Aerospace Parts Manufacturing Market Size Will Surpass USD 1,435.2 Billion By 2032, Globally at 5.0% CAGR: Polaris Market Research

New York, NY, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Aerospace Parts Manufacturing Market Share, Size, Trends, Industry Analysis Report, By Product (Engines, Cabin Interiors, Aerostructure, Equipment, System, and Support, Avionics, Insulation Components); By End-Use; By Region; Segment Forecast, 2023 - 2032” in its research database.

“As per the latest research analysis, the global aerospace parts manufacturing market size/share will be valued at roughly USD 888.6 Billion in 2022, and its revenue is projected to reach about USD 1,435.2 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 5.0% between 2023 and 2032.”

What is Aerospace Parts Manufacturing? How Big is Aerospace Parts Manufacturing Market Size?

• Overview

The aerospace industry is one of the world's most developed and innovative industries. It is a tricky and multifaceted technique involving multiple activities, including design and engineering, research and development, prototyping, production, and testing.

Aerospace manufacturing is a specialized domain that needs advanced technological expertise, accurate manufacturing strategies, and engineering skills. Moreover, with an increasing number of passengers every year, the aerospace parts manufacturing market needs to develop new aircraft facilities to make them more prompt, convenient, and elegant.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)

Our Sample Report Covers:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 110+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Requests.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
• Includes Updated List of tables & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Leaders Are:

• Honeywell International Inc.
• Eaton Corporation plc
• CAMAR Aircraft Parts Company
• Aequs
• Composite Technology Research Malaysia Sdn. Bhd. (CTRM)
• MTU Aero Engines AG
• Woodward Hexcel
• Spirit AeroSystems Inc.
• Elektro-Metall Export GmbH
• Ducommun Inc.
• Rolls Royce plc
• Engineered Propulsion System
• Subaru Corp.
• GE Aviation
• IHI Corp.
• Textron Inc.
• Kawasaki Heavy Industries Ltd.
• Safran Group. JAMCO Corp.
• Liebherr International AG
• Superior Aviation Beijing
• Mitsubishi Heavy Industries Ltd.
• Lufthansa Technik AG
• Raytheon Technologies Corp

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Prominent Growth Driving Factors

• Growing demand for air travel: The need for commercial air travel, defense spending levels, and the increasing use of crewless aerial vehicles (UAVs) and missions, including space exploration, is rising. Additionally, as aircraft technology continues to improve, new opportunities for aerospace parts producers are being opened up by electric propulsion systems and autonomous flight capabilities.
• Need to reduce carbon emissions: The aerospace parts manufacturing market growth is expected due to the increasing demand for more innovative, lighter, and fuel-efficient airplanes, compelled by the need to lessen carbon emissions. Also, the industry is predicted to benefit from expanded fleet renewal levels and aircraft manufacturing.
• Increased association among competitors: The production sector for aviation items has reaped major gains due to greater competitor cooperation. As an illustration, consider the collaboration between SyncFab, a manufacturing and supply chain blockchain platform connecting component producers and buyers, and Kencoa Aerospace Corporation. Aircraft, aviation, and military customers will benefit from increased convenience, digitization, and efficiency through this partnership.
• Relocating production operations: In response to the rising demand from MRO (Maintenance, Repair, and Overhaul) service providers, well-known manufacturers are moving their production facilities to developing nations. This change is impacting the aerospace parts manufacturing market for aviation components.

Top Findings of the Report

• The key market drivers enhancing the market growth are the rise in import-export of goods, growth in air passenger traffic, and an increase in the rate of aircraft fleet replacement.
• The aerospace parts manufacturing market segmentation is mainly based on end-use, product, and region.
• In 2022, the North American region dominated the market.

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Top Trends Influencing the Market

• New opportunities: The need for commercial air travel is rising, as are defense spending levels, the increasing use of unmanned aerial vehicles (UAVs), and missions, including space exploration. Additionally, as aircraft technology continues to improve, new opportunities for aerospace parts producers are being opened up by things like electric propulsion systems and autonomous flight capabilities.
• Growing commercial air travel: The worldwide expansion of commercial aviation is a key factor supporting the aerospace components manufacturing sector. Due to a rising need for aerospace parts and components, the growing passenger demand for air travel necessitates the manufacturing of additional aircraft, which is increasing the aerospace parts manufacturing market demand.

Segmental Analysis

• Aerostructure Sector Holds the Highest Market Share

Due to the increasing use of composite materials in manufacturing fuselages, which effectively reduces the need for routine maintenance in high-stress situations, the aerostructure category retained the largest aerospace parts manufacturing market share.

Additionally, the beginning of innovative aircraft constructions that are lighter in weight, resulting in better efficiency, is driving noticeable expansion in the global manufacturing industry. Incorporating lightweight parts boosts airplanes' speed, lowers carbon emissions, and improves fuel efficiency.

• The Commercial Aircraft Sector Held the Largest Market Share

Due to the growing air traffic in developing nations like China and India, the commercial aircraft sector had the biggest market share over the projection period. In addition, it is anticipated that corporate travel, urbanization, and tourism will increase demand for commercial aircraft.

Furthermore, the market for military aircraft is anticipated to expand significantly during the forecast period. Due to growing worries about international security, there is an increase in demand for fighter aircraft as the economy expands. Furthermore, the aerospace parts manufacturing market is increasing due to numerous government programs to improve military capabilities.

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Aerospace Parts Manufacturing Market: Report Scope

Geographical Overview

North America: Due to major players like Intex Aerospace, GE Aviation, and other important manufacturers, North America dominated the industry. Additionally, the growing demand for innovative and fixed-wing aircraft is anticipated to fuel an expansion in the region's aerospace parts business over the expected time frame.

Asia Pacific: During the projected period, the market in Asia Pacific is anticipated to increase significantly. This increase can be credited to the prominence of maintenance, repair, and overhaul (MRO) operations in the region's growing economies. The demand for airplanes is also anticipated to be driven by the region's expanding population and consumers' increasing disposable income levels, increasing the need for the aerospace parts manufacturing market in Asia Pacific.

Browse the Detail Report “Aerospace Parts Manufacturing Market Share, Size, Trends, Industry Analysis Report, By Product (Engines, Cabin Interiors, Aerostructure, Equipment, System, and Support, Avionics, Insulation Components); By End-Use; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/aerospace-parts-manufacturing-market           

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Recent Developments

• Williams Aerospace & Manufacturing, Inc. was acquired by Kellstrom Defence Aerospace, Inc., a US-based distributor of various aerospace parts, in July 2019. Williams Aerospace & Manufacturing is an expert in producing equipment and spare parts for security aircraft. With the help of this acquisition, Kellstrom Defence Aerospace was able to broaden its product line and solidify its position in the aerospace sector.
• Boeing, a significant player in the aerospace manufacturing industry, acquired Encore Aerospace LLC in June 2019. Encore Aerospace is renowned for producing composite materials for the aerospace sector, including cabin interiors. With the help of this acquisition, Boeing improved its capacity for supplying the aerospace industry with high-quality cabin interiors and cutting-edge composites.

The Report Answers Questions Such As

• How big is the aerospace parts manufacturing market size?
• What is the growth rate of the aerospace parts manufacturing industry?
• Which factors are driving the market?
• What are the upcoming trends in aerospace parts manufacturing?
• Which segment accounts for the largest market share?
• Who are the aerospace parts manufacturing market key players?
• Which region dominates the aerospace manufacturing market?

Polaris Market Research has segmented the aerospace parts manufacturing market report based on product, end-use, and region:

By Product Outlook

• Engines
• Cabin Interiors
• Aerostructure
• Equipment, System, and Support
• Avionics
• Insulation Components

By End-Use Outlook

• Business Aircraft
• Commercial Aircraft
• Military Aircraft
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

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