The new report by Expert Market Research titled, ‘Global Aerostructures Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the aerostructures market, assessing the market based on its segments like component, material, platform, aircraft, end use, and regional markets among others.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 6.3%
Increased aircraft production across the globe is expected to drive the aerostructures market, with key drivers including rising global population and demand for passenger and cargo air services, increased flight volume, industrial expansion, technological advancements, rising personal income, and modernization of older aircraft. Developing economies will be a major driver of aeroplane demand due to rising income and population. Civil and military aircraft, regional and business jets, jet fighters, freighters, and helicopters are among the numerous aircraft divisions.
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North America, Europe, and Asia Pacific are all important markets. Market demand is projected to be influenced greatly by developing economies such as China, India, and Russia. The aerospace industry in India is rapidly expanding, thanks to increased activity in both civil aviation and defence. Indian airlines are increasing their desire for huge planes. Furthermore, with India’s expanding defence capital expenditure, the defence aerospace sector has a lot of promise, with new start-ups and incumbent firms looking to expand. The market is projected to benefit from these aspects.
Industry Definition and Major Segments
Aerostructures are the parts of an aircraft’s airframe that help it fly. The aerostructure consists of nacelles and pylons, doors, fuselage, empennage, and wings, among other things. Aluminum, steel, titanium, and composite materials are used to make the components. The sector is largely expanding as a result of rising global demand for commercial and military aircraft. Passengers prefer air travel over other means of transportation because of the enhanced comfort and ability to travel great distances in a short amount of time, driving up the demand for commercial aircraft.
By component, the market is segmented into:
- Wings
- Nose
- Fuselage
- Nacelle and Pylon
- Empennage
- Others
By material, the market is divided into:
- Alloys
- Metal
- Composite
By platform, the market is classified into:
- Fixed-Wing Aircraft (further broken down by type as given below)
- Commercial Aircraft
- Military Aircraft
- Business Jets
- General Aviation Aircraft
- UAVs
- Rotary-Wing Aircraft (further broken down by type as given below)
- Commercial and Civil Helicopters
- Military Helicopters
- UAVs
By aircraft, the market is segmented into:
- Commercial (further broken down by type as given below)
- Narrow Body
- Wide Body
- Regional
- Business
- Military
- Helicopter
By end-use, the market is classified into:
- OEM
- Aftermarket
The major regional markets of the aerostructures market are:
- North America
- Asia Pacific
- Latin America
- Europe
- Middle East and Africa regions
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Market Trends
Air travel is growing in popularity. On millions of commercial flights each year, airlines move billions of people and millions of tonnes of freight throughout the world. While this is an indication of the significant economic influence of aviation on the global economy, it is worth noting that aviation accounts for over 3% of global GDP (GDP). The aviation industry is quickly expanding and is anticipated to continue to do so. Novel business models and mobility services would be enabled by technology breakthroughs and innovations. Autonomous devices, artificial intelligence (AI), the internet of things (IoT), lightweight materials, unmanned aircraft developments, biometrics, robotics, block chain, alternative fuels, and electric aircraft are all examples of significant innovations.
Increased OEM efforts toward automation and development of upgraded tools and machines, cost-effective and functional tools and machines for smaller OEMs, and attempts to improve engineering capacity and core competencies would characterise the aerostructure equipment industry. Meeting cost and quality requirements will necessitate improved technologies, thus it’s likely that new technologies and innovations would develop, resulting in strong demand for sophisticated solutions. As a result of such solutions (including completely automated ones), the aerostructures sector would benefit.
Key Market Players
The major players in the market are Spirit AeroSystems, Inc., GKN plc, RUAG International Holding AG, Saab AB, Airbus S.A.S., Triumph Group, Inc., Collins Aerospace, Elbit Systems Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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