The global aerostructures market size is expected to gain momentum by reaching USD 70.98 billion, while exhibiting a CAGR of 5.67% between 2020 and 2027. This is attributable to the increasing demand of UAVs and the growing adoption of advanced manufacturing technologies such as 3D printing to develop advanced aerostructures by companies globally. This information is published by Fortune Business Insights, in its latest report, titled, “Aerostructures Market Size, Share Industry Analysis, By Component (Wings, Nose, Fuselage, Nacelle and Pylon, Empennage, and Others), By Material (Alloys, Composite, and Metals), By Platform (Fixed-wing Aircraft (Commercial Aircraft, Military Aircraft, Business Jets, General Aviation Aircraft, and UAVs) and Rotary Wing Aircraft (Commercial Civil Helicopters, Military Helicopters, and UAVs), By End-Use (Aftermarket and OEM), and Regional Forecasts, 2020-2027.” The report further mentions that the market stood at USD 57.56 billion in 2019.
Major Companies Focus on RD Activities to Expand Their Product Portfolios
The global aerostructures market is consolidated by the presence of major companies such as SAAB AB, Stelia Aerospace Group, and others. These companies are focusing on investing in RD activities to develop advanced aerostructures products to expand their product portfolios and further boost sales revenue. The other key players are adopting strategies such as partnership, the introduction of new products, and collaboration to maintain market stronghold that will contribute to the growth of the market during the forecast period.
List of the Companies Profiled in the Global Market for Aerostructures:
- AAR Corporation (Illinois, the U.S.)
- Bombardier Inc. (Montreal, Canada)
- Cyient Ltd. (Hyderabad, India)
- GKN plc (Redditch, the U.K.)
- Leonardo S.P.A. (Italy)
- RUAG International Holding AG (Bern, Switzerland)
- Saab AB (Sweden)
- Spirit AeroSystems, Inc. (Wichita, the U.S.)
- STELIA Aerospace Group (France)
- Triumph Group, Inc. (Berwyn, the U.S.)
- Collins Aerospace, a Raytheon Technologies company (Charlotte, the U.S.)
- Elbit Systems Ltd. (Haifa, Israel)
- Other Players
Reduction in UAV Deliveries amid COVID-19 to Hamper Growth Prospects
The on-going global pandemic has resulted in a complete halt in manufacturing operations across several industries. Owing to this, the aerospace industry is experiencing a massive reduction in orders for the procurement of UAVs and other aircraft. This has further led to disruptions across the supply chain that has hampered the sales of the OEMs as there is a remarkable decrease in the demand for aircraft components globally. However, supportive government initiatives and the growing focus to upgrade defense services by the nations are likely to boost the growth of the market in the near future.
Aerostructures are important component of the aircraft’s airframe that includes wings, fuselage, and flight control surfaces. They are manufactured using metallic and composite material based on the requirement. They are designed to protect the aircraft from adverse environmental factors and ensure its well-being, while improving stability and fuel-efficiency.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Growing Demand for UAVs to Propel Growth
The growing focus on upgrading the defense services by the nations across the globe is driving the demand for UAVs. These unmanned vehicles are widely being adopted owing to the rising border disputes and conflicts. According to National Geographic, there are over 150 active border disputes across regions such as Asia-Pacific, Africa, Europe, and North America. The increasing adoption of UAVs is propelling the demand for advanced aerostructures components to ensure strict vigilance and security along the borders. This, along with technological advancement in manufacturing is expected to bode well for the growth of the global aerostructures market during the forecast period.
Fixed-wing Aircraft Segment Held 70.8% MARKET Share in 2019
The fixed-wing aircraft segment, based on platform, is expected to remain at the forefront owing to the increasing demand for aerostructures components for general aviation, business jets, commercial aircraft, and UAVs, among other. The segment held a market share of about 70.8% in 2019.
August 2020 – Veelo Technologies introduces enhanced version of its composite aerostructures adopted by the aerospace industry. According to the company, the technology, VeeloVEIL is extremely light, along with being conductive metalized nonwoven that improves the survivability of the aircraft.
Among all the regions, North America is expected to dominate and hold the highest position in the global aerostructures market during the forecast period. This is attributable to the presence of established manufacturers that are adopting advanced manufacturing technologies such as additive manufacturing to develop innovative aerostructures in the region. The region stood at USD 25.56 billion in 2019. On the other hand, Europe is expected to hold the second position in the market owing to the growing demand for composite materials from manufacturing facilities such as ATR and Airbus SE in the region between 2020 and 2027.
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