CHICAGO, May 31, 2023 /PRNewswire/ — The Aerostructures market is estimated to be USD 61.0 billion in 2023 and is projected to reach USD 84.0 billion by 2028, at a CAGR of 6.6% during the forecast period according to a new report by MarketsandMarkets™. Modern structures that are created to satisfy certain operating needs are needed for military aircraft. Governments all over the world make investments in the upgrading of military aircraft, which increases the demand for aerostructures. The increasing demand for unmanned aerial vehicles and technological advancements in aerostructures is driving the growth of aerostructures market.
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Browse in-depth TOC on “Aerostructures Market”
278 – Tables
59 – Figures
282 – Pages
Aerostructures Market Report Scope:
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Report Coverage |
Details |
|
Market Revenue in 2023 |
$61.0 billion |
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Estimated Value by 2028 |
$84.0 billion |
|
Growth Rate |
Poised to grow at a CAGR of 6.6% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Material, Component, End User, Aircraft Type and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Supply chain constraints and high shipping costs |
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Key Market Opportunities |
High demand for UAVs |
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Key Market Drivers |
Preference for efficient and sustainable aerostructures |
Based on component, the doors and skids segment are estimated to have highest CAGR during the forecast period.
The doors and skids segment are projected to grow at the highest CAGR in the aerostructures market during the forecasted period. Aircraft doors have several functions, including emergency exits, cargo loading and unloading, and passenger boarding and deboarding. To preserve the aircraft’s structural integrity while in flight, they are created to be safe and airtight. Skids are the supports that hold the aircraft steady during takeoff, landing, and ground operations. By absorbing the impact of landing, they ensure stability and a soft landing. The growth of this market is due to the need for enhanced safety and security. The need to absorb the impact forces during landing and providing stability on ground for helicopters is also influencing the growth of doors and skids segment.
Based on end-user, the aftermarket segment is estimated to have the second highest CAGR during the forecast period.
Based on end-user, the aftermarket segment is projected to have the second highest CAGR in the aerostructures market during the forecasted period. Aftermarket describes the secondary market for aircraft parts that are connected to or compatible with a specific sector of the economy or item. It entails the purchasing, reselling, and customizing of products and services that aren’t directly offered by the original producers of those products. The growth of this market is attributed to the increased focus on digitalization of aftermarket services to reduce time and cost, thereby increasing efficiency.
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Based on region, the North America segment is estimated to have the highest CAGR and largest share during the forecast period.
The North American region is projected to grow at the highest CAGR and largest share during the forecast period. North American region has been a forefront to new aerospace technologies. A robust network of aerospace suppliers and cutting-edge production capabilities serve the North American market. The area has a strong infrastructure, comprising specialized facilities and labor that is skilled, which makes it possible to produce aerostructures quickly. This region has been a key hub for commercial aircraft production due to the presence of The Boeing Company (US) in this region. Thus, the increasing commercial aircraft, defense, and military aircraft production drives the growth of this market.
Major players operating in Aerostructures market are GKN plc (UK), Spirit AeroSystems Inc. (US), Saab AB (Sweden), FACC AG (Austria) and Leonardo S.P.A (Italy) among others. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific and Rest of World.
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