Market Research Report
Aerostructures Market Size By Component, By Material, By Aircraft, By End-user, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Aerostructures Market Size By Component, By Material, By Aircraft, By End-user, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
Published: March 19, 2021
Global Market Insights Inc.
Content info: 210 Pages
Delivery time: 2-3 business days
Aerostructures Market Size By Component (Nacelles & Pylons, Doors, Fuselage, Empennage, Wings), By Material (Metal, Composite, Alloys), By Aircraft (Commercial [Narrow-body, Wide-body], Regional, Business, Military, Helicopter), By End-user (Line Fit, Retrofit), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027.
The aerostructures market is likely to foresee lucrative growth owing to increasing maintenance and repair requirements, growing economic activity, and rising demand for air travel services, especially from emerging economies. The upsurge in demand for UAVs in defense and military operations is also one of the major factors greatly contributing towards market growth.
Aerostructures are parts or components of an aircraft's body frame. These components generally include fuselage, wings, as well as flight control deck. In general, everything that is needed for a plane to fly comes under this category.
There are numerous companies that specialize in manufacturing of aerostructures, which is considered one of the aviation sector's most profitable business streams. This is because airlines are always in the need for aero structures and parts for their existing as well as upcoming fleets.
Numerous companies are lately concentrating on various organic growth strategies such as product approvals, new product launches, and collaborations. These activities have paved way for business expansion and led to an increase their customer base.
Citing an instance, in March 2021, CPI Aerostructures, Inc., a leading producer of structural aircraft parts, reportedly announced that it has received a follow-on order from Lockheed Martin to manufacture structural assemblies for production of the new F-16 Block 70/72 aircraft, one of the latest and advanced F-16 production configurations.
The aerostructures market is segmented in terms of component, material, aircraft, end-user, and regional landscape.
With respect to component, the market for aerostructures is classified into wings, empennage, fuselage, door, nacelles & pylons, and others. Among these, the doors segment will witness around 3.5% CAGR over the forthcoming time period. This estimated growth is ascribed to the increased maintenance and repair activities.
In terms of aircraft, the overall aerostructures is categorized into helicopter, military, business, regional, and commercial. Among these, the commercial aircraft segment is divided into wide body and narrow body. Here, the narrow body aircraft segment will witness steady growth over the forecast timeframe. Growing air travel mainly from emerging economies will further fuel the demand for narrow body aircraft.
Meanwhile, the business aircraft segment is likely to witness a respectable CAGR of over 3.0% through the forecast time period. The segmental growth is attributed to the increased preference from ultra-high net worth individual for travel.
From a regional frame of reference, Middle East & Africa is at a nascent stage and will foresee steady growth over the estimated time period. Growing economic activity in the region is expected to drive aerostructures market growth.