The global aero wing market size is projected to reach USD 20.35 billion by 2028, exhibiting a CAGR of 8.98% during the forecast period. This information is shared by Fortune Business Insights in its report, titled “Aero Wing Market Size, Share & Covid-19 Impact Analysis, By Platform (Commercial, and Military) By Type of Build (Conventional Skin Fabrication and Composite Skin Fabrication), By Material (Alloys, Metal, and Composite), and Regional Forecast, 2021-2028”. As per the report, the market value was estimated to stand at USD 12.52 billion in 2020.
The COVID-19 pandemic has had devastating consequences for the aviation industry as travel bans and supply disruptions have created widespread upheavals in this industry. Moreover, a steep decline in air travel demand has worsened the impact of the coronavirus. According to the data compiled by the International Civil Aviation Organization (ICAO), there was an overall reduction of 1,376 million international air passengers in 2020 and the revenue losses faced by airline companies stood totaled to approximately USD 371 billion. With investments shrinking, the aero wing market growth is also slated to experience adverse impacts. In 2021, the market will decline by -17.95% and reach a value of USD 11.14 billion.
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List of the Leading Companies Profiled in the Global Aero Wing Market are:
- Sonaca Group (Belgium)
- Triumph Group (The U.S.)
- GKN Aerospace Services Limited (The U.K.)
- Airbus UK (The U.K.)
- Spirit AeroSystems, Inc. (The U.S.)
- Mitsubishi Heavy Industries (Japan)
- AVIC XCAC (China)
Development of Aircraft Wings Using Next-Gen Technologies to Boost the Market
An aero wing is the defining feature of an aircraft, playing critical roles in every stage of the flight operation. Over the past few years, airplane manufacturers have been employing novel tools, technologies, and materials to manufacture different aircraft components, including wings. For example, in May 2019, engineers from the Massachusetts Institute of Technology (MIT) and NASA built a new type of airplane wing by incorporating a mix of flexible and stiff materials in its structure. This blend of materials will allow the wing to change shape to control the plane’s flight. Similarly, Airbus has been utilizing 3D printing to manufacture different parts for its A350, including aircraft wings. The increasing deployment of such new-age methods will, therefore, accelerate the growth of this market.
What Does the Report Offer?
This report contains actionable insights into the factors driving and restraining the market. It also offers a detailed examination of the market segments, as well as a granular study of the regional dynamics shaping the market. In addition, the report also provides a thorough evaluation of the key market players and their dominant strategies.
Introduction of Innovative Flight Solutions by Startups to Fuel the Market
The emergence of startups has heralded a new era of progress in the aerospace industry. These entities are specializing in niche aviation domains, innovating novel products and introducing breakthrough flight technologies, especially those associated with aero wings. For example, Aliptera, a Canada-based startup, offers a small personal vertical takeoff and landing (VTOL) aircraft, developed using the Lipwing technology and operated through a computerized flight controller for landing, take-off, and mobility. The US-based startup, Airspace Experience Technologies, has developed a VTOL aircraft called MOBi-ONE, combining electric capabilities, automation, and lightweight materials. Its most significant feature is the tiltable wing system that can be operated both manually and automatically. The broadening portfolios of these startups are opening up new avenues of growth and expansion for this market.
Key Reasons to Purchase Aero Wing Market Report:
- The report analysis by geography highlighting the consumption of the product/service within the region also as indicating the factors that are affecting the market within each region
- The report provides opportunities and threats faced by the vendors in the global Aero Wing Industry
- The report indicates the region and segment that’s expected to witness the fastest growth
- Competitive landscape which includes the market ranking of the main players, along with new product launches, partnerships, business expansions, and acquisitions.
- The report provides extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the main market players
- The report gives the present as well as the future market outlook of the industry regarding recent developments, growth opportunities, drivers, challenges and restraints of both emerging also as developed regions
These areas are projected to witness significant market growth between 2021 and 2029 over the forecast period. The report also provides details on factors that fuel regional market growth, innovative region technologies, patterns of consumption in different regions and regions that are projected to experience the highest growth rate and hold the largest market share in the evaluation period.
North America to Showcase Tremendous Growth; Europe to Generate Lucrative Opportunities
North America is expected to chart an incredible growth trajectory and lead the aero wing market share during the forecast period as the region is home to a large number of aviation giants such as Lockheed Martin and Raytheon. These behemoths have been investing heavily in advanced wing technologies, which have aided the growth of the regional market. In 2020, the region’s market size stood at USD 3.95 billion.
An increasing number of collaborations between aerospace companies, such as the partnership between Saab and Aerostructures Assemblies India in 2019, will drive the market in Europe. Meanwhile, in Asia Pacific, skyrocketing demand for air travel in China and India will augment the regional demand for aero wing solutions.
Key Market Segments
Based on the platform, the market has been segmented into commercial and military. By type of build, the market has been segregated into conventional skin fabrication and composite skin fabrication. On the basis of material, the market has been divided into alloys, metals, and composites. By region, the market has been grouped into North America, Europe, Asia Pacific, and the Rest of the World.
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Joint Venture between Participants to Animate Market Competition
The most prominent strategy being adopted by key players in this market is that of joint ventures. The forging of such partnerships is enabling companies to rapidly expand their market footprint, whilst widening their portfolios. More importantly, these ventures are allowing companies to bolster their regional and international market presence.
Some of the key questions answered in this report:
- What will the market growth rate, growth momentum or acceleration market carries during the forecast period?
- Which are the key factors driving the Aero Wing market?
- What was the size of the emerging Aero Wing market by value in 2021?
- What will be the size of the emerging Aero Wing market in 2028?
- Which region is expected to hold the highest market share in the Aero Wing market?
- What trends, challenges and barriers will impact the development and sizing of the Global Aero Wing market?
- What are sales volume, revenue, and price analysis of top manufacturers of Aero Wing market?
Why should you buy this report?
- It provides niche insights for the decision about every possible segment helping in the strategic decision-making process.
- Market size estimation of the Aero Wing Market on a regional and global basis.
- A unique research design for market size estimation and forecast.
- Identification of major companies operating in the market with related developments.
- Exhaustive scope to cover all the possible segments helping every stakeholder in the Aero Wing market.
With tables and figures helping analyze worldwide Global Aero Wing market trends, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
Key Industry Development:
- December 2020: Xeriant, Inc. announced that it has entered into a joint venture with CoFlow Jet, LLC. The venture is aimed at developing and commercializing CoFLow’s airfoil technology, designed to improve the lift capability and cruise efficiency of fixed aero wing aircraft.
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