Global Aerospace Parts Manufacturing Market is valued approximately USD 930 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 9.20% over the forecast period 2023-2030. The process of developing, producing, and assembling the parts used in the building of aerospace vehicles, such as aircraft, helicopters, spaceships, and missiles, is aerospace parts manufacturing. This covers the production of a variety of parts, including landing gear, wings, engines, and fuselages. To ensure superior quality, dependability, and safety throughout the manufacturing of aerospace parts, specialized materials, fine machinery, and cutting-edge technologies are used. Several steps make up the manufacturing process, including design, engineering, prototyping, testing, and production. The Aerospace Parts Manufacturing market is expanding because of factors such as Increasing demand for commercial aircraft, Growth in need for military aircraft and increase in demand for lightweight & durable aerospace components.
Rising sales of aircraft across the globe is fostering market growth. For instance, according to data provided by Stratus Jet Charters, there are around 21,979 operational private aircraft worldwide in 2019. In 2019, over 71% of private aircraft were in North America, and 13% were located in Europe. Between 2020 and 2029, 6,362 aircraft jets are expected to be sold for a total of USD 217.5 billion. In addition, it is expected that 7,300 new private aircraft would be sold between 2021 and 2030, with a price tag of over USD 235 billion. Additionally, industry contracts and agreements are spurring production of commercial and defense aircraft. For instance, in August 2022, the Boeing Company received a revision (P00215) to the contract for KC-46A Air Force Production Lot 8 aircraft, subscriptions, and licenses. This also includes an additional 15 KC-46A aircraft. 100% of the contract’s foreign military sales to Israel are for the sum of USD 886,242,124. Thus, the rising number of contracts for manufacturing of aircraft is propelling the market growth. However, the high cost of Aerospace Parts Manufacturing and limited regulatory infrastructure stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Aerospace Parts Manufacturing Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the presence of key market players, rising number of aircraft manufacturing contracts, rising government support to aircraft manufacturing industry. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising aerospace industry, geographic expansion of key players, and active participation of government and nonprofit organizations in the market space.
Major market player included in this report are:
Dassault Aviation SA
Honeywell International Inc
Lockheed Martin Corporation
Parker Hannifin Corp
Recent Developments in the Market:
Ø In January 2023, The National Science Foundation recently awarded Advisory Aerospace OSC, a start-up, a grant of $1 million as part of initiatives to boost American manufacturing capability.
Ø In March 2022, Los Angeles-based Hadrian Automation, a start-up that makes machined parts, revealed that it has raised US$ 90 million in a fresh round of financing headed by Andreessen Horowitz and Lux Capital. The business specialises in constructing automated factories to completely transform the aerospace supply chain.
Global Aerospace Parts Manufacturing Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product Type, End User, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
Equipment, System, and Support
By End User:
Middle East & Africa
Rest of Middle East & Africa