Growing Commercial Aviation Industry Boosting Aerospace Parts Manufacturing Demand at 4.1% CAGR Through 2031
Global aerospace parts manufacturing market size was valued at USD 1290.07 Billion by 2031, growing at a CAGR of 4,1% in the forecast period (2024-2031). Rapidly expanding aerospace industry all over the world and advancements in aerospace manufacturing technologies are projected to augment the global aerospace parts manufacturing market growth over the coming years. Growing number of air travelers around the world and the booming commercial aviation industry are also favoring the demand for aerospace parts manufacturing.
Emphasis on Military and Defense Modernization
Mounting political tensions around the world are pushing countries to improve their military and defense might. To achieve this, countries are increasingly investing more capital in the military and defense sectors. Efforts to modernize the military and defense aircraft are projected to bolster the demand for aerospace parts manufacturing over the coming years. High investments in the research and development of new aircraft and aerospace defense programs are also estimated to promote aerospace parts manufacturing market growth in the future.
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Stringent Regulatory Framework for Aerospace Parts Manufacturing Hampers Revenue Generation
Aerospace parts and components must comply with strict regulatory mandates to ensure safety. These mandates are highly complex and to pass them, aerospace parts manufacturing companies need to invest heavily in research and development. This adds up to the overall cost of production and also increases the time-to-market for several aerospace components. Hence, the strict regulatory framework is projected to be the key obstacle in the path of aerospace parts manufacturing market growth going forward. Aerospace parts manufacturing companies need to work closely with regulatory bodies to develop a standard regulatory framework and even focus on bringing standardization of certain aspects of the market. This will help companies focus on product innovation and also reduce the time taken by a product to go through the approval process.
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Rapid Expansion of the Commercial Aviation Space
The commercial aviation industry has been expanding at a rapid pace as disposable income of people has increased and air ticket prices have decreased. Increasing number of commercial airlines and their investments in expanding their commercial aircraft fleet has resulted in high demand for new aircraft, which in turn, is projected to bolster aerospace parts manufacturing market growth over the coming years.
Utilization of Additive Manufacturing and 3D Printing Technologies
Aerospace parts manufacturing companies are projected to focus on the adoption of additive manufacturing technologies to increase their output in the future. Easy prototyping, modeling, and production of complex aerospace components are some key benefits offered by additive manufacturing techniques that will boost their demand. 3D printing is another key technology that is estimated to change the course of aerospace parts manufacturing. High use of 3D printing to rapidly create custom components using lightweight materials is a trend that will create new opportunities for aerospace parts manufacturing market players in the long run. To sum it up, the global aerospace parts manufacturing market is projected to be highly influenced by advancements in manufacturing technologies and adoption of smart manufacturing practices
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