously using this technology. A strategy known as integrated product and process development goes beyond CE by adding production, quality assurance, procurement, and marketing into the teams (IPPD). IPPD guarantees that users' needs, as well as those who bring the product to the customer via manufacturing and outside procurement, are taken into account at the start of the design/build cycle. MMR report has given the design insights from past years in the market which is expected to determine the design expenses and pricing trends from past 10 years
Aerospace Parts Manufacturing Market Segment Analysis:
Commercial Aircrafts Segment is driving the Aerospace Parts Manufacturing Market:

Boeing has revised its ten-year aircraft demand expectations upwards by 5.5% above last year's projections, indicating that the commercial aviation industry is recovering faster than projected. By the end of 2022, Boeing and Airbus are estimated to have delivered 900 planes, up from 723 in 2022 and even more than the 863 and 800 planes delivered in 2022 and 2021, respectively. The commercial aviation sector is expected to deliver 19,330 aircraft over the next ten years, according to Boeing's revised predictions, with the majority of those being single-aisle jets like the Airbus A320 and Boeing 737 Max.

Airbus has a backlog of 6,925 aeroplanes as of the end of June 2021, 800 aircraft short of the company's all-time high of 7,725 set in January 2021. Similarly, Boeing's backlog was 5,084 aircraft at the same time, down 880 aircraft from its all-time high set in August 2021. This does not appear to be a spur-of-the-moment request. Demand for smaller, more efficient aircraft, increased air cargo volumes, and the revival of low-cost carriers are fueling this unexpected recovery, thanks to the Covid-19 pandemic. Owing to the increasing backlogs in COVID pandemic and rising number of passengers travelling post COVID are the key factors considered to drive the Aerospace Parts Manufacturing Market growth.

New Market Trends:

1. Emergence of maintenance, repair and Overhaul Sector:

Innovations in materials and systems distinguish the new generation of aircraft from its predecessors, presenting both opportunities and problems for the maintenance, repair, and overhaul (MRO) industry. While the bulk of today's narrowbodies have traditional aluminium wings and fuselages, the Airbus A350 and Boeing 787, two of the most recent widebodies, have majority composite structures.

Although composite materials have been effectively used in past generations of aircraft (about 17% of the 777 is carbon fibre, for example), this proportion is only going to rise. According to Airbus, the maintenance, repair, and operations business would be valued $120 billion annually by 2036, based on the expected increase of the global commercial fleet. As a result of this, the aviation industry will need an additional 548,000 technicians throughout that time period to meet the predicted demand. Boeing forecasts an even greater demand, estimating that by 2037, the industry will require an extra 648,000 technicians.

2. Increasing Digitization:

Another factor requiring different skills than earlier generations will be the rising digitalization of the maintenance sector. "As airlines continue to take possession of new aeroplanes, developments in aviation technology will generate an increased need for technicians knowledgeable in avionics, composites, and digital troubleshooting," according to Boeing's 2022 technician prediction.

Technicians using virtual reality, for example, will be able to better envisage how components fit together, allowing them to'step inside' an assembly or examine it from different angles. There are also simple cost and time savings gains, such as the elimination of paper manuals and the ability for repair personnel to rapidly access important data.

3. Adoption in Electrification:

While increased use of electricity to power on board systems reduces the weight and complexity of traditional hydraulic and pneumatic systems, another revolution in propulsion technology is underway: a large number of programmes with some form of electric propulsion at their core are currently in development, driven by both incumbents and start-ups. These range from modest general aviation planes and urban transportation concepts to commercial airliner concepts. If an electrically powered aircraft in this category is to be realised, Airbus estimates that it will require 40MW of electricity during takeoff and 20MW during cruising. As a first step toward that goal, the firm is working on the E-Fan X hybrid-electric prototype with partners Rolls-Royce and Siemens.
Regional Insights:
The objective of the report is to present a comprehensive analysis of the Aerospace Parts Manufacturing market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Aerospace Parts Manufacturing market dynamics, structure by analyzing the market segments and project the Aerospace Parts Manufacturing market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Aerospace Parts Manufacturing market make the report investor’s guide.
Aerospace Parts Manufacturing Market Scope: Inquiry Before Buying



Aerospace Parts Manufacturing Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 1.22 Mn.


Forecast Period 2023 to 2029 CAGR:
4%
Market Size in 2029:
US $ 1.60 Mn.


 Segments Covered:
by Product
Cabin Interior
Avionics
Equipment, System and Support
Aircraft Manufacturing
Insulation Components
Engines


by End Use
Business Aircrafts
Commercial Aircrafts
Military Grade Aircrafts
Others



Aerospace Parts Manufacturing Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players
1. Dassault Systems
2. Rolls Royce Plc.
3. Airbus
4. Lycoming Engines
5. JAMCO Corporation
6. Eaton Corporation plc.
7. Intrex Aerospace
8. Sumitomo Precision Products Co. Ltd.
9. CAMAR Aircraft Parts Company
10. Bridgestone Corporation
11. Safran Group
12. Curtis-Wright Corporation
13. Woodward Inc.
14. Triumph Group
15. Eaton Corporation Plc.
16. Premium Aerotech
17. Zodiac Aerospace

Frequently Asked Questions:

1] What segments are covered in the Aerospace Parts Manufacturing Market report?
Ans. The segments covered in the Aerospace Parts Manufacturing Market report are based on Product and End Use.

2] Which region is expected to hold the highest share in the Aerospace Parts Manufacturing Market?
Ans. North American Region is expected to hold the highest share in the Aerospace Parts Manufacturing Market.

3] What is the market size of the Aerospace Parts Manufacturing Market in 2022?
Ans. The market size of the Aerospace Parts Manufacturing Market in 2022 was valued at US $ 1.22 Mn.

4] Who are the top key players in the Aerospace Parts Manufacturing Market?
Ans. Dassault Systems, Rolls Royce Plc., Airbus, Lycoming Engines, JAMCO Corporation, Eaton Corporation plc., Intrex Aerospace, Sumitomo Precision Products Co. Ltd., CAMAR Aircraft Parts Company,

5] What will be the market size of the Aerospace Parts Manufacturing Market in 2029?
Ans. The market size of the Aerospace Parts Manufacturing Market is expected to be 1.60 Mn. By 2029