The global aerostructures market has been segmented based on component, material, end use, and platform.
By component, the aerostructures market has been segmented into fuselage, empennage, flight control surfaces, wings, nose, nacelle and pylon, and others. The empennage segment is anticipated to capture the highest CAGR over the forecast period. The empennage is an essential component of the aircraft; massive R&D is being initiated by major companies such as Bombardier Inc. and AAR Corp. to advance the development of empennage. The use of composite material has accelerated the growth of the segment considerably.
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By material, the aerostructures market has been segmented into composite, alloys, and metals. The composites segment is likely to expand at the highest CAGR over the forecast period. The composites segment is liley to be the segment capturing the highest CAGR over the forecast period. Composites have gained massive popularity owing to the superior properties they possess. They are lightweight, easy to fabricate which offer flexibility in design. Moreover, composites provide radar transparency, which facilitates their use in military aircraft.
By end use, the aerostructures market has been segmented into OEMs and aftermarket. The aftermarket segment is likely to capture the larger share of the market over the forecast period. Aftermarket players offer aerostructures at a lower price along with add-on services such as repair and maintenance, which is motivating the growth of the segment.
By platform, the aerostructures market has been segmented into rotor wing and fixed wing. The fixed wing aircraft segment is anticipated to command the larger share of the market over the forecast period. The growth of the segment can be credited to the augmenting demand for unmanned aerial vehicles (UAV) from the military.
Aerostructures are components of an aircraft which may include wings, fuselage, and the flight control deck and various other components. Aerostructures essentially cover all the components which help an aircraft to fly. Market Research Future (MRFR’s) recent report on the global aerostructure market is a compilation of the pertinent factors that could impact the market growth in the coming years and contains key market insights. MRFR’s analysis predicts a moderate CAGR in the aerostructures market over the forecast period of 2019-2024.
The aerostructures market experiences constant demand since airlines companies is always in need of aerostructures for their existing as well as new aircraft. It is estimated that increased procurement of new aircrafts would impact the market growth positively. The military also makes up for a large chunk of the overall market demand. Military helicopters and aircrafts need to be in working condition all the time, and hence, they induce high demand within the aerostructure market. Moreover, contracts from governments and defense are generally for a longer period of time, which sustains demand within the market. Conversely, challenges associated with the recycling of composite materials is likely to restrain the growth of the market over the forecast period.
Region-wise, the aerostructures market has been segmented into North America, Latin America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America is the most significant market for aerostructures. An established aviation industry which spends considerably on upgradation of its fleet has generated substantial demand for aerostructures within the market. Moreover, the militaries in the region also incur high expenditure on their aircraft, which fuel the demand for aerostructures. The region has quite a few numbers of leading market players, which also acts as a plus for the market growth.
The APAC market is driven by expanding aviation industry in the region. Increase in air travel has prompted airlines to invest more in aircraft, which consequently raise the demand for aerostructures. Moreover, the emerging economies of the region are also investing heavily on military aircraft to strengthen their defense mechanism, which further boosts the growth of the market.
UTC Aerospace Systems (US), Stelia Aerospace Group (France), Elbit Systems Ltd (Israel), GKN Aerospace (UK), Saab AB (Sweden), Bombardier Inc. (Canada), Triumph Group, Inc. (US), Leonardo SpA (Italy), Spirit Aerosystems, Inc. (US),AAR Corp. (US), Cyient Ltd (India), and Ruag Group (Switzerland) are the notable players in the global aerostructures market.
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