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Aerospace Parts Manufacturing Market Size, Forecast To 2030
(MENAFN- Straits Research)
The global aerospace parts manufacturing market is expected to grow at a rapid pace to reach the market value of USD 1130 billion by 2030 at a CAGR of 5%, from the early figures of USD 754 billion in 2021. This increase in the market value is because of the passenger's demand that is making the Aviation industry update and evolve the entire aviation industry and offer their passengers more convenient, better, and faster transportation services.
Market Dynamics
Increase in the Rate of Aircraft Fleet Replacement Driving Aerospace Parts Manufacturing Market Growth
Another major factor that drives more passengers to fly is the affordable ticket prices and the frequency of the flights to every major location in the world. For all these reasons, it is the need of the hour for aircraft manufacturers to develop new-age aircraft that will cater to the needs of increasing passenger numbers.
Major aircraft manufacturers like Boeing and Airbus are continuously trying to increase their aircraft production rate and launch new aircraft with the increase in passengers, which is proving to be the driving factor for the aerospace parts manufacturing market. Now, when considering the aircraft fleet replacement, the increase in the demand for air transportation and the marginal fuel efficiency puts extra pressure on the aerospace industry to reduce greenhouse emissions.
Considering the technological upgrades in aircraft over the past few years, the aircraft industry has been forced to replace the old fleet with a more superior performance aircraft. New parts and components are manufactured when replacing an aircraft or even refurbishing it, which is another driving factor for the aerospace parts manufacturing market.
Growing Emerging Economies with Increase in Per-Capita Income Driving Demand for New-Age Aircraft
With emerging economies like India, China, and European countries, frequent flyers have increased. It may be for business or a personal purpose, but the fact is that the passenger count has increased. Along with this, the per-capita income in such countries has risen to the highest level considering their past income, so people are now traveling by flights more than any other travel means, even for domestic travel purposes.
Due to this, there has been a sudden load on the aviation industry to manage such a huge crowd and offer them the best in class services. To cater to these needs, the aviation industry is continuously developing new designs and large-sized aircraft, which opens a wide window of opportunities for the aerospace parts manufacturing market. This is why many manufacturers, OEMs, and Tier-1&2 companies are stepping into the aerospace parts manufacturing market to gain maximum profits and have a significant revenue generation through this.
Impact of Covid-19 on the Global Market
There is no doubt that the Covid-19 pandemic had a drastic effect on every industrial segment out there, and the aerospace industry is not so different from it. The aviation industry has faced a different challenge in its history which was the travel restrictions imposed all over the world. With the preventive measures, people were forced to stay in and not allowed to travel outside their homes. This led the aviation industry to grasp huge losses as there was no revenue generation option as all the passengers and commercial flights were on standby mode.
The entire aerospace parts manufacturing market came to a sudden halt with no production demand as the aircraft was stationed at a place and no passengers at all. International flights were completely banned to prevent the spread of the disease, which led the global aviation industry to fall back to the lowest figures in its history. The entire revenue generation model of the aviation industry was stopped and made to carry huge debts for the majority of the airlines operating around the world.
Regional Analysis
The global aerospace parts manufacturing market is further segmented into four regions: North America, Europe, Asia-Pacific, and Middle East & Africa. The North American region has the major share in the global market with a market value of USD 411 billion in 2021 and is expected to reach USD 522 billion by 2030 at a CAGR of 3%. It is one of the most favorable regions for the aviation industry, as the number of flights operating in the region is the highest in the entire world.
After North America, Europe is the second most dominating region with a market share of USD 255 billion in 2021 and is expected to grow to USD 420 billion by 2030 at a CAGR of 6%. The rest of the two regions, namely, Asia-Pacific and the Middle-East & Africa, hold a significant market value, where Asia-Pacific accounts for an estimated figure of USD 270 billion by 2030 at a CAGR of 8%, whereas the Middle-East & Africa region has the market valued at USD 14 billion by 2030 at a CAGR of 5%.
Key Highlights
The global aerospace parts manufacturing market was valued at USD 754 billion in 2021 and is expected to grow at USD 1130 billion by 2030 at a CAGR of 5%.
The global aerospace parts manufacturing market is driving the aviation industry's growth with an estimated growth of about 5% over the forecast period.
By type, the aircraft manufacturing segment dominates the market with an estimated revenue generation of USD 602 billion by 2030 with a CAGR of 4%.
North America proves to be the high-performing region in terms of revenue generation for the aerospace parts manufacturing market with an estimated figure of USD 522 billion by 2030 at a CAGR of 3%.
Competitive Players in the Market
The major players in the global aerospace parts manufacturing industries are
Jamco Corporation
Intrex Aerospace
Rolls Royce plc
CAMAR Aircraft Parts Company
Safran group
Woodward Inc
Market News
In April 2021, the Jamco Corporation in collaboration with ANA installed the world's first hands-free lavatory doors in the aircraft, which was named project Blue Sky Vol.5.
In December 2021, Intrex Aerospace partnered with Eaton and UTC Aerospace, developing a new business strategy to withhold the aerospace parts market.
April 2022 saw the biggest collaboration of the global industry, with Infosys and Rolls Royce collaborating to launch an Aerospace engineering and digital innovation center in India.
Global Aerospace Parts Manufacturing Market Segmentation
By Product
Engines
Aircraft Manufacturing
Insulation Components Manufacturing
By Type
Commercial Aircraft
Business Aircraft
Military Aircraft
By Region
North America
Europe
Asia-Pacific
Middle East & Africa
Market Dynamics
Increase in the Rate of Aircraft Fleet Replacement Driving Aerospace Parts Manufacturing Market Growth
Another major factor that drives more passengers to fly is the affordable ticket prices and the frequency of the flights to every major location in the world. For all these reasons, it is the need of the hour for aircraft manufacturers to develop new-age aircraft that will cater to the needs of increasing passenger numbers.
Major aircraft manufacturers like Boeing and Airbus are continuously trying to increase their aircraft production rate and launch new aircraft with the increase in passengers, which is proving to be the driving factor for the aerospace parts manufacturing market. Now, when considering the aircraft fleet replacement, the increase in the demand for air transportation and the marginal fuel efficiency puts extra pressure on the aerospace industry to reduce greenhouse emissions.
Considering the technological upgrades in aircraft over the past few years, the aircraft industry has been forced to replace the old fleet with a more superior performance aircraft. New parts and components are manufactured when replacing an aircraft or even refurbishing it, which is another driving factor for the aerospace parts manufacturing market.
Growing Emerging Economies with Increase in Per-Capita Income Driving Demand for New-Age Aircraft
With emerging economies like India, China, and European countries, frequent flyers have increased. It may be for business or a personal purpose, but the fact is that the passenger count has increased. Along with this, the per-capita income in such countries has risen to the highest level considering their past income, so people are now traveling by flights more than any other travel means, even for domestic travel purposes.
Due to this, there has been a sudden load on the aviation industry to manage such a huge crowd and offer them the best in class services. To cater to these needs, the aviation industry is continuously developing new designs and large-sized aircraft, which opens a wide window of opportunities for the aerospace parts manufacturing market. This is why many manufacturers, OEMs, and Tier-1&2 companies are stepping into the aerospace parts manufacturing market to gain maximum profits and have a significant revenue generation through this.
Impact of Covid-19 on the Global Market
There is no doubt that the Covid-19 pandemic had a drastic effect on every industrial segment out there, and the aerospace industry is not so different from it. The aviation industry has faced a different challenge in its history which was the travel restrictions imposed all over the world. With the preventive measures, people were forced to stay in and not allowed to travel outside their homes. This led the aviation industry to grasp huge losses as there was no revenue generation option as all the passengers and commercial flights were on standby mode.
The entire aerospace parts manufacturing market came to a sudden halt with no production demand as the aircraft was stationed at a place and no passengers at all. International flights were completely banned to prevent the spread of the disease, which led the global aviation industry to fall back to the lowest figures in its history. The entire revenue generation model of the aviation industry was stopped and made to carry huge debts for the majority of the airlines operating around the world.
Regional Analysis
The global aerospace parts manufacturing market is further segmented into four regions: North America, Europe, Asia-Pacific, and Middle East & Africa. The North American region has the major share in the global market with a market value of USD 411 billion in 2021 and is expected to reach USD 522 billion by 2030 at a CAGR of 3%. It is one of the most favorable regions for the aviation industry, as the number of flights operating in the region is the highest in the entire world.
After North America, Europe is the second most dominating region with a market share of USD 255 billion in 2021 and is expected to grow to USD 420 billion by 2030 at a CAGR of 6%. The rest of the two regions, namely, Asia-Pacific and the Middle-East & Africa, hold a significant market value, where Asia-Pacific accounts for an estimated figure of USD 270 billion by 2030 at a CAGR of 8%, whereas the Middle-East & Africa region has the market valued at USD 14 billion by 2030 at a CAGR of 5%.
Key Highlights
The global aerospace parts manufacturing market was valued at USD 754 billion in 2021 and is expected to grow at USD 1130 billion by 2030 at a CAGR of 5%.
The global aerospace parts manufacturing market is driving the aviation industry's growth with an estimated growth of about 5% over the forecast period.
By type, the aircraft manufacturing segment dominates the market with an estimated revenue generation of USD 602 billion by 2030 with a CAGR of 4%.
North America proves to be the high-performing region in terms of revenue generation for the aerospace parts manufacturing market with an estimated figure of USD 522 billion by 2030 at a CAGR of 3%.
Competitive Players in the Market
The major players in the global aerospace parts manufacturing industries are
Jamco Corporation
Intrex Aerospace
Rolls Royce plc
CAMAR Aircraft Parts Company
Safran group
Woodward Inc
Market News
In April 2021, the Jamco Corporation in collaboration with ANA installed the world's first hands-free lavatory doors in the aircraft, which was named project Blue Sky Vol.5.
In December 2021, Intrex Aerospace partnered with Eaton and UTC Aerospace, developing a new business strategy to withhold the aerospace parts market.
April 2022 saw the biggest collaboration of the global industry, with Infosys and Rolls Royce collaborating to launch an Aerospace engineering and digital innovation center in India.
Global Aerospace Parts Manufacturing Market Segmentation
By Product
Engines
Aircraft Manufacturing
Insulation Components Manufacturing
By Type
Commercial Aircraft
Business Aircraft
Military Aircraft
By Region
North America
Europe
Asia-Pacific
Middle East & Africa
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