Dublin, July 12, 2023 (GLOBE NEWSWIRE) -- The "Aerostructures Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027Segmented By Component, By Material, By Platform, By End Use, and By Region" report has been added to ResearchAndMarkets.com's offering.
The global aerostructures market is anticipated to register an impressive CAGR in the forecast period, 2023-2027
The growth is driven by the continuous increase in air traffic and the introduction of advanced aircraft models. Furthermore, the growing consumer demand for air travel and the adoption of cutting-edge morphing technology by industry players are anticipated to unlock lucrative growth opportunities in the forecast period.
An increase in Air Passenger Traffic Drives the Market Growth
Owing to globalization and urbanization, commercial and economic activities are happening at a rapid pace. There is high demand for commercial and military aircraft across the globe.
Passengers prefer to opt to travel through air transportation as they provide enhanced comfort and convenience to easily travel long distances in less time than traditional travel methods. Developing countries are witnessing massive demand for commercial aircraft due to the rise in disposable income and growing middle-class population and the surging popularity of domestic and international tourism.
High expenditure by the government on the defense sector of their respective countries is accelerating the demand for military aircraft. The United States is among the top five defense-expanding countries and allocates huge funds and resources to support the defense sector of the country. Military aircraft are being manufactured rapidly due to their utilization during combat purposes.
Defense aircraft manufacturing companies are working on advancing the existing military aircraft by integrating new technologies in aircraft and using advanced materials during the construction process. Therefore, increasing demand for aircraft to meet the different requirements of end-users is expected to propel the demand for the global aerostructure market over the next five years.
Advancements in Materials Supports High Market Demand
Aviation industry market players have started to work on technological innovations and use advanced novel materials to lower the aircraft's weight. The advent of new materials reduces fuel consumption and minimizes the carbon emissions in an aircraft. Also, the traditional aircraft wing is not able to operate at its full efficiency at different stages of flight.
The main aim of aircraft wing manufacturers is to manufacture solid structures that can withstand the current flight conditions and can maximize the fuel efficiency, range, and speed of an aircraft is expected to bolster the growth of the global aerostructure market.
The development of morphing technology which allows engineers to create new morphing aircraft wings that can change the shape of the aircraft wings during flying is expected to create significant growth opportunities for the global aerostructure market in the next five years.
Regional Analysis
United States is anticipated to account for a significant market share in the forecast period owing to the presence of major market players in the country and a huge number of passengers willing to travel via air routes.
Competitive Landscape
Company Profile
Detailed analysis of the major companies present in global aerostructures market.
- Spirit Aerosystems, Inc.
- Airbus SE
- SAAB AB
- Triumph group
- Leonardo S.P.A
- GKN Aerospace
- Safran SA
- Arconic
- Elbit Systems Ltd.
- FACC AG
Report Scope:
Aerostructures Market, By Component:
- Wings
- Nose
- Fuselage
- Nacelle and Pylon
- Empennage
Aerostructures Market, By Material:
- Alloy
- Metal
- Composite
Aerostructures Market, By Platform:
- Fixed Wing Aircraft
- Rotary Wing Aircraft
Aerostructures Market, By End Use:
- OEM
- Replacement
For more information about this report visit https://www.researchandmarkets.com/r/mmtvoa
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