Global Aerospace Parts Manufacturing Market

Aerospace Parts Manufacturing Market Size, Share, Growth Analysis, By Product(Engines, Aerostructure, Cabin Interiors, Equipment), By End Use(Commercial Aircraft, Business Aircraft, Military Aircraft, Other), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20A2152 | Region: Global | Published Date: July, 2024
Pages: 202 | Tables: 95 | Figures: 76

Aerospace Parts Manufacturing Market News

  • In May 2024, Boeing has been significantly investing in digital twin technology. This technology involves creating a digital replica of physical assets to monitor, simulate, and optimize their performance. It enables real-time data analysis and predictive maintenance, which helps in reducing downtime and enhancing operational efficiency   

  • In April 2023, Boeing announced that it would be investing $1 billion in its aerospace parts manufacturing facilities in the United States. The investment will be used to expand capacity and improve efficiency at the facilities. 

  • In March 2023, GE Aviation announced that it had signed a deal with Spirit AeroSystems to supply engine components for the Boeing 787 Dreamliner. The deal is worth an estimated $1 billion. 

  • In February 2023, Airbus announced that it would be investing $1.5 billion in its aerospace parts manufacturing facilities in Europe. The investment will be used to expand capacity and improve efficiency at the facilities.

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Global Aerospace Parts Manufacturing Market size was valued at USD 898.58 billion in 2022 and is poised to grow from USD 935.42 billion in 2023 to USD 1290.07 billion by 2031, growing at a CAGR of 4.1% during the forecast period (2024-2031). 

The market exhibits a rise in the competitive nature which leads to the rise in demand for the parts of the aircraft. The companies are collaborating with each other for the developments of the products as the cost and the risk linked with the market is high for developing and manufacturing of aircraft parts.  'Airbus (France) ', 'Boeing (United States) ', 'General Electric (United States) ', 'Safran (France) ', 'Rolls-Royce Holdings (United Kingdom) ', 'Lockheed Martin (United States) ', 'Raytheon Technologies Corporation (United States) ', 'Thales Group (France) ', 'BAE Systems (United Kingdom) ', 'Spirit AeroSystems (United States) ', 'Bombardier (Canada) ', 'Mitsubishi Heavy Industries (Japan) ', 'Kawasaki Heavy Industries (Japan) ', 'Embraer (Brazil) ', 'Saab AB (Sweden) ', 'Pratt & Whitney (United States) ', 'Zodiac Aerospace (France) ', 'Intrex Aerospace (United States) ', 'CAMAR Aircraft Parts Company (United States) ', 'Textron Inc. (United States) '

Governments around the world are investing in defense modernization programs to enhance their military capabilities. This includes the procurement of advanced military aircraft, missiles, and defense systems. The aerospace parts manufacturing market benefits from these programs as it supplies critical components required for defense equipment manufacturing. Therefore, contributing to drive the market growth. 

Additive Manufacturing and 3D Printing: Additive manufacturing, also known as 3D printing, is revolutionizing the aerospace industry, including parts manufacturing. This technology allows to produce complex, lightweight, and customized parts with reduced material waste. Thus, the development of advanced parts with the help of this technology provides convenience and reliability to the manufacturers. It offers design flexibility, shorter lead times, and the potential for on-demand production. Aerospace parts manufacturers are increasingly adopting additive manufacturing techniques to enhance efficiency, reduce costs, and improve performance. This is contributing towards the development of the modern and advance aircrafts, leading towards the growth of the market. 

North America is the largest region in the global aerospace parts manufacturing market and have about 50.5% revenue share. The North American aircraft parts manufacturing industry will rule the regional market. Because of the region's growing number of ageing fleets, the North American economy is extremely favourable for the manufacture of aircraft. Lower operating efficiency and revenue demands for the operating airlines are caused by the replacement of the ageing aircraft. The advanced manufacturing technologies, and large number of skilled workforces adds to the domination factor of this region. The rise in investments in the aerospace sector, contributes to the increasing research and development, thereby surging the market growth. Additionally, an increase in per capita income is predicted to increase the number of people using aero planes, increasing the demand for aircraft and its components. 

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Global Aerospace Parts Manufacturing Market

Report ID: SQMIG20A2152

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