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Exponential Growth in Demand for Lightweight and Fuel-Efficient Aircraft and Increasing Aircraft Production Rate Augment Market Value to USD 103 Bn, by 2030
Global Aerostructures Market is estimated to be valued at USD 103 Billion by 2030 at an exponential growth of 6.9% in the next seven years.” - Vantage Market ResearchWASHINGTON, D.C, DISTRICT OF COLUMBIA, UNITED STATES, January 10, 2024 /EINPresswire / -- According to Vantage Market Research, the Global Aerostructures Market is estimated to be valued at USD 103 Billion by 2030 at an exponential growth of 6.9% in the next seven years.
The Aerostructures market is predicted to experience significant revenue growth in the coming years. This growth is attributed to many factors, such as increased outsourcing of aerostructure manufacturing by OEMs, the augmented production of aircraft by major manufacturers, and the rising use of composite materials in commercial aviation .
The Report Provides Insights on the Following Pointers
1.Market Penetration: Provides comprehensive information on the market offered by the key players.
2.Market Development: Provides in-depth information about lucrative emerging markets and analyses penetration across mature segments of the markets.
3.Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments.
4.Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation.
5.Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
6.Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The Aerostructures market is benefitting from the rising preference for lightweight materials like composites and superalloys to decrease the weight of Aerostructures, as well as the rapid adoption of advanced technologies like 3D printing to boost aircraft production.
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Factors Affecting the Growth of the Aerostructures Industry
.As more people choose to travel by air, airlines are expanding their fleets, leading to increased demand for Aerostructures.
.Regulations and policies related to aircraft safety and emissions influence the growth of the Aerostructures industry .
.The production rates of aircraft by major manufacturers, such as Boeing and Airbus, have a significant impact on the growth of the Aerostructures industry.
.Investments in research and development by aircraft manufacturers and Aerostructures suppliers drive innovation and growth in the industry.
.Political stability and international relationships might affect the growth of the Aerostructures industry. Trade disputes, sanctions, or political instability in key markets can disrupt the supply chain and impact the industry's growth.
Key Highlights
.Based on the segmentation of Component, the Fuselages segment is anticipated to have the highest market growth during the forecast period.
.Furthermore, based on the segmentation of End Use, the Aftermarket segment is expected to see maximum market development over the projected period.
.The North America region dominated the market in 2022, holding a significant 40.6% share of the revenue.
.The Asia Pacific area is anticipated to observe maximum market growth over the forecast period.
Key Trends
.One of the top market trends is technological advancements. Adopting new technologies and materials in aircraft manufacturing drives the growth of the Aerostructures industry.
.The focus on sustainability and environmental performance is another notable trend. Manufacturers are investing in research and development to develop the newest materials and manufacturing processes that are more environmentally friendly, such as bio-based composites and recyclable materials.
Top Players in The Global Aerostructures Market
.AAR Corp (U.S.)
.Bombardier Inc. (U.S.)
.SAAB AB (Sweden)
.Spirit Aerosystems Inc. (U.S.)
.Triumph Group Inc. (U.S.)
.Cyient Ltd. (India)
.Elbit Systems Ltd. (Israel)
.GKN Aerospace (UK)
.Leonardo SPA (Italy)
.The Boeing Company (U.S.)
.Airbus SAS (France)
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Key Strategies in the Aerostructures Market
.Companies are expanding their production capacities to meet the growing demand for aircraft components and structures. This helps them to cater to a more extensive customer base and increase their market share.
.Companies form strategic partnerships & collaborations with other industry players to enhance their product offerings, increase their geographical presence, and leverage each other's capabilities.
.Companies in this market are investing in research and development to develop innovative and technologically advanced products, which helps them stay ahead of the competition and cater to the changing requirements of customers.
.Companies are adopting sustainable practices and investing in eco-friendly materials and manufacturing processes. This strategy helps them to meet regulatory requirements, improve their brand image, and draw environmentally conscious customers.
Recent Development of the Global Aerostructures Market
.In May 2023, the famed Massachusetts Institute of Technology presented a technological innovation and low-cost development to reinforce important materials used in aerospace and energy generation today.
.In April 2023, Leonardo SPA, an Italian aerospace and aircraft corporation, announced a collaboration with Cisco Technology to create cooperative technology initiatives. The collaboration intends to create cooperative goods and solutions as part of a green transition to safe logistics and transportation systems.
.In February 2033, Heart Aerospace, a Swedish electric aircraft developer, was named as a long-term partner for the air-New Zealand next-generation mission aircraft cooperation. The collaboration will aid in the replacement of the airline's Q300 domestic fleet.
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Aerostructures Market Segmentation
By Component
.Fuselages
.Empennages
.Wings
.Noses
.Nacelles & Pylons
.Doors & Skids
By Material
.Composites
.Alloys & Superalloys
.Metals
By Aircraft Type
.Commercial Aviation
.Business & General Aviation
.Military Aviation
.Unmanned Aerial Vehicles
.Advanced Air Mobility
By End Use
.OEM
.Aftermarket
By Region
.North America
.Europe
.Asia Pacific
.Latin America
.Middle East & Africa
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Highlights From Segments
Component Analysis
.In 2022, the fuselages segment accounted for the most substantial market growth.
.With the growing demand for air travel and the increasing size of commercial aircraft, the demand for fuselages is witnessing significant growth.
.Manufacturers are focusing on lightweight materials and advanced manufacturing techniques to enhance fuel efficiency and reduce emissions, thereby contributing to the sustainable development of the aviation industry.
Material Analysis
.The alloys and superalloys segment will have significant revenue during the projected timeframe.
.Alloys and superalloys like titanium and nickel-based materials are broadly used in the aerospace industry due to their high strength, corrosion resistance, and ability to withstand extreme temperatures.
.With the rising demand for lightweight & fuel-efficient aircraft, the alloys and superalloys segment is expected to grow substantially in the coming years.
Aircraft Type Analysis
.The unmanned aerial vehicles category is projected to have maximum market growth during the projected timeframe.
.The increasing adoption of UAVs for both military and civilian applications is driving the growth of the global Aerostructures market.
End Use Analysis
.The aftermarket segment is projected to experience strong growth in revenue in the coming years.
.This can be attributed to the evolving demands in the aftermarket industry and the expanding range of aftermarket services provided by major manufacturers of Aerostructures.
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Regional Analysis
.North America holds a significant share in the global Aerostructures market in 2022 due to the presence of major aerospace manufacturers, such as Boeing.
.The region has a well-established aerospace industry and is witnessing continuous growth in commercial and military aircraft production. Also, increasing defense budgets and rising demand for fuel-efficient aircraft further drive the demand for Aerostructures in North America.
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