Aerostructures Market to be dominated by Fixed Wing Aircraft through 2027
High demand air travel
services and increased demand for new aircrafts are expected to drive the demand
for global aerostructures market in the forecast period, 2023-2027.
According to TechSci Research
report, “Aerostructures Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global aerostructures market is
anticipated to witness impressive growth in the forecast period, 2023-2027.
Aerostructure includes all the necessary components to construct an airplane.
It includes components like wings, nose, fuselage, nacelle, pylon, and
empennage. Factors such as the increase in the number of aircraft and the
growing popularity of unmanned aerial vehicles are driving the demand for the
global aerostructures market. With the rise in the number of passengers willing
to travel via air route, the commercial aviation industry is gaining immense
popularity among consumers. The aircraft manufacturing industry utilizes the
outsourcing methodology to manufacture aerostructure at a massive scale. They
are working on integrating advanced technologies like the internet of things,
artificial intelligence, biometrics, robotics, and blockchain technology and
investing in ultralight materials and unmanned aircraft technologies, which are
expected to act as a positive factor for the global aerostructures market.
However, the difficulties
observed in recycling the composite materials used to make aircraft may
restrain market growth in the forecast period.
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Aerostructures Market"
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The global aerostructures
market is segmented into component, material, platform, end use, regional
distribution, and competitive landscape.
Based on component, the
market is divided into wings, nose, fuselage, nacelle and pylon, and empennage.
Fuselage is expected to hold the largest market share in the forecast period.
Fuselage is a vital component of an aircraft, and it covers the entire body of
an aircraft. It generally holds crew, passengers, cargo, or engine. Fuselage
also controls the position and stabilizes the surface, which is required to
ensure aircraft maneuverability and stability.
Based on material, the market
is divided into alloy, metal, and composite. The composite material segment is
expected to witness the fastest incremental growth in the forecast period owing
to its ability to lower the weight of an airplane and increase its fuel
efficiency. Also, the manufacturers have started preferring composite materials
to manufacture aircraft components as it offers enhanced strength, flexibility,
durability, and design. And alloy material is expected to account for dominant
market share as they lower the overall aircraft weight and aid in improving the
performance of the aircraft. They gain increased demand from aerostructure
manufacturers as they show properties like low-density, excellent fatigue, high
specific modulus, and cryogenic toughness.
Based on the platform, the
market is bifurcated into fixed wing aircraft and rotary wing aircraft. The
fixed wing aircraft is expected to witness the highest CAGR in the forecast
period. Fixed wing aircraft include military aircraft, commercial aircraft,
general aviation aircraft, UAVs, and business jets. They have a high demand for
commercial, security, and industrial applications.
Based on end use, the market
is divided into OEM and replacement. The OEM segment is currently dominating
the market and is expected to maintain its dominance over the next five years.
The unmanned aerial vehicle is gaining popularity across the globe as it can be
used for several applications, including medicine deliveries, package delivery,
border surveillance, and monitoring places, amongst others.
On the basis of regional
analysis, the North American region is expected to hold the largest market
share over the next five years. This region has high aerospace and defense aircraft
demand owing to the growing business and commercial aviation industry. The
presence of major market players such as Triumph group and Spirit Aerosystems,
Inc. in the region is expected to influence the market growth. Also, the
high-end investments for research and development activities and early adoption
of advanced manufacturing technologies further support the global
aerostructures market growth.
Major market players
operating in the global aerostructures market are:
·
Spirit
Aerosystems, Inc.
·
Airbus
SE
·
SAAB
AB
·
Triumph
group
·
Leonardo
S.P.A
·
GKN
Aerospace
·
Safran
SA
·
Arconic
·
Elbit
Systems Ltd.
·
FACC
AG
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“Market players invest
significant amounts in technological advancements to upgrade the manufacturing
process and increase efficiency. The growing popularity of 3D printing
technology among aircraft manufacturers is expected to create lucrative growth
opportunities for the global aerostructures market. The use of 3D printing
technology offers several advantages. It is a less time-consuming
cost-effective process, lowers the amount of material used, and generates a
limited quantity of waste. Also, the increased demand for superalloys and
composite materials among the aviation industry market players and the rapidly
developing aircraft industry is expected to propel the growth of the global
aerostructures market till 2027” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Aerostructures Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented
By Component (Wings, Nose, Fuselage, Nacelle and Pylon, Empennage), By Material
(Alloy, Metal, Composite), By Platform (Fixed Wing Aircraft, Rotary Wing
Aircraft), By End Use (OEM, Replacement), and By Region”, has evaluated the future growth
potential of global aerostructures market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global aerostructures market.
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