Global Aerospace Parts Manufacturing Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Aerospace Parts Manufacturing Market 2021 (Includes Business Impact of COVID-19)
Global Aerospace Parts Manufacturing Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights. The global Aerospace Parts Manufacturing market report has been segmented on the basis of product type, end user, and region.
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The global Aerospace Parts Manufacturing market size was valued at USD$976.27 billion in 2020 and is projected to reach $1495.61 billion by 2030, and is anticipated to expand at a CAGR of 4.36% over the forecast period from 2020 to 2030.


Global Aerospace Parts Manufacturing Market: Dynamics


Rising demand for commercial aircraft, owing to increasing fleet replacement to retire aging aircrafts with new-generation, lightweight, and fuel-efficient aircrafts is a key factor expected to drive growth of the global market over the forecast period.

In addition, increasing rates of fleet replacement resulting in rising aircraft production, which is expected to further fuel growth of the target market over the forecast period.

Moreover, technological advancements and increasing need for aircrafts designed for particular missions are some other factors expected to boost growth of the global market over the forecast period.

Furthermore, presence of various established players expanding their manufacturing facilities to Asia in order to cater the increasing demand from MRO service providers this factor is expected to propel growth of the target market over the forecast period.

However, declining military expenditure may affect demand for military aircraft which in turn is expected to restrain growth of the global market over the forecast period.

Ongoing trend observed in the target market is increasing collaboration activities among major players operating in the market in order to establish a joint venture for product development, to avoid risks, and increase costs associated with the development of new aerospace products. This trend may expect to support growth of the target market over the forecast period.

Long in-service period of aircrafts creates opportunities for MRO providers to offer maintenance and repair of current fleets.


Global Aerospace Parts Manufacturing Market: Segment Analysis


Among the product segments, the aircraft manufacturing segment is expected to dominate in the target market over the forecast period. Engine segment is expected to register significant growth in terms of revenue over the forecast period, owing to innovative technologies such as additive manufacturing to produce aero engines.

Among the aircraft segments, the commercial aircraft segment is expected to register significant growth in terms of revenue over the forecast period. Increasing demand for business aircrafts, owing to increasing mobility and improved efficiency. Business aircrafts boost productivity, as air travel requires less time compared to other modes of travel. This factor is expected to support growth of this segment over the forecast period.


Global Aerospace Parts Manufacturing Market: Regional Analysis


The market in North America is expected to register significant share in terms of revenue over the forecast period, owing to increasing demand for airframe and other aircraft parts across various countries in the region. In addition, rising demand for new-generation aircraft is another factor expected to boost growth of target market over the forecast period.

The market in Europe is expected to account for second-highest share in terms of revenue over the forecast period, owing to increasing demand for lighter and stronger aircrafts which are made up of lightweight, high strength, and cost-effective materials.

The market in Asia Pacific is expected to register fastest growth, owing to rising MRO (Maintenance, Repair and Overhaul) activities across various countries in the region.

Global Aerospace Parts Manufacturing Market Segmentation:

Segmentation by product:

  
Engines
  
Aircraft Manufacturing
  
Cabin Interiors
  
Equipment, System, and Support
  
Avionics
  
Insulation Components

Segmentation by aircraft:

  
Commercial Aircraft
  
Business Aircraft
  
Military Aircraft
  
Others


Key Market Players included in the report:


  
Aequs
  
Aero Engineering & Manufacturing Co.
  
AVIC Aircraft Co. Ltd.
  
Bridgestone Corporation
  
CAMAR Aircraft Parts Company
  
Chemtall GmbH
  
Chengdu Aircraft Industry Group
  
Cobham SATCOM
  
Composite Technology Research Malaysia Sdn. Bhd. (CTRM)
  
Cutis-Wright Corporation
  
Daher Group
  
Dassault Systems
  
Diel Aviation Holding GmbH
  
DuCommun Incorporated
  
Eaton Corporation plc
  
Elektro-Metall Export GmbH
  
Engineered Propulsion System
  
Esterline Technologies Corporation
  
FACC AG
  
GE Aviation
  
GKN Aerospace
  
Harbin Hafei Airbus Composite Manufacturing Centre Company
  
Hexcel Corporation
  
Honeywell International, Inc.
  
IHI Corporation
  
Intrex Aerospace
  
JAMCO Corporation
  
Kawasaki Heavy Industries Ltd.
  
Korea Aerospace Industries
  
Liebherr International AG
  
Lufthansa Technik AG
  
Lycoming Engines
  
Mangellan Aerospace
  
Meggitt Control Systems
  
Mitsubishi Heavy Industries Ltd.
  
Mtorres Disenos Industriales SA
  
MTU Aero Engines AG
  
Panasonic Avionics Corporation
  
Parker Hannifin Corporation
  
Porvair Filtration Group
  
Pratt & Whitney
  
Premium Aerotec
  
Rockwell Collins
  
Rolls Royce plc
  
Safran Group
  
Senior plc
  
Spirit AeroSystem, Inc.
  
Stelia Aerospace
  
Strand Aerospace Malaysia Sdn. Bhd.
  
Subaru Corporation
  
Sumitomo Precision Products Co. Ltd.
  
Superior Air Parts, Inc.
  
Teijin Ltd.
  
Thales Group
  
Toray Industries
  
TransDigm Group Inc.
  
Triumph Group
  
UTC Aerospace Systems
  
Woodward, Inc.
  
Zodiac Aerospace


Below are the key development related to Aerospace Parts Manufacturing Market in 2020 and 2021.


June 2021: Azad Engineering to invest $80 mn in Hyderabad manufacturing facility. Aerospace parts manufacturer Azad Engineering Pvt Ltd said it plans to set up its second manufacturing facility in Hyderabad with an infusion of $80 million (Rs 585.4 crore) over the next 3 years. Its new lean facility will be spread across 50 acres allotted by Telangana State Industrial Infrastructure Corporation. Its manufacturing capacity will be expanded to deliver increased capability to aerospace tenants, it said. Source

June 2021: Wipro Aerospace Unit To Acquire Boeing Supplier For $31 million. Wipro Givon USA, an arm of Wipro Infrastructure Engineering, is buying the Washington manufacturing facility of Boeing supplier TECT Aerospace Group Holdings for $31 million. Wipro’s bid for the manufacturing site was the only qualified offer submitted, TECT told the US Bankruptcy Court for the District of Delaware, a Bloomberg Law report said. The court gave the go-ahead for the deal. Source

October 2020: VeriTX Teams with Algorand to Deliver Leading Digital Marketplace for Aerospace Manufacturing. Leveraging 3D printing and blockchain tech to deliver on-demand aircraft parts, projected $10B+ market by 2025. VeriTX Corp., the trusted marketplace for digital assets enabling decentralized manufacturing, announced it will develop a digital supply chain for aircraft parts using the Algorand blockchain technology. The VeriTX digital marketplace allows customers such as the Department of Defense and commercial airlines to save significant time and money in manufacturing aircraft parts and to gain valuable economic and logistical data that can be used to maximize efficiency. As the US Army, Navy and Air Force all move toward a digital supply chain, the combined market size for digital aircraft parts is expected to reach $3.1B by 2025.Source

September 2020: Barnes Group Inc. Enters Long-term Agreement With GE Aviation for Manufacture of Leap Engine Program Components. Barnes Aerospace, a business unit of Barnes Group Inc. (NYSE: B), announced that it has entered into a long-term agreement with GE Aviation, a unit of the General Electric Corporation (NYSE: GE) for the manufacture of components for the LEAP engine program. Barnes Aerospace will leverage its expertise and technology in the machining and assembly of complex hot-section engine components. Source

February 2020: New aircraft parts factory in Prestwick officially opens. A new £22m factory for manufacturing aircraft parts has been officially opened in Ayrshire by First Minister Nicola Sturgeon. The Spirit AeroSystems facility in Prestwick will make components for spoilers on Airbus A320 wings. It will be using new, lightweight composite material technology on a commercial aircraft for the first time in the UK. Source