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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Impact of Russia-Ukraine War Implication
The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement. There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.
Rising Procurement of Fighter Jets by Developing Economies to Promote Growth
National security concerns and a fierce ambition to enhance their defense capabilities have pushed developing nations such as India and China to aggressively expand their aircraft fleets. In September 2020, for example, India formally inducted five Rafale fighter jets, delivered by France to the Indian Air Force. Similarly, in November 2020, Airbus announced that it had delivered 39 jets to China in the first nine months of 2020. This growing demand for jets by these rapidly developing economies has, in turn, fueled the adoption of aero wings. Supporting this trend is the heightening military expenditures of India and China, who emerged as two of the top five largest defense spenders in 2019, according to data released by the Stockholm International Peace Research Institute (SIPRI).
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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