Aerospace Parts Manufacturing Market Set to Soar Past USD 1190.45 Billion by 2030
The global Aerospace Parts Manufacturing market size is expected to reach USD 1190.45 billion by 2030 and exhibit a CAGR of 4.1% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing demand for commercial aircraft, growth of the defense and military aviation sector, ongoing technological advancements, global expansion of the space industry, a focus on lightweight materials and fuel efficiency, and the need for replacement parts and maintenance are fueling the market’s growth.
Westford, USA, Jan. 25, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Aerospace Parts Manufacturing market, increasing adoption of additive manufacturing for aerospace components, a growing focus on sustainability and environmental concerns in aerospace manufacturing, rising use of composite materials for lighter and more durable parts, advancements in precision machining and automation, and the emergence of digital twin technology for design and testing are the trends that aid in the market’s growth.
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Browse in-depth TOC on “Aerospace Parts Manufacturing Market”
- Pages – 157
- Tables – 92
- Figures – 74
Aerospace parts manufacturing is the process of creating components for aircraft, spacecraft, and satellites. These parts are typically made from high-strength, lightweight materials such as aluminum, titanium, and composite materials. Aerospace parts must be manufactured to exact tolerances to ensure the safety and performance of the aircraft or spacecraft.
Prominent Players in Aerospace Parts Manufacturing Market
- General Electric (GE)
- United Technologies Corporation (UTC)
- Honeywell International Inc.
- Safran SA
- Leonardo S.p.A.
- Rolls-Royce Holdings plc
- Bombardier Inc.
- Embraer S.A.
- Spirit AeroSystems Inc.
- Aviation Industry Corporation of China (AVIC)
- Boeing
- Airbus
- Lockheed Martin
- Northrop Grumman
- Raytheon Technologies
- Thales Group
- L3Harris Technologies
- Textron Inc.
- Triumph Group
- Avio Aero
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Engine Components Demand to Grow Substantially in the Forecast Period
Engine Components dominate the global online market due to their critical role in aircraft performance. The demand for more fuel-efficient and environmentally friendly engines drives innovation in engine component manufacturing.
Civil and Commercial Aerospace is the Leading Application Segment
In terms of application, civil and commercial aerospace is the leading segment as the demand for new and more fuel-efficient aircraft to meet growing air travel needs has led to a continuous need for aerospace parts manufacturing. Additionally, the increasing emphasis on sustainability and reduced emissions drives innovation in component design and materials.
North America is the leading Market Due to Technological Advancements
Region-wise, North America is one of the largest growing markets with a significant emphasis on technological advancements. The U.S. is home to major aerospace companies like Boeing, Lockheed Martin, Northrop Grumman, and others. The U.S. government invests heavily in defense and military aerospace, further driving the aerospace industry. The region’s strong research and development activities and innovation in aerospace technology contribute to its dominance.
A recent report thoroughly analyzes the major players operating within the Aerospace Parts Manufacturing market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Aerospace Parts Manufacturing.
Key Developments in Aerospace Parts Manufacturing Market
- In April 2023, Boeing announced that it would be investing $1 billion in its aerospace parts manufacturing facilities in the United States. The investment will be used to expand capacity and improve efficiency at the facilities.
- In March 2023, GE Aviation announced that it had signed a deal with Spirit AeroSystems to supply engine components for the Boeing 787 Dreamliner. The deal is worth an estimated $1 billion.
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Key Questions Answered in Aerospace Parts Manufacturing Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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