The global aerospace parts manufacturing market is projected
to be valued at USD 1.2 Trillion by 2028, registering a CAGR of 3.8% from 2020
to 2028. A rapid rise in air passengers and an increase in the import-export of
goods has significantly contributed to the expansion of this market. High
competition owing to the presence of several players in the market has led
aerospace parts manufacturers to focus on innovation and develop advanced
products and services. Rising demand for fleet expansion in emerging economies
from Asia-Pacific, such as China and India is expected to provide growth
opportunities to the MRO service providers. A number of established players are
expanding their manufacturing facilities to Asia to cater to the increasing
demand from MRO service providers, which is anticipated to boost the regional
market growth.
aerospace
parts manufacturing market
However, issues related to fluctuations in raw materials
prices, high capital investment, and stringent aviation regulations might
hamper the growth of the market. Moreover, the ongoing COVID-19 pandemic is
also encouraging aircraft OEMs and component suppliers to review their business
models. However, with increasing government support to reduce the losses from
the A&D industry might positively impact market growth.
Market USP
Increasing the adoption of advanced technologies such as
additive manufacturing, IoT, and blockchain for manufacturing aerospace parts
is driving the growth of the market.
Growth Opportunities in the Market
Aircraft manufacturing segment dominated the market in 2019:
Aircraft manufacturing segment dominated the market in 2019 owing to increasing
demand for new aircraft coupled with efforts undertaken by manufacturers to
clear backlog orders.
Commercial aircraft segment expected to register the highest
CAGR: The commercial aircraft segment is expected to grow at the highest CAGR
during the forecast period owing to rising air and freight traffic across the
globe.
Key Players
JAMCO Corporation (Japan)
Intrex Aerospace (US)
Rolls Royce PLC (UK)
CAMAR Aircraft Parts Company (US)
Safran Group (France)
Woodward, Inc. (US)
Engineered Propulsion System (US)
Eaton Corporation plc (Ireland)
Aequs(India)
Aero Engineering & Manufacturing Co. (US)
GE Aviation (US)
Other Prominent Players
Lycoming Engines (US)
Superior Air Parts, Inc. (US)
GKN Aerospace (UK)
MTU Aero Engines AG (Germany)
Honeywell International, Inc. (US)
Raytheon Technology Corporation (US)
Composite Technology Research Malaysia Sdn. Bhd. (CTRM)
(Malaysia)
Mitsubishi Heavy Industries Ltd. (Japan)
Kawasaki Heavy Industries Ltd. (Japan)
Subaru Corporation (Japan)
IHI Corporation (Japan)
Lufthansa Technik AG (Germany)
Diel Aviation Holding GmbH (Germany)
Elektro-Metall Export GmbH (Germany)
Liebherr International AG (Germany)
Hexcel Corporation (US)
DuCommun Incorporated (US)
Spirit AeroSystem, Inc. (US)
Panasonic Avionics Corporation (US)
AVIC Aircraft Co. Ltd. (China)
Cobham plc (UK)
Complete Report Details @ https://www.marketresearchfuture.com/reports/aerospace-parts-manufacturing-market-9615
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