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. According to a new Fortune Business Insights™ in its report, titled “Aero Wing Market, 2021-2028”, the market value was USD 12.52 billion in 2020.
The outbreak of the COVID-19 pandemic has triggered unprecedented upheavals for the aerospace industry, with supply chain uncertainties and trade & travel restrictions choking manufacturing operations in this industry. The aero wing market growth has gotten disrupted as well, registering a CAGR -17.95% and hitting a value of USD 11.14 billion in 2021, as a result of the upheavals created by the pandemic.
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Russia-Ukraine War Impact
Exponential Demand for Anti-Jamming Antennas to Disrupt Industry Growth
At a time when the aviation industry is gearing to overcome the COVID-19 pandemic, the Russia-Ukraine war has disrupted the market forecast. Notably, the demand for anti-detection systems and GPS gained an uptick. So much so that European countries exhibited profound demand for secure transmission systems. Industry players have witnessed strong demand for multi-platform anti-jamming antennas being used to prevent detection and intrusion from enemies. The conflict had an indirect impact on air traffic and the raw material supply chain.
Commercial Segment to Headline the Market till 2028
By platform, the market has been segmented into commercial and military. Among these, the commercial segment dominated the market for aero wings in 2020 and is expected to retain its apex position during the forecast period. This is mainly attributable to the speedily expanding utilization of commercial aircraft by low-cost carriers in India and China.
Based on type of build, the market has been divided into conventional skin fabrication and composite skin fabrication.
In terms of material, the market has been segregated into alloys, metals, and composites.
On the basis of geography, the market has been clubbed into North America, Europe, Asia Pacific, and the Rest of the World.
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North America to Hold Lion’s Share in the Market, Forecasts Fortune Business Insights
- North America is poised to dominate the aero wing market share in the foreseeable future due to the strong presence of aircraft original equipment manufacturers (OEMs) in the US and Canada. The North America market size stood at USD 3.95 billion in 2020.
- In Asia Pacific, increasing expenditure on defense technologies and equipment by China and India will create massive opportunities for market players.
- On the other hand, rising investments in aerospace technologies and widening operations of aviation giants such as Airbus will accelerate the growth of the market in Europe.
Indigenous Development of Aircraft Solutions to Foster Competition
The key players in this market are engaged in intense competition to engineer innovative aero wing solutions, in a bid to fortify their market position. However, an even more exciting trend emerging in this market is the indigenous development of next-generation aircraft components, particularly in emerging economies. This has spawned enormous opportunities for not just the regional but also global market players, pushing them to develop cost-effective wing products for these countries.
- February 2021: Hindustan Aeronautics Limited (HAL) secured a contract from the Indian Air Force (IAF) worth INR 48,000crore to manufacture 83 Light Combat Aircraft (LCA) Tejas. The deal was formalized at the 13th edition of Aero India held in Bengaluru.
List of Key Players Profiled in the Aero Wing Market Report:
- Spirit AeroSystems, Inc. (The U.S.)
- Mitsubishi Heavy Industries (Japan)
- AVIC XCAC (China)
- Sonaca Group (Belgium)
- Triumph Group (The U.S.)
- GKN Aerospace Services Limited (The U.K.)
- Airbus UK (The U.K.)
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