According to a new report published by Allied Market Research, titled, “Aerospace Parts Manufacturing Market,” The aerospace parts manufacturing market was valued at $0.85 trillion in 2021, and is estimated to reach $1.94 Trillion by 2031, growing at a CAGR of 9.2% from 2022 to 2031.
𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/10074
The aerospace industry has always been at the forefront of technological advancements, constantly pushing the limits of what is possible in terms of performance and efficiency. One of the latest trends in the industry is the rise in adoption of composite components, which offer a wide range of benefits over traditional materials such as metal. Composite materials are made up of two or more varied materials that are combined to create a material with properties that are superior to those of the individual materials. In the aerospace industry, composites are typically made up of a resin matrix and reinforcing fibers such as carbon, glass, or aramid.
Composite materials are also used in the construction of aircraft engine components such as fan blades, shrouds, and casings. The excellent fatigue resistance and high temperature tolerance of composite materials make them ideal for these applications. The use of composite materials has also had an impact on the supply chain, creating new opportunities for suppliers and manufacturers. The increased demand for composite materials has led to the development of new manufacturing techniques and materials, which has led to the creation of new jobs and the expansion of existing companies. Such huge adoption of composite component in aerospace industry to increase the sales for global aerospace parts manufacturing market.
𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝘁𝗼 𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝘁𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁? 𝗜𝗻𝗾𝘂𝗶𝗿𝗲 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴 – https://www.alliedmarketresearch.com/purchase-enquiry/10074
Covid-19 Scenario
- The global aerospace parts manufacturing industry experienced a decline during the COVID-19 outbreak. The pandemic led to decrease the air travel demand, due to the implementation of lockdowns, travel restrictions, and quarantines by governments across the world. This resulted in a decline in new aircraft orders and a reduction in maintenance, repair, and overhaul (MRO) activities.
- The reduction in air travel demand also affected the MRO industry, as airlines grounded aircraft that reduced their maintenance activities. This led to a decrease in demand for replacement parts, as fewer parts needed to be replaced or repaired. MRO providers also faced challenges due to travel restrictions and safety measures, making it difficult to access aircraft for maintenance and repair.
- However, the industry has rebounded during the post-pandemic period.
The aerospace industry is one of the most technologically advanced and demanding sectors, where the design and manufacture of aerospace parts require the highest levels of precision and quality. However, one of the major challenges facing this industry is the high cost of manufacturing aerospace parts. The materials used in the aerospace industry are high-performance and must meet specific requirements for strength, durability, and weight. The cost of these materials is often several times higher than traditional materials used in other industries.
KEY FINDINGS OF THE STUDY
- By product type, the equipment, system & support segment is projected to dominate the global aerospace parts manufacturing market in terms of growth rate.
- By end user, the business aircraft segment is projected to dominate the global aerospace parts manufacturing market in terms of growth rate.
The key players operating in the aerospace parts manufacturing market are Boeing Co, Dassault Aviation SA, GE Aviation, Honeywell International Inc., Lockheed Martin Corp, Lufthansa Technik AG, Parker Hannifin, Rolls-Royce plc, Safran S.A., and Thales Group.
𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗮𝘁 https://www.alliedmarketresearch.com/aerospace-parts-manufacturing-market/purchase-options