Industry Background:
Aerospace Parts includes machining Inconel, jet engine, fan blades, aircraft braking system components, hydraulic fittings or manufacturing mil-spec electrical connectors and electronic aerospace components. Among these parts engine which makes the 20% of total cost is the most significant part that provides thrust. The technological developments in parts to save the energy costs are impelling to replace the aircraft parts. Furthermore the players are looking to expand the operation in Asia to cater the growing demand. According to International Air Transport Association (IATA), Global Maintenance, Repair and Overhaul Market is expected to grow by 4.6% per annum to USD 118 billion by 2027 from USD 75 billion in 2017. Also, the engine segment will contribute 45% to market as compared to 42% in 2017.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | JAMCO Corporation (Japan), Intrex Aerospace (United States), CAMAR Aircraft Parts Company (United States), Rolls Royce plc (United Kingdom), Woodward, Inc. (United States), GE Aviation (United States), Aero Engineering & Manufacturing Co. (United States), Aequs (India), Eaton Corporation plc (Ireland) and Engineered Propulsion System (United States) |
This growth is primarily driven by Increasing Usage of Business Aircraft and Growing Demand for Fleet Expansion in Developing Countries.
Globally, a noticeable market trend is evident Manufacturing of Lighter and Stronger Aircrafts
Major Manufacturers, such as JAMCO Corporation (Japan), Intrex Aerospace (United States), CAMAR Aircraft Parts Company (United States), Rolls Royce plc (United Kingdom), Woodward, Inc. (United States), GE Aviation (United States), Aero Engineering & Manufacturing Co. (United States), Aequs (India), Eaton Corporation plc (Ireland) and Engineered Propulsion System (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The market of Aerospace Parts Manufacturing market is Concentrated as it consists of major players which are currently dominating. They are looking for new product launch or expansion to gain competitive advantage in upcoming years.
Key Developments in the Market:
In 2019, TransDigm Group Incorporated announced that it has successfully completed the acquisition of Esterline Technologies Corporation which is a supplier of products to the global aerospace and defense industry.
In September 2019, IATA has launched IATA MRO Smart hub which is an online tool that brings transparency to the market of aircraft components and parts. It will enable maintenance, repair and overhaul providers to list items to buy and sell transparently. and In 2018, Adient, plc and Boeing announced the formation of Adient Aerospace, a joint venture that will develop, manufacture, and sell a portfolio of seating products to airlines and aircraft leasing companies.
Influencing Trend:
Manufacturing of Lighter and Stronger Aircrafts and Development of New Generation and Fuel Efficient Aircraft
Market Growth Drivers:
Increasing Usage of Business Aircraft and Growing Demand for Fleet Expansion in Developing Countries
Challenges:
High Computation Due to the Presence of Major Players and Requirement of Product Certifications to Meet Safety Regulations
Restraints:
Government restrictions across the globe may hamper the market. Global health emergency due to corona virus has led to grounding of all the aircraft. This causes loss in revenue for aircraft industry. According to International Air Transport Association, the revenue losses for passenger business will be between USD 63 billion to USD 113 billion.
Opportunities:
Rising investments in airlines industry is boosting the market. For instance, in December 2019, France-based Safran Group has planned to invest USD 150 million in a new aircraft engine maintenance, repair and overhaul (MRO) unit in India to cater to its airline customers.
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Aerospace Parts Manufacturing Market
- Analysis about New Entrants in Aerospace Parts Manufacturing Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Aerospace Parts Manufacturing Study Sheds Light on
The Aerospace Parts Manufacturing Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Aerospace Parts Manufacturing industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Aerospace Parts Manufacturing industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.