Global Aerospace Parts Manufacturing Market.
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.
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.
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.
• 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)
• 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)
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