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Aerospace And Defense Components Global market Size, Share And Growth Analysis For 2024-2033
Aerospace And Defense Components Market Size, Share, Revenue , Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON , UNITED KINGDOM, October 1, 2024 /EINPresswire / -- The aerospace and defense components market has experienced robust growth in recent years, expanding from $59.59 billion in 2023 to $66.42 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to global military spending, commercial aviation growth, geopolitical tensions, space exploration initiatives, upgrades and modernization, cybersecurity concerns.
What Is The Estimated Market Size Of The Global Aerospace And Defense Components MarketAnd Its Annual Growth Rate?
The aerospace and defense components market is projected to continue its strong growth, reaching $98.92 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to increasing global threats, space commercialization, renewable energy in aviation, additive manufacturing, electronics miniaturization, global air traffic growth.
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Growth Driver Of The Aerospace And Defense Components Market
The rising number of air travelers will support the growth of the aerospace and defense components market. Air travelers are individuals who use airplanes as a mode of transportation for domestic or international travel. The demand for air travel drives the need for efficient, lightweight and high-performance components to meet the demands of modern aircraft.
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Who Are The Leading Competitors In The Aerospace And Defense Components Market Share?
Key players in the market include Arconic Inc., AMI Metal Inc., Constellium SE, Cytec Solvay SA, DowDuPont Inc., Hexcel Corporation, Huntsman International LLC, Kobe Steel Ltd., Koninklijke Ten Cate B.V., Materion Corporation, Saudi Basic Industries Corporation, Sofitec Aero S.L., TATA Advanced Materials Limited, Teijin Ltd., Toray Composites America Inc., The Boeing Company, Airbus SE, Raytheon Technologies Corporation, Northrop Grumman Corporation, General Dynamics Corporation, Lockheed Martin Corporation, BAE Systems PLC, Safran S.A., Rolls-Royce Holdings PLC, Honeywell International Inc., United Technologies Corporation, L3Harris Technologies Inc., Textron Inc., Bombardier Inc., Spirit AeroSystems Inc., Mitsubishi Heavy Industries Ltd., General Electric Aviation, Eaton Corporation PLC, Woodward Inc., JAMCO Corporation.
What Are The Dominant Trends In Aerospace And Defense Components Market Growth?
Major aerospace and defense component manufacturers are focusing on increasing their investments to expand their product portfolio. Investments in production capacities refer to financial commitments made by businesses to expand or enhance their manufacturing capabilities, aiming to increase output and meet growing demand.
How Is The Global Aerospace And Defense ComponentsMarket Segmented?
1) By Product: Aluminum, Titanium, Composites, Superalloys, Steel, Plastics, Other Products
2) By Application: Engine, Aerostructure, Interiors, Equipment, System And Support, Avionics
3) By End User: Commercial, Business And General Aviation, Military, Other Users
Geographical Insights: North America Leading The Aerospace And Defense ComponentsMarket
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Aerospace And Defense Components Market Definition
Aerospace and defense components refer to parts that are produced to be involved in the manufacture and service of commercial aircraft, military defense, and space. These components are produced with the exact tolerances for their missions. They are used for the production of commercial and military aircraft, and even satellites.
Aerospace And Defense Components Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global aerospace and defense components market report covering trends, opportunities, strategies, and more
The Aerospace And Defense Components Global Market Report 2024by The Business Research Company is the most comprehensive report that provides insights on aerospace and defense components market size, aerospace and defense components market driversand trends, aerospace and defense components market major playersand aerospace and defense components market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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The Business Research Company
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