Aerostructures Market Overview
Aerostructures Market Size Valued at USD 74.0 Billion by 2030 Growing at a CAGR of 9% by 2020-2030.
The aerostructures market is expected to witness phenomenal growth during the forecast period due to an increase in demand for aircraft to meet the growing air passenger traffic in North America, Europe, and Asia-Pacific. Moreover, improvements in aircraft design are expected to drive the aerostructures market development. Aerostructures are critical aspects of aircraft design subjected to extreme weather conditions that could cause structural fatigue. Furthermore, advancements in material sciences have enabled the use of composites in aerostructures, thereby, improving design and functionality.
The improvement of composite materials for assembling aeroplanes is energising the development of the market Advancement of innovation has permitted producers to figure out the harm to materials and access the design of the aircraft with the utilisation of the PC or Infrared light to get to the sturdiness and execution. The Aerostructures Market execution of strategy can be estimated with these tests as the aerostructures assume an essential part in aeroplane working. The aerostructures are vital, from helicopters and contender planes to traveller and business streams. The military is putting away a large chunk of change to upgrade the aeroplane armada size, ability to battle, and strength.
Key Players:
The key players in the aerostructures market are AAR Corp. (US), Bombardier Inc. (Canada), Cyient Ltd (India), Elbit Systems Ltd (Israel), GKN Aerospace (UK), Leonardo SpA (Italy), Ruag Group (Switzerland), Saab AB (Sweden), Spirit Aerosystems, Inc. (US), Stelia Aerospace Group (France), Triumph Group, Inc. (US), and UTC Aerospace Systems (US).
Market Segmentation:
The aerostructures market statistics has been segmented on the basis of component, material, platform, end use, and region.
Based on component, the market has been segmented into fuselage, empennage, flight control surfaces, wings, nose, nacelle and pylon, and others. The fuselage segment was the largest segment in 2018 and empennage segment is projected to be the fastest-growing during the review period. The use of composite materials in manufacturing aircraft empennage is expected to stimulate market growth. Furthermore, investments in design improvements of empennage are projected to drive market growth during the forecast period.
By material, the aerostructures market has been classified as composite, alloys, and metals. The metals segment was the largest segment in 2018. The composite segment is estimated to be the fastest growing segment during the review period. The growth of the composite segment is attributed to various OEMs investing in the development of lightweight materials.
On the basis of end use, the aerostructures market has been classified as OEMs and aftermarket. OEM segment was the largest segment in 2018. The aftermarket segment is expected to register the higher CAGR during the forecast period due to the low prices of aerostructure products offered by aftermarket players. Furthermore, aftermarket players provide services such as maintenance, repair, and replacement, which is expected to encourage the growth of the segment during the forecast period.
By platform, the aerostructures market has been divided into rotor wing and fixed wing. The fixed wing aircraft segment was the larger segment in 2018 and is expected to be the fastest growing segment during the review period. The growth of fixed wing aircraft segment to the growing demand for UAVs in the military.
Regional Analysis
Based on region, the aerostructures market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America was the largest regional segment in 2018 and is estimated to be the fastest-growing regional market during the forecast period. High passenger traffic in the region is expected to drive the market growth in North America.
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