Aerostructures Market Value Worth USD 74.0 Billion by 2030 at 9% CAGR - Report By Market Research Future (MRFR)
Latest Research Report on Aerostructures Market- Information By Component (Fuselage, Flight Control Surfaces, Wings, Nose, Nacelle And Pylon, And Others), Material (Composite, Alloys, And Metals), End-Use (OEM And Aftermarket), Platform (Fixed Wing And Rotary Wing), And Region (North America, Europe, Asia-Pacific, Middle East & Africa, And Latin America), Forecast till 2030
New York,US, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Aerostructures Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), "Aerostructures Market Information By Component, Material, End-Use, Platform, and Region - Forecast Till 20230", the Market estimated to reach USD 74.0 Billion by 2030 at a CAGR of 9%.
Market Synopsis
All major elements of the airframe or aircraft's body are called aerostructure. Aerostructures are the components that enable an airplane to function and endure aerodynamic forces. They contain all of the components that enable an aircraft to fly. The primary goal of airplane designers is to develop a substantially solid structure that can safely resist flight circumstances such as great velocity, bad weather, and extreme heat and cold. Designers also want the aircraft to be as light as feasible to maximize speed, range, and fuel efficiency. Wings, propulsion systems, fuselages, and flight control surfaces are all included.
Aluminum, steel, titanium, and composite materials make the components. The sector is primarily expanding due to increased demand for commercial and military aircraft. Passengers prefer air travel to other means of transportation because of the enhanced comfort and ability to travel great distances quickly, driving up demand for commercial aircraft. The market for new planes will gradually shift away from fleet expansion and toward replacing older, less fuel-efficient planes. As a result, approximately 39,000 new passenger and freighter aircraft are expected to be delivered during the next few years.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 74.0 Billion |
| CAGR | 9% ( 2020-2030) |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component ,By Material, By End-Use, By Platform |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America |
| Key Market Drivers | The manufacturing and delivery of commercial aircraft have increased rapidly |
Market Competitive Landscape:
The significant players in the aerostructures market are:
- Stelia Aerospace Group (France)
- Triumph Group, Inc. (US)
- Cyient Ltd (India)
- UTC Aerospace Systems (US
- Elbit Systems Ltd (Israel)
- GKN Aerospace (UK)
- AAR Corp. (US)
- Bombardier Inc. (Canada)
- Ruag Group (Switzerland)
- Saab AB (Sweden)
- Spirit Aerosystems, Inc. (US)
- Leonardo SpA (Italy)
Market USP Covered:
Market Drivers:
Because an increasing number of customers prefer flying to other kinds of transportation, the manufacturing and delivery of commercial aircraft have expanded quickly in recent decades. Engineers may now produce new morphing aircraft wing layouts that can alter the shape in flight thanks to the advancement of morphing technology. The aircraft's speed increases due to lightweight materials, carbon emissions, and fuel economy improvement. As a result, the global market will experience significant demand growth. One of the driving factors of the aerostructures market is military aircraft modernization. The need for innovative composite materials in the aviation industry is skyrocketing, and manufacturers are turning to modern techniques like 3D printing to boost capacity. The use of 3D printing technology in production will aid in the production of high-volume items with superior quality and performance in less time.
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Market Restraints:
Due to many characteristics such as specific strength and material anisotropy that may be employed to tune structural qualities, modern composite materials are widely used in major aerospace constructions. These composites' material properties are not uniform and might change at random inside massive structures like wings and fuselages. As a result, due to the complexity of failure mechanisms and susceptibility to manufacturing errors, the expected service life of the composite rotor and airframe structures is unknown. Moreover, air travel has been slowed, and the aircraft sector has faced issues resulting from strict lockdown and social distancing measures that will further impede the market growth. Increased flying passengers are expected to help the industry recover in the long run.
COVID 19 Analysis
The aerospace and defense industries have also been affected by the coronavirus pandemic. Only 70 and 196 aircraft were delivered by the Boeing and Airbus companies in the first half of 2002, respectively. However, over the same period, both companies delivered roughly 389 aircraft. This graph depicts the decrease in airplane deliveries caused by the covid-19 outbreak. Because of the covid-19 pandemic, governments worldwide imposed lockdown and published social distancing rules, which significantly impacted numerous businesses, including aerospace. New materials are being designed and built to significantly reduce the airplane's weight, lower fuel consumption, and lower carbon emissions. However, the aerostructures industry has suffered due to the retirement of several manufacturing plants due to COVID-19.
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Market Segmentation
Based On Material
The composites segment is anticipated to be the top CAGR rate throughout the forecast period.
Based On The End-User
The OEM segment is projected to flourish in the Aerostructures market through the forecast period.
Based On Component
The fuselage segment is appraised to advance the market in the upcoming period.
By Platform
The fixed-wing segment is appraised to rise to the top portion in the forecast period.
Regional Insights
North America had the top market share and is expected to continue over the projection period. This is due to the expanding commercial airline sector in the region with the highest demand for aerospace and defense aircraft globally. In addition, the market expansion is likely to be fueled by the rapid adoption of new manufacturing technologies and increasing investment in research & development activities. Various significant competitors in the industry would help the market grow even further.
During the projected period, Asia-Pacific is expected to have the fastest growth. The increase can be ascribed to the region's increased focus on constructing aircraft manufacturing facilities. The industry is fueled even further by favorable government initiatives and an expanding defense budget. The market is expected to rise due to increased economic space and procurement initiatives in the region. Europe held the second-largest cut of the market. The increase is attributable to increased demand for aviation components from important aircraft manufacturing plants in Germany, Italy, the United Kingdom, France, and other countries. Furthermore, leading players will continue to drive market growth over the projection period.
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