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Global Aerospace And Defense Parts Manufacturing Market Size By Type (Aircraft Manufacturing, Engine, Avionics, Cabin Interiors, Insulation Components), By End-use (Commercial Aircraft, Military Aircraft, Business Aircraft), By Geographic Scope And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Global Aerospace And Defense Parts Manufacturing Market Size By Type (Aircraft Manufacturing, Engine, Avionics, Cabin Interiors, Insulation Components), By End-use (Commercial Aircraft, Military Aircraft, Business Aircraft), By Geographic Scope And Forecast

Aerospace & Defense Parts Manufacturing Market Size And Forecast

Aerospace And Defense Parts Manufacturing Market size was valued at USD 643.31 Billion in 2023 and is projected to reach USD 961.38 Billion by 2031, growing at a CAGR of 5.15% during the forecast period 2024-2031.

 

Global Aerospace & Defense Parts Manufacturing Executive Drivers

The market drivers for the Aerospace And Defense Parts Manufacturing Market can be influenced by various factors. These may include

  • Growing Defence Budgets As a result of governments all over the world increasing their defence budgets in an effort to modernise their armed forces, there is a greater need for aerospace and defence parts production as well as for new and sophisticated military aircraft, helicopters, and drones.
  • Expanding Commercial Aviation Sector The need for aircraft parts and components is fueled by the growing demand for air travel, as well as by the necessity for airlines to expand and modernise their fleets.
  • Technological Advancements The efficiency, performance, and durability of aerospace and defence parts are improved by innovations in materials (like composites and advanced alloys), production techniques (like 3D printing and additive manufacturing), and design technologies. These developments propel the market expansion.
  • Programmes for Fleet Modernization To replace outdated aircraft with newer, more efficient ones, both commercial airlines and the armed forces are implementing programmes for fleet modernization. This is driving up demand for aerospace parts and components.
  • Unmanned Aerial Vehicles (UAVs) are in greater demand A growing number of UAVs and drones are being used for commercial, military, and surveillance purposes, which is driving up demand for specialised parts and components for these aircraft.
  • Economic development in Emerging economies As a result of increased air travel, airline fleet expansion, and higher defence spending, emerging economies are experiencing economic development and rising disposable incomes, which is boosting demand for the manufacturing of aerospace and defence products.
  • Tight Safety and Quality standards In the aerospace and defence industries, strict safety and quality standards demand the creation of dependable, high-quality parts and components, which in turn drives demand for specialised manufacturing capabilities.
  • Partnerships and Collaborations Innovation, manufacturing capacity, and market reach are all improved by strategic alliances, joint ventures, and collaborations between aerospace and defence manufacturers, suppliers, and technology providers. These factors all support market expansion.
  • Sustainability Initiatives The need for lighter, more fuel-efficient parts and sophisticated production processes that lessen their negative effects on the environment is fueled by the desire for more ecologically friendly and sustainable aircraft and defence systems.
  • Growing MRO Activities The requirement to maintain safety, performance, and regulatory compliance is driving an increase in maintenance, repair, and overhaul (MRO) activities for existing aircraft fleets, which in turn is driving up demand for replacement parts and components.

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Global Aerospace & Defense Parts Manufacturing Market Restraints

Several factors can act as restraints or challenges for the Aerospace And Defense Parts Manufacturing Market. These may include

  • High Capital Requirements A significant capital expenditure in specialised equipment, facilities, and skilled labour is necessary to establish and sustain manufacturing plants for aerospace and defence parts. High upfront costs have the potential to prevent new competitors from entering the market and to restrict the growth of current firms.
  • Technological Complexity Strict quality requirements and cutting-edge technology are used in the manufacturing of aerospace and defence parts. It can be difficult and expensive to keep up with technology developments and changing customer needs.
  • Strict Regulatory Compliance The certifications and regulations pertaining to safety, quality, and environmental sustainability are particularly onerous for the aerospace and defence sector. Manufacturing operations become more complex and expensive to comply with these rules.
  • Supply Chain Vulnerabilities Trade disputes, natural catastrophes, geopolitical tensions, and other unanticipated occurrences can all disrupt the intricate worldwide supply chains that the aerospace and defence industries depend on. Production bottlenecks, additional expenses, and delays can result from supply chain disruptions.
  • Demand Cycle The aerospace and defence sector is strongly dependent on macroeconomic variables, government defence spending, and changes in commercial aviation. Demand fluctuations may have an effect on order volumes, production schedules, and parts manufacturers’ profitability.
  • Geopolitical Risks The aerospace and defence industry is susceptible to uncertainty and volatility due to political instability, trade disputes, and regional conflicts. Geopolitical tensions have the potential to upset supply chains, have an impact on export/import laws, and change consumer demand.
  • Cost Pressures Defence and aerospace companies must cut expenses without sacrificing performance and quality standards. Parts makers may experience a reduction in profit margins due to price competition, cost overruns, and contract renegotiations.
  • Prolonged Lead Times and Complicated Certification Procedures The creation and manufacturing of defence and aerospace components sometimes entails protracted lead times and complicated certification procedures. Approvals and certification delays can raise development costs and lengthen time-to-market.
  • Intellectual Property Protection Because proprietary technology and designs are very valuable and sensitive, it is imperative that intellectual property (IP) rights be upheld in the aerospace and defence sectors. Risks of intellectual property violation can reduce market share and threaten competition.
  • Skills Deficits and Workforce Issues The aerospace and defence sector needs workers with advanced degrees in engineering, production, and quality control. Recruitment and retention of talented workers are hampered by the ageing workforce, talent competition, and skills shortages.

Global Aerospace & Defense Parts Manufacturing MarketSegmentation Analysis

The Global Aerospace And Defense Parts Manufacturing Market is Segmented on the basis of Product Type, Application, Manufacturing Process, and Geography.

Aerospace & Defense Parts Manufacturing Market, By Product Type

 

  • Aircraft Parts Components and parts used in the construction, assembly, and maintenance of aircraft, including airframes, wings, fuselages, landing gear, control surfaces, and structural components.
  • Engine Parts Components and parts used in aircraft engines, including turbine blades, compressor blades, combustion chambers, engine casings, and fuel systems.
  • Defense Equipment Parts Components and parts used in the manufacturing of defense equipment such as military vehicles, naval vessels, weapons systems, and communication devices.
  • Spacecraft Parts Components and parts used in the construction of spacecraft, satellites, and space exploration vehicles, including propulsion systems, payload structures, solar panels, and communication systems.

Aerospace & Defense Parts Manufacturing Market, By Application

  • Commercial Aviation Parts and components used in commercial airliners, regional jets, business jets, and other civil aircraft for passenger and cargo transportation.
  • Military Aviation Parts and components used in military aircraft, helicopters, and unmanned aerial vehicles (UAVs) for defense and combat missions.
  • Space Exploration Parts and components used in spacecraft, satellites, launch vehicles, and space exploration missions conducted by government space agencies and private aerospace companies.
  • Defense Equipment Parts and components used in military vehicles, naval vessels, weapons systems, radar systems, communication devices, and other defense equipment.

Aerospace & Defense Parts Manufacturing Market, By Manufacturing Process

  • Machining Precision machining processes such as milling, turning, drilling, grinding, and EDM (Electrical Discharge Machining) used to fabricate aerospace and defense parts from raw materials.
  • Sheet Metal Fabrication Forming, cutting, bending, and welding processes used to produce sheet metal components and structures for aircraft and defense applications.
  • Additive Manufacturing (3D Printing) Layer-by-layer additive manufacturing processes used to produce complex geometries and lightweight structures for aerospace and defense parts.
  • Casting and Forging Casting and forging processes used to manufacture metal components and parts with high strength and durability for aerospace and defense applications.
  • Composite Manufacturing Composite material fabrication processes such as layup, molding, and curing used to produce lightweight and high-strength components for aircraft and defense systems.

Aerospace & Defense Parts Manufacturing Market, By Geography

  • North America Leading market for aerospace and defense parts manufacturing, with major aerospace hubs in the United States and Canada, including companies like Boeing, Lockheed Martin, and Northrop Grumman.
  • Europe Significant market for aerospace manufacturing, with leading aerospace companies in countries like France, Germany, the UK, and Italy, including Airbus, Safran, and BAE Systems.
  • Asia-Pacific Growing market for aerospace manufacturing, driven by increasing demand for commercial aircraft and defense systems in countries like China, Japan, India, and South Korea.
  • Latin America Emerging market for aerospace manufacturing, with aerospace companies in countries like Brazil and Mexico expanding their capabilities in aircraft manufacturing and defense equipment production.
  • Middle East and Africa Developing market for aerospace manufacturing, with investment in aerospace infrastructure and defense capabilities in countries like UAE, Saudi Arabia, and South Africa.

Key Players

The major players in the market are; JAMCO Corporation, Intrex Aerospace, Rolls Royce PLC, CAMAR Aircraft Parts Company, Safran Group, Woodward, Inc., Engineered Propulsion System, Eaton Corporation plc, Raytheon Technologies, Lockheed Martin Corporation, Thales Group, General Dynamics Mission Systems Inc., Rockwell Collins, Northrop Grumman Corporation, BAE Systems and others. This section provides a company overview, ranking analysis, company regional and industry footprint, and ACE Matrix.

Report Scope

REPORT ATTRIBUTESDETAILS
STUDY PERIOD

2021-2031

BASE YEAR

2024

FORECAST PERIOD

2024-2031

HISTORICAL PERIOD

2021-2023

UNIT

Value (USD Billion)

KEY COMPANIES PROFILED

JAMCO Corporation, Intrex Aerospace, Rolls Royce PLC, CAMAR Aircraft Parts Company, Safran Group, Woodward, Inc., Engineered Propulsion System, Eaton Corporation plc, and others.

SEGMENTS COVERED

Type, End-use, and Geography.

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