Aerospace Parts Manufacturing Market Projected to Surpass USD 1290.07 Billion by 2031, Witnessing 4.1% CAGR Growth
Westford, USA, June 13, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that Global Aerospace Parts Manufacturing Market will attain a value of USD 1290.07 Billion by 2031, with a CAGR of 4.1% over the forecast period (2024-2031). It is anticipated that rising fleet replacement rates would lead to an increase in aircraft manufacturing, which will accelerate the expansion. The extended lifespan of aircrafts presents prospects for maintenance and repair suppliers to offer services for the current fleet, hence augmenting demand. Additionally, airlines that intend to develop their fleets may decide to keep older aircraft in commission or extend their time of service, which is expected to fuel the market for aerospace parts manufacturing.
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Browse in-depth TOC on the ” Aerospace Parts Manufacturing Market “
- Pages – 202
- Tables – 95
- Figures – 76
Aerospace Parts Manufacturing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $935.42 Billion |
| Estimated Value by 2031 | $1290.07 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, End Use, and Type |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Additive manufacturing and 3D printing for aerospace parts |
| Key Market Opportunities | Increasing demand for satellite-based services |
| Key Market Drivers | Growing space exploration initiatives |
High Demand for Fuel-Efficient Systems is Key Driving Force augmenting Engine Sub-Segment
Stringent pollution regulations and increasing air traffic are prompting the soaring demand for more advanced and efficient propulsion systems that account for engines’ dominance of the global aerospace parts manufacturing field. Consequently, this has compelled producers to focus on state-of-the-art engine technology that will not only enhance their competitiveness but also entrench their significance within expansion of the aerospace industry.
Surging Passenger Travel is the Main Factor Supporting Commercial Type Dominance
Due to increased passenger travel and airline expansions, which raise demand for new aircraft and maintenance components, commercial aircraft parts now account for most of the worldwide aerospace parts manufacturing market. The heightened demand for commercial aerospace components leads to higher manufacturing and technological developments, hence consolidating their market dominance.
North America is Dominant Due to Region’s Economy is Extremely Favorable for the Manufacture of Aircraft
Given the increasing number of ageing fleets in the region, the North American economy presents an ideal environment for aircraft manufacturing. The replacement of the ageing aircraft results in lower operational efficiency and revenue demands for the operating airlines. Furthermore, it is anticipated that as per capita income rises, more people would use aeroplanes, which will boost demand for aircraft and their parts.
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Aerospace Parts Manufacturing Market Insight
Drivers:
- Defense Modernization Programs
- Growing Space Exploration Initiatives
- Rising Demands for Fuel Efficient Engine Designs
Restraints:
- Long Certification and Approval Processes
- Elevated Geopolitical Tensions and Trade Restrictions
- Ensuring Safety and Quality Assurance with Regulatory Requirements
Prominent Players in Aerospace Parts Manufacturing Market
The following are the Top Aerospace Parts Manufacturing Companies
- Lockheed Martin Corporation (US)
- T.E. Connectivity (Switzerland)
- Airbus S.A.S (France)
- Safran (France)
- Boeing (US)
- A.T.R. (France)
- S.K.F. (Sweden)
- Satcom Direct, Inc. (US)
- Embraer (Brazil)
- Textron Aviation Inc., (US)
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Key Questions Answered in Global Aerospace Parts Manufacturing Market Report
- What is SkyQuest’s estimated 2031 market value for the worldwide aerospace parts manufacturing industry?
- How is the market for aerospace components manufacturing projected to be affected by the increasing requirement for fleet replacement?
- Which reasons are responsible for commercial aircraft parts’ supremacy in the world market for aerospace parts manufacturing?
This report provides the following insights:
- Analysis of key drivers (Investing in defence modernization programs, procurement of advanced military aircraft, critical components required for defence equipment manufacturing and undertaking ambitious space exploration missions), restraints (Long certification & approval processes for aerospace parts, manufacturers undergo rigorous testing and delays in obtaining certifications can slow down production schedules), opportunities (Increasing demand for satellite-based services, growing need for launching more satellites into orbit and growing reliance on satellite-based technologies worldwide), and challenges (Heightened geopolitical conflicts & trade disputes and rigorous testing procedures) influencing the growth of aerospace parts manufacturing market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the aerospace parts manufacturing market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the aerospace parts manufacturing market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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