The global aerostructures market size was USD 44.93 billion in 2020. The market is projected to grow from USD 47.40 billion in 2021 to USD 80.48 billion in 2028 at a CAGR of 7.86% in the 2021-2028 period.
This information is brought to you by Fortune Business Insights™, in its report, titled, “Aerostructures Market, 2021-2028.”
According to our research experts, the upsurge in aircraft deliveries by the chief aircraft manufacturers is projected to assist in market growth. For example, in 2019, the Boeing Company supplied a total of 380 aircraft, while, Airbus SE set a novel record by delivering a total of 863 fleets.
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List of the Companies Profiled in the Global Market:
- AAR Corporation (Illinois, U.S.)
- Bombardier Inc. (Montreal, Canada)
- Cyient Ltd. (Hyderabad, India)
- GKN plc (Redditch, U.K.)
- Leonardo S.P.A. (Italy)
- RUAG International Holding AG (Bern, Switzerland)
- Saab AB (Sweden)
- Spirit AeroSystems Holdings Inc. (Wichita, U.S.)
- STELIA Aerospace Group (France)
- Triumph Group, Inc. (Berwyn, U.S.)
- Collins Aerospace (Charlotte, U.S.)
- Elbit Systems Ltd. (Haifa, Israel)
COVID-19 to Decline Amount of Commercial Aircraft Deliveries
The COVID-19 pandemic has created a major influence on the aerospace and defense industry. In the first quarter of 2020, The Boeing Company and the Airbus SE recorded the delivery of 70 and 196 aircraft, correspondingly.
Furthermore, in 2019, during the same timeframe, approximately 389 aircraft were supplied by both the involved companies. This demonstrates that there is a deterioration in aircraft deliveries owing to the pandemic across the world. The weakening in aircraft deliveries and fresh orders has impacted the market. These factors are expected to impact the aerostructures space in a negative manner.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market.
On the basis of component
Based on material
In terms of platform
- fixed-wing aircraft
- rotary-wing aircraft
Rising Demand for Unmanned Aerial Vehicles to Endorse Growth
The rising emphasis on advancing the defense services by the countries across the world is augmenting the demand for UAVs. These unmanned vehicles are extensively being implemented owing to the rising border disputes and conflicts.
The rising acceptance of UAVs is thrusting the demand for advanced aerostructures components to safeguard stringent alertness and security along the boundaries. This, combined with technological progressions in manufacturing is projected to bolster the aerostructures market growth during the forecast period.
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North America to Lead Market due to an Expansive Aviation Sector
North America held the highest aerostructures market share and is projected to lead the global market during the forecast period. This is accredited to the surging business and commercial aviation industry in the region that has the biggest aerospace and defense aircraft demand worldwide.
Asia Pacific is estimated to display the fastest growth in the region during the forecast period. The growth can be accredited to the augmenting emphasize on the development of the aircraft manufacturing units in the region.
Europe held the second largest market share in 2020. This is credited to the increasing aircraft component demand from key aircraft manufacturing divisions of Airbus SE and ATR from nations such as Germany, Italy, France, and the U.K, among others.
Partnerships among Companies to Secure Their Brand Values in Global Market
Important players in this market are incessantly opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering up with other companies to extend their reach to end-users.
March 2021: Magellan aerospace corporation declared an agreement with Boeing commercial airplanes for expansion of supply of landing gear kit and other compound structural components for the 737, 767, as well as 777 airplanes.
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