LONDON, June 07, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Aerospace Parts Manufacturing Market Report 2023, the market will grow from $903.1 billion in 2022 to $938.4 billion in 2023 at a compound annual growth rate (CAGR) of more than 3%. Further, the market will reach $1,124.3 billion in 2027, with a CAGR of more than 4%. North America held the largest aerospace parts manufacturing market share in 2022.
One of the key driving factors for market growth is the anticipated rise in passenger traffic. Passenger traffic refers to the total number of individuals using airports for boarding and disembarking from aircraft. This metric is calculated by dividing the number of passenger miles traveled by the total distance covered during a specific period. The continuous increase in passenger traffic necessitates the production of more aircraft, which, in turn, requires increased manufacturing of aerospace parts.
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Major aerospace parts manufacturers are Jamco Corporation, Intrex Aerospace, Rolls Royce Plc., Lycoming Engines, Aequs Private Limited, Aero Engineering & Manufacturing Co., Engineered Propulsion System Inc., and Triumph Group.
Technological advancements have emerged as a key trend in the aerospace parts manufacturing market. Key market players are actively focused on developing innovative technological solutions to strengthen their market position.
For example, Plataine Ltd., an Israel-based provider of AI-based manufacturing optimization solutions, launched the 'FabricOptimizer' solution in January 2023. This AI-powered solution offers nesting around defect capabilities and enables manufacturers to automatically select optimal options and material quantities, thereby generating the most efficient cut plan for specific kits. By addressing supply chain and workforce challenges through process automation and maximizing material utilization, the solution enhances aerospace manufacturing, reduces errors, rework, and material waste, and promotes continuous process improvement.
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The global aerospace parts manufacturing market is segmented as -
1) By Product: Engines, Aerostructure, Cabin Interiors, Equipment, System and Support, Avionics, Insulation Components
2) By Application: Interior, Propulsion Systems
3) By End Use: Commercial Aircraft, Business Aircraft, Military Aircraft, Other Uses
The aerospace parts manufacturing market report holds paramount importance for stakeholders, industry experts, and decision-makers seeking a comprehensive understanding of the global aerospace parts manufacturing market. It provides crucial information on market size, growth rates, major players, technological advancements, and regional dynamics, enabling informed business decisions, investment strategies, and market entry plans. By equipping readers with in-depth knowledge and valuable insights, this report serves as a valuable resource in navigating the complex landscape of the aerospace parts manufacturing market and capitalizing on emerging opportunities.
Aerospace Parts Manufacturing Global Market Report 2023 by The Business Research Company provides insights on the aerospace parts manufacturing market size, aerospace parts manufacturing market segments, aerospace parts manufacturing market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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