Aerostructures Market Overview
The global aerostructures market size will benefit from the increasing demand for improved and reliable aircraft structures across the world. According to a report published by Fortune Business Insights, titled “Aerostructures Market Size, Share & Industry Analysis, By Component (Wings, Nose, Fuselage, Nacelle, Empennage & Pylon and Others), By Material (Metals, Composites and Alloys), By Platform (Fixed-wing aircraft (Commercial Aircraft, Military Aircraft, and UAV’s) and Rotary-wing Aircraft (Commercial Aircraft, Military Aircraft, and UAV’s)), and Regional Forecast, 2015-2026,” the market was valued at USD 56.96 Billion in 2018. The market is projected to reach USD 78.12 Billion by 2026, at a CAGR of 4.07% during the forecast period.
Aerostructures are components of an aircraft frame. Aerostructures are designed to obtain higher aircraft efficacies, smooth flight travels, high weight handling capacities, and a few other requirements. As a result, advanced technologies are incorporated with a view to enhancing aircraft structures. The report provides insights into the latest aerostructures market trends. Major product highlights have been highlighted along with their impact on the global market. The report identifies leading companies in the market and discusses various business strategies that these companies have adopted in recent years.
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For a detailed understanding, the report provides a classification of the market based on aspects such as product types, components, platforms, and regional demographics. Besides, the report provides summary of several factors that have constituted an increase in the global market size in recent years.
List of prominent companies that are operating in the global aerostructures market are:
- Aar Corp.
- Bombardier Inc.
- Cyient Ltd.
- GKN Aerospace
- Leonardo S.P.A.
- Ruag Group
- Saab AB
- Spirit Aerosystems, Inc.
- Stelia Aerospace Group
- Triumph Group, Inc.
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Company Collaborations to Emerge in Favor of Market Growth
Aerostructures assemblies are a complex procedure, considering there is literally no room for error in this process. Accuracy and precision of the highest order are required for aircraft assemblies. The sensitivity involved in this method has led to a high emphasis on efficient Aerostructures parts. Such complex procedures call for the involvement of several companies, each of which is engaged in manufacturing different parts.
As a result, Aerostructures companies are focused on assigning contracts and tasks to other companies who are already well versed with the operations. This opens up a huge potential for small scale as well as medium scale operators and wholesalers. In Feb 2019, Aerostructures Assemblies Pvt. Ltd. bagged a contract from Saab Aerostructures for manufacturing structural assembly for over-wing doors (OVDs) on the Airbus program. The increasing number of company agreements will influence the growth of the market in the forthcoming years.
Increasing Demand for Fixed-wing Aircraft to Enable Market Growth
The demand for fixed-wing aircraft has risen drastically in recent years. Fixed-wing aircrafts are used in commercial aircraft, jets, UAVs, and business aircraft. The increasing adoption of fixed-wing aircraft will create a huge potential for the companies operating in the global Aerostructures market. Besides fixed-wing type, the market derives growth from a few of the other types, such as rotary wing aircraft. Fortune Business Insights has predicted that recent advancements in Aerostructures and variations in product offerings will aid the growth of the global Aerostructures market in the forthcoming years.
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