Newark, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 62.28 billion in 2022 global Aerostructures market will reach USD 118.23 billion by 2032. Ongoing and upcoming next-generation aircraft programs, both in the commercial and military sectors, create opportunities for aerostructure manufacturers to participate in designing and producing advanced structures for these cutting-edge aircraft. Furthermore, the growing interest in space exploration and commercial space travel opens opportunities for aerostructure manufacturers to contribute to developing space vehicles, including rockets, spaceplanes, and other aerospace structures. Additionally, integrating digital technologies, such as digital twin simulations, artificial intelligence, and data analytics, presents opportunities for aerostructure manufacturers to enhance design processes, improve efficiency, and optimize maintenance and repair activities. As aircraft become more connected and reliant on digital systems, there is an increasing need for cybersecurity measures. Aerostructure manufacturers have opportunities to contribute to the development of secure and resilient aircraft structures and systems. In addition, the expanding use of UAVs in various applications, including surveillance, reconnaissance, and cargo delivery, presents opportunities for aerostructure manufacturers to supply lightweight and durable structures for these unmanned platforms. Besides, the increasing focus on sustainability in the aviation industry opens opportunities for aerostructure manufacturers to develop eco-friendly materials and contribute to producing more fuel-efficient and environmentally friendly aircraft.
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Key Insight of the global Aerostructures market
Asia Pacific is expected to witness the highest market growth over the forecast period.
The Asia Pacific region is undergoing a surge in air travel demand, driven by population growth, rising middle-class incomes, and increased urbanization. This growth in air travel creates a substantial market for new aircraft and, consequently, aerostructures. The region includes emerging nations such as China and India, witnessing rapid industrialization and economic growth. This economic expansion contributes to increased investment in aviation infrastructure and the demand for aerostructures to support the growing aerospace sector. Additionally, airlines in the Asia-Pacific region are expanding their fleets to fulfil the rising requirement for air travel. Procuring new aircraft for commercial and defense purposes requires advanced aerostructures, including wings, fuselage components, and empennage structures. Furthermore, there is a notable shift in the aerospace manufacturing landscape toward Asia-Pacific. Global aerospace companies are establishing or expanding their regional manufacturing facilities to leverage the skilled workforce, cost advantages, and proximity to growing markets. Most importantly, the region attracts significant foreign investment in aerospace. International aerospace companies are establishing partnerships and joint ventures with local entities to participate in the region's expanding aerostructures market. Also, the region's geopolitical dynamics drive increased defense spending, leading to a demand for advanced military aircraft. This aspect, in turn, boosts the market for aerostructures catering to the defense sector.
In 2022, the fuselage segment held the largest market share at 32.16% and a market revenue of 20.03 billion.
The components segment is divided into empennage, fuselage, flight control surfaces, nacelle & pylon, nose, wings and others. In 2022, the fuselage segment held the largest market share at 32.16% and a market revenue of 20.03 billion.
In 2022, the fixed-wing aircraft segment dominated the market with the largest share of 72.35% and revenue of 45.10 billion.
The aircraft type segment includes fixed-wing aircraft and rotary-wing aircraft. The fixed-wing aircraft segment is further divided into business jet, commercial, general aviation aircraft and military. The rotary-wing aircraft segment is sub-categorized into commercial helicopters, military helicopters, and UAVs. In 2022, the fixed-wing aircraft segment dominated the market with the largest share of 72.35% and revenue of 45.10 billion.
In 2022, the alloys & superalloys counted for the largest market share of 44.37% and revenue of 27.63 billion.
The material segment is classified into alloys & superalloys, composites and metals. In 2022, the alloys & superalloys segment dominated the market with the largest share of 44.37% and revenue of 27.63 billion.
In 2022, the aftermarket segment dominated the market with the largest share of 62.13% and revenue of 38.69 billion.
The end user segment is split into OEM and aftermarket. In 2022, the aftermarket segment dominated the market with the largest share of 62.13% and revenue of 38.69 billion.
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Advancement in market
In December 2023: The Aerostructures Germany & Hungary division of RUAG has prolonged its enduring and prosperous collaboration with Airbus. The company will continue providing side shells and fuselage sections for the Airbus A330 and A320 family within this business segment. As a steadfast supplier to Airbus over the years, RUAG Aerostructures Germany & Hungary was additionally recognized in 2023 with the prestigious Global Supplier Award for Operational Excellence.
In April 2022: Mitsubishi Heavy Industries, Ltd. has made the strategic decision to enhance the facilities at the Nagasaki Plant, operated by Mitsubishi Heavy Industries Aero Engines, Ltd. (MHIAEL), a factory specializing in aircraft engine components situated within MHI’s Nagasaki Shipyard & Machinery Works. The expansion aims to reinforce in-house production capabilities and bolster cost competitiveness. This initiative aims to establish a robust framework enabling MHIAEL to promptly and accurately fulfil industry demands in the post-Covid era resurgence. The slated completion for the expansion project is March 2024.
Market Dynamics
Driver: Globalization of the aerospace industry.
One of the notable outcomes of this globalized approach is the establishment of cross-border supply chains. Aerospace companies strategically distribute manufacturing activities across different regions to capitalize on regional strengths, cost efficiencies, and specialized capabilities. This distributed model allows for optimizing resources and integrating specialized skills, ultimately enhancing the overall efficiency of aerostructure production. The collaborative efforts extend to joint research and development initiatives. By pooling technological expertise and resources, aerospace companies can collectively address complex challenges in aerostructure design, materials, and manufacturing processes. These joint endeavours not only expedite innovation but also contribute to developing cutting-edge aerostructures that meet the evolving demands of the aviation industry. Furthermore, partnerships facilitate access to diverse markets. Aerospace companies often collaborate with entities in regions with growing aviation sectors or emerging markets. This approach enables them to navigate regulatory landscapes, understand local preferences, and establish a stronger market presence. As a result, the distribution of manufacturing activities becomes not just a logistical strategy but a comprehensive approach to tapping into global opportunities.
Restraint: Environmental impact concerns.
Adhering to eco-friendly practices in aerostructure manufacturing introduces complexities on multiple fronts. One of the primary challenges is the need to reassess and potentially overhaul existing manufacturing processes. Transitioning to greener alternatives often requires research and development investments to identify and implement more sustainable materials and production techniques. This intricate process involves testing, certification, and adaptation to fulfil strict industry norms and regulatory requirements. Moreover, eco-friendly materials, such as advanced bio-based composites or recycled alloys, may be more expensive than conventional ones. This characteristic challenges aerospace manufacturers as they strive to balance environmental responsibility with cost-effectiveness. The higher costs associated with sustainable materials can impact the overall production expenses, potentially affecting the competitive positioning of aerospace companies. Furthermore, the aerospace industry operates in a highly regulated environment. Adapting to eco-friendly practices requires compliance with many international and national environmental standards. Ensuring adherence to these regulations while implementing changes to reduce environmental impact adds a layer of complexity to the manufacturing process.
Opportunity: Emergence of electric and hybrid aircraft.
Electric and hybrid-electric aircraft necessitate a rethinking of traditional aerostructure design. Aerostructure manufacturers can capitalize on this opportunity to develop innovative structural solutions that accommodate the specific needs of electric propulsion systems, including considerations for distributed propulsion, battery placement, and weight distribution. The shift to electric and hybrid-electric propulsion emphasizes the importance of lightweight materials to maximize efficiency and range. Aerostructure manufacturers can explore and implement advanced composites, lightweight alloys, and innovative materials in their designs to ensure the structural integrity of components while minimizing overall weight. The transition to electric and hybrid-electric aircraft allows aerostructure manufacturers to optimize designs for improved aerodynamics. Components such as wings, fuselage, and control surfaces can be tailored to enhance electric propulsion systems' overall efficiency and performance, contributing to extended range and reduced energy consumption.
Challenge: Skilled labour shortages.
Skilled engineers play a pivotal role in the aerospace industry, contributing to the design and analysis of aerostructures. Engineering talent shortages can slow the development process, affecting the ability to create cutting-edge, efficient, and aerodynamically optimized aerostructures. Furthermore, technicians are crucial for the precise manufacturing and assembly of aerostructures. A shortage of skilled technicians can lead to delays in production timelines, impacting the quality and efficiency of manufacturing processes. The intricate nature of aerostructures requires specialized skills to ensure compliance with stringent safety and quality standards. Additionally, a skilled workforce is essential for driving innovation and conducting research and development (R&D) activities in the aerospace sector. Shortages in skilled researchers, scientists, and R&D professionals can hinder the industry's ability to push technological boundaries, resulting in a potential slowdown in the development of advanced aerostructures.
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Some of the major players operating in the global Aerostructures market are:
• Aernnova Aerospace S.A.
• AAR Corp
• Aerospace Industrial Development Corporation (AIDC)
• Aero Vodochody
• Airbus SE
• Bombardier Inc.
• Cyient Ltd.
• Elbit Systems Ltd.
• FACC AG
• GKN Aerospace
• Israel Aerospace Industries Ltd.
• Kaman Aerospace
• Kawasaki Heavy Industries, Ltd.
• Korea Aerospace Industries Ltd.
• Leonardo SpA
• Latecoere
• Mitsubishi Heavy Industries, Ltd.
• Mahindra Aerostructures Pvt. Ltd.
• Raytheon
• RUAG
• Safran Group
• SAAB AB
• Spirit Aerosystems Inc.
• Sonaca
• ST Engineering
• The Boeing Company
• Triumph Group Inc.
Key Segments cover in the market:
By Components
• Empennage
• Fuselage
• Flight Control Surfaces
• Nacelle & Pylon
• Nose
• Wings
• Others
By Aircraft Type
• Fixed-Wing Aircraft
o Business Jet
o Commercial
o General Aviation Aircraft
o Military
• Rotary-Wing Aircraft
o Commercial Helicopters
o Military Helicopters
o UAVs
By Material
• Alloys & Superalloys
• Composites
• Metals
By End User
• OEM
• Aftermarket
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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