The global Aerospace Parts Manufacturing Market size is
expected to reach USD 1.25 trillion by 2027, exhibiting a CAGR of 4.1% over the
forecast period, according to a new report by Grand View Research, Inc.
Increasing passenger and freight traffic in emerging economies is driving the
demand for next-generation aircraft, which in turn is expected to boost the
market growth.
A majority of the aircraft manufacturing companies
are integrated across the value chain and are highly active in the parts
manufacturing process. These companies have in-house production facilities as
well as supplier contracts for the procurement of these parts. The
manufacturers are also involved in raw material procurement and designing and
quality control of the parts offered by third party suppliers.
The market for aerospace part manufacturing is
primarily concentrated in North America and Europe, owing to the presence of
major aircraft manufacturers. China and India are expected to emerge as the
leading markets in the forthcoming years, owing to the rapid growth of aircraft
part manufacturing and export activities. The global trade in components and
sub-assemblies has increased by approximately 25% during the past decade.
However, the sector still remains consolidated with the top 3 countries
including U.S., Germany, and France, accounting for over 60% of the total
aircraft manufacturing.
The market has observed a trend of a collaboration
of the major companies entering into a joint venture. This helps the companies
to sustain in the highly competitive market in terms of geographical expansion,
technological advancements, and lowering the risk of failure. This also aids
the companies to easily access the market for gaining long term contracts.
Browse Details of Report @
https://www.grandviewresearch.com/industry-analysis/aerospace-parts-manufacturing-market
https://www.grandviewresearch.com/industry-analysis/aerospace-parts-manufacturing-market
Further key findings from the report suggest:
- In 2019, aerostructure dominated the
product segment, with 52.2% of revenue share on account of strong
replacement rate of aluminum with high-cost composites in fuselage and
airframe structures
- Commercial aircraft segment is estimated
to expand at the fastest CAGR of 4.6% over the forecast period, as
significant changes are being incorporated in the aircraft structure to
reduce the carbon emissions by replacing existing parts with lightweight
materials
- The market in Asia Pacific was valued at
USD 149.6 billion in 2019 and is expected to expand at the highest CAGR
owing to the rapid growth of aviation industry, augmenting the growth of
MRO services thereby impacting aerospace parts manufacturing industry on a
positive note
- The aerospace parts manufacturing market
has stringent manufacturing norms, safety regulations, and certifications,
which restricts the entry of new entrants
- Emerging players in Asia offering
low-cost innovative solutions to the end-users are expected to challenge
the established players in North America and Europe, leading to
competition disruption in the market
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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