Global Aerospace Parts Manufacturing Market - Industry Trends and Forecast to 2031

Aerospace Parts Manufacturing Market Analysis and Size

The global aerospace parts manufacturing market is robust, driven by demand from both commercial plane manufacturers and space rocket companies. The steady growth of the commercial aviation sector, marked by increasing air travel demand, drives the market for aircraft components. Likewise, the surge in space exploration and satellite deployment amplifies the demand for rocket parts. For instance, companies such as Boeing and SpaceX continuously expand their fleets, contributing to the upward trajectory of the aerospace parts manufacturing market.

Global aerospace parts manufacturing market size was valued at USD 929.85 million in 2023, is expected to reach USD 1,322.34 million by 2031, growing at a CAGR of 4.5% during the forecast period of 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation

Market Definition

Aerospace parts manufacturing involves creating components for aircraft and spacecraft. This process includes designing, machining, and assembling parts such as engines, wings, and fuselages to meet safety and performance standards. Precision and durability are crucial to ensure the reliability of aerospace vehicles. Advanced materials and technologies are often employed to meet the demanding requirements of the aerospace industry.

Global Aerospace Parts Manufacturing Market Dynamics

Drivers

• Growing Advancements in Aerospace Technology

Innovations such as lightweight composite materials, additive manufacturing techniques, and advanced propulsion systems continuously reshape the aerospace parts manufacturing market. These technological breakthroughs enable the production of more efficient, durable, and high-performance aerospace components. They facilitate the development of next-generation aircraft and spacecraft, meeting evolving customer demands for fuel efficiency, safety, and sustainability.

For instance,

• In 2024, according to an article published by SAAB RDS, Artificial Intelligence (AI) and Machine Learning (ML) are transforming the aerospace industry in several areas, including autonomous systems, predictive maintenance, and advanced manufacturing techniques. Companies can optimize operations, reduce costs, and improve safety by leveraging data analytics and automation

In addition, these advancements drive competition among manufacturers, prompting investments in research and development to stay competitive in the market and capitalize on emerging opportunities in both commercial and defense sectors. Therefore, advancements in aerospace technology act as a significant driver in the aerospace parts manufacturing market.

• Rising Demands for Fuel Efficient Engine Designs

With increasing environmental concerns and fuel costs, there's a demanding need for aircraft engines that consume less fuel per unit of distance traveled. This demand is fueled by both commercial and regulatory pressures to reduce emissions and operational costs. Manufacturers invest heavily in research and development to create engines with higher efficiency, leveraging innovations in materials, aerodynamics, and propulsion systems.

For instance, 

• In February 20234, Cummins Inc. is set to release its most efficient heavy-duty diesel engine, the X15, under its HELM™ 15-liter fuel-agnostic platform. This engine's compliance with U.S. EPA and CARB 2027 regulations upon launch enhances its appeal to the heavy-duty on-highway market in North America. The engine's improved fuel efficiency and adherence to stringent environmental standards are expected to drive market growth by meeting the demand for high-performance, environmentally friendly diesel engines in the transportation sector

Meeting this demand not only enhances sustainability but also offers competitive advantages and market differentiation for aerospace companies in a dynamic industry landscape, which is expected to drive the market growth.

Opportunities

• Increasing Demand for Satellite Based Services

With the increasing demand for satellite-based services such as communication, navigation, and earth observation, there is a growing need for launching more satellites into orbit. This demand is driven by various sectors including telecommunications, defense, and scientific research. As a result, aerospace companies involved in satellite manufacturing, launch services, and related technologies experience heightened demand, leading to market growth. The expansion of satellite deployment projects reflects the evolving landscape of space exploration and the growing reliance on satellite-based technologies worldwide.

For instance,

• In December 2023, according to an article published by Cision US Inc., Thai Aerospace Industries (TAI) and Rivada Space Networks introduced reliable and secure connectivity services to Thailand's aerospace sectors, expanding to global markets. This collaboration reflects the growing demand for advanced satellite services, driven by increased reliance on communication in commercial, military, and general aviation

Thus, the expansion of satellite deployment projects serves as a significant market driver in the aerospace industry.

• Rising Government Investments in Aerospace Infrastructure

Government investments encompass a wide range of initiatives, including the development of research facilities, airports, and manufacturing hubs. Governments stimulate innovation, encourage collaboration between public and private sectors, and enhance the industry's global competitiveness, by injecting funds into infrastructure projects. Moreover, these investments create employment opportunities, attract foreign investment, and contribute to economic growth. In addition, improved infrastructure supports safer and more efficient air travel, thus enhancing the overall reliability and sustainability of the aerospace sector. Ultimately, government backing serves as a crucial catalyst for driving technological advancements and fostering long-term growth in the aerospace industry.

Restraints/Challenges

• Elevated Geopolitical Tensions and Trade Restrictions

Heightened geopolitical conflicts and trade disputes between countries can disrupt supply chains, leading to delays in production and increased costs due to tariffs or sanctions. In addition, trade restrictions limit market access, hindering the flow of goods and services across borders. Uncertainty surrounding trade policies and diplomatic relations further exacerbates risks for manufacturers, impacting investment decisions and long-term planning. Overall, geopolitical tensions and trade restrictions create challenges for aerospace companies, impeding their ability to operate efficiently and access new markets.

• Ensuring Safety and Quality Assurance with Regulatory Requirements

Stringent regulations demand meticulous adherence to rigorous safety protocols and quality control measures throughout the production process. Meeting these standards necessitates substantial investments in specialized equipment, skilled personnel, and rigorous testing procedures. Failure to comply with regulatory requirements not only risks costly fines and legal repercussions but also risks consumer trust and brand reputation. Consequently, manufacturers face continuous pressure to maintain high standards, adding complexity and costs to their operations and potentially slowing down production cycles and create challenges to market growth.

This global aerospace parts manufacturing market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global aerospace parts manufacturing market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Developments

• In August 2022, Safran Data Systems, a Safran Electronics & Defense division, has just purchased Captronic Systems, a local Indian firm. Safran Data Systems is expanding its product portfolio and strengthening its international operations in this strategic country as a leading player in the space industry, supplying instrumentation for testing, telemetry, and communications with satellites, and launch vehicles. This enhances India's capabilities, attracting investments, stimulating innovation, and driving overall market advancement
• In May 2022, JAMCO Corporation announced the signing of a Supporter Agreement with SkyDrive Inc., a company that is developing flying cars. JAMCO will begin the collaboration by lending SkyDrive its Aircraft Interiors development professionals. This collaboration enhances SkyDrive's capabilities, accelerates product development, and strengthens its position in the market
• In December 2021, Intrex Aerospace partnered with Eaton and UTC Aerospace, developing a new business strategy to withhold the aerospace parts market. This collaboration leverages combined expertise and resources to drive innovation, expand product offerings, and capture new market opportunities, fostering overall industry growth

Global Aerospace Parts Manufacturing Market Scope

The global aerospace parts manufacturing market is segmented into two notable segments based on product and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Engines
• Aircraft Manufacturing
• Cabin Interiors
• Avionics
• Insulation Components and Equipment
• System and Support

 Application

• Commercial Aircraft
• Business Aircraft
• Military Aircraft
• Others

Global Aerospace Parts Manufacturing Market Regional Analysis/Insights

The global aerospace parts manufacturing market is analysed and market size insights and trends are provided by product and application as referenced above.

The countries covered in the global aerospace parts manufacturing market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific  Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa Brazil, Argentina and Rest of South America.

North America dominates the global aerospace parts manufacturing market in terms of market share revenue due to the increase in demand for airframe and other aircraft parts and the increasing demand for new-generation aircraft by numerous countries in this region.

Asia-Pacific is expected to be the fastest-growing region in the global aerospace parts manufacturing market because of the growth in repair, maintenance, and overall (M.R.O.) activities in developing nations of this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as  down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Aerospace Parts Manufacturing Market Share Analysis

The global aerospace parts manufacturing market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the global aerospace parts manufacturing market

Some of the major players operating in the global aerospace parts manufacturing market are:

• Eaton. (Ireland)
• NTN BEARING CORPORATION OF AMERICA (U.S.)
• Amphenol Aerospace (U.S.)
• Berkshire Hathaway Inc., (U.S.)
• Arconic (U.S.)
• R.B.C. Bearings Incorporated (U.S.)
• Stanley Black & Decker, Inc. (U.S.)
• TriMas (U.S.)
• National Aerospace Fasteners Corporation (Taiwan)
• LISI AEROSPACE (France)
• Triumph Group (U.S.)
• Safran (France)
• S.K.F. (Sweden)
• T.E. Connectivity (Switzerland)
• Satcom Direct, Inc. (U.S.)
• Boeing (U.S.)
• Airbus S.A.S (France)
• Embraer (Brazil)
• A.T.R. (France)
• Lockheed Martin Corporation (U.S.)
• Textron Aviation Inc., (U.S.)

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