What Has Been the Growth of the Aerospace Parts Manufacturing Market So Far?
The aerospace parts manufacturing market has seen considerable growth due to a variety of factors.
• The market size for manufacturing of aerospace parts has been on a steady rise in the past few years. It is predicted to increase from $981.27 billion in 2024 to $1029.19 billion in 2025, at a compound annual growth rate (CAGR) of 4.9%.
Factors such as defense expenditure, demand in commercial aviation, the broader global economic climate, outsourcing patterns, and regulatory compliance have been influential in the growth experienced in the historical period.
What Is The Expected Growth In The Aerospace Parts Manufacturing Market Size?
The aerospace parts manufacturing market is expected to maintain its strong growth trajectory in upcoming years.
• It is anticipated that the aerospace parts manufacturing market size will experience solid expansion in the years to come. By 2029, the market is expected to reach a value of $1275.16 billion, growing at a compound annual growth rate (CAGR) of 5.5%.
Factors contributing to growth during the forecast period include modernization and renewal initiatives, the escalating space industry, increasing demands from emerging markets, resilient supply chains, and a focus on environmental sustainability. Key trends projected to shape the forecast period are the incorporation of automation and robotics, the adoption of electrified and hybrid propulsion systems, the use of augmented reality (AR) and virtual reality (VR), global collaboration and outsourcing trends, and measures to enhance cybersecurity.
What Are the Critical Driver Fuelling the Aerospace Parts Manufacturing Market's Growth?
The aerospace parts manufacturing market is projected to surge, driven by an increase in passenger traffic. This traffic, which includes arrivals and departures at airports, is measured by the number of passenger miles covered divided by the total distance traveled in a particular period. As this traffic grows annually, there will be a need for more aircraft, leading to an increased demand for aerospace manufacturing. Consequently, this surge in passenger numbers will fuel market growth. For example, the International Air Transport Association (IATA), a Canadian global airline trade organization, reported in August 2022, that international air traffic had grown by 229.5% in 2022 over 2021 and overall air traffic expanded by 76.2% in 2022. This upward trend in passenger numbers is indeed stimulating the expansion of the aerospace parts manufacturing market.
What Are The Primary Segments In The Global Aerospace Parts Manufacturing Market?
The aerospace parts manufacturing market covered in this report is segmented –
1) By Product: Engines, Aerostructure, Cabin Interiors, Equipment, System and Support, Avionics, Insulation Components
2) By Application: Interior, Propulsion Systems
3) By End Use: Commercial Aircraft, Business Aircraft, Military Aircraft, Other Uses
Subsegments:
1) By Engines: Turbine Engines, Turbojet Engines, Turboprop Engines
2) By Aerostructure: Fuselage Sections, Wings And Wing Components, Tail Structures
3) By Cabin Interiors: Seating Systems, Galleys And Lavatories, Cabin Lighting
4) By Equipment, System, And Support: Landing Gear Systems, Fuel Systems, Electrical Systems
5) By Avionics: Flight Control Systems, Navigation Systems, Communication Systems
6) By Insulation Components: Thermal Insulation, Acoustic Insulation, Fireproof Insulation
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Which Key Trends Are Driving Changes In The Aerospace Parts Manufacturing Market?
The rise of technological advancements is a notable trend gaining traction in the realm of aerospace parts manufacturing. Companies that dominate this market are prioritizing the creation of new tech-based solutions to solidify their standing. To illustrate, in January 2023, Plataine Ltd., a company based in Israel that specializes in AI-based manufacturing optimization solutions, debuted their 'FabricOptimizer' product, a novel AI-assisted solution that includes a nesting around defect solution. Its unique design, rooted in AI technology, empowers manufacturers to autonomously choose from a variety of options and material quantities, leading to the creation of the most optimal cut plan for specific kits. This innovation proves valuable in aerospace manufacturing as it mitigates supply chain and labor force issues through comprehensive process automation and the efficient utilization of materials. Consequently, it aids in reducing mistakes, reworks, and material wastage, fostering an environment for sustained process enhancement.
Who Are the Key Players in the Aerospace Parts Manufacturing Market?
Major companies operating in the aerospace parts manufacturing market include:
• RTX Corporation
• General Electric Company
• Airbus SAS
• Honeywell International Inc.
• Mitsubishi Heavy Industries Ltd.
• BAE Systems plc
• Safran S.A.
• Eaton Corporation plc
• Freudenberg & Co. KG
• Rolls Royce plc
• Bombardier Inc.
• Dassault Systems SE
• MTU Aero Engines AG
• Spirit AeroSystems Holdings Inc.
• Embraer S.A.
• GKN Aerospace Ltd.
• Woodward Inc.
• Hexcel Corporation
• Triumph Group
• Panasonic Avionics Corporation
• Jamco Corporation
• Kellstrom Defense Aerospace Inc.
• Intrex Aerospace
• Aequs Private Limited
• CAMAR Aircraft Parts Company
• Lycoming Engines
• Aero Engineering & Manufacturing Co.
• Engineered Propulsion System Inc.
• Superior Air Parts Inc.
• Aviant Aerospace Inc.
What Is The Most Dominant Region In The Aerospace Parts Manufacturing Market?
North America was the largest region in the aerospace parts manufacturing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global aerospace parts manufacturing market report during the forecast period. The regions covered in the aerospace parts manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
