The global aero structure equipment market is estimated to create an absolute incremental opportunity of more than US$ 430 Mn by the end of 2032. The sales of aero structure equipments are expected to exceed US$ 210 Mn by 2022, exhibiting growth at a CAGR of 8% to 9% during the forecast period 2022-2032.
Increasing implementation of stringent regulations regarding the testing of aircraft and helicopters, due to growing instance of component malfunctions, is increasing the adoption of aero structure equipments across testing applications. This is projected to bolster the demand for in the global aero structure equipments market.
Aero structures are considered to be key components in an aircraft’s airframe, including part of the flight control surfaces, empennage, wings, fuselage, and landing gear among others. Companies that specialize in the manufacturing of these equipments are commonly referred to as aero structure manufacturers.
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Numerous leading aerospace companies with a more diversified product range and increasingly investing in expanding their aero structures manufacturing capacities and adopting innovative technologies for declining the overall weight of the aero structures. In addition to this, increasing advancements in technologies such as nano-technology has boosted the introduction of novel lightweight materials that can be embedded in alloys of aluminum and deployed in aircraft structures such as wings, empennage, and other. This is estimated to augment the growth in the global aero structures equipment market.
Which are Some Prominent Drivers Spearheading Aero Structure Equipment Market Growth?
Over the past couple of years, the aviation industry has witnessed rapid expansion, excluding the COVID-19 period. A substantial rise in number of passengers traveling via airplane is being registered, owing to the growing inclination towards fast and comfortable traveling.
According to a study by the International Civil Aviation Organization, the number of passengers using air travel increased to 4.3 billion in 2018, exhibiting a growth of around 6.4% in comparison to the passengers in 2017. With this rise in air travel passengers, leading commercial airline companies are emphasizing on expanding their fleet to capitalize on the existing opportunities, creating strong demand for aircraft components.
For instance, in 2021, Kuwait Airways, the national carrier of Kuwait announced its plan of expanding its airplane fleet by purchasing 31 new jets from Airbus (AIR.PA), including nine A320neos, seven A330-900neos, six A321 neos, four A330-800 neos, three A321neo-LRs, and two A350-900s. This rise in sales of aircraft is estimated to propel the demand for aircraft components including aero structure equipment, thereby, accelerating the growth in the global market.
What are the Challenges Faced by the Aero Structure Equipment Market?
Although the aero structure equipment market is registering robust growth, increasing gap between additive and subtractive manufacturing is projected to create immense challenges for the market growth in the coming years.
In addition to this, to curb the prevalence of airplane and helicopter crashes due to malfunctioning of aircraft components such as empennage, regulatory organizations across the world are launching stringent guidelines and standards for novel material and products launches used in aircrafts. This is restraining the growth in the global aero structure equipment market.
Why is Asia Pacific Excluding Japan Emerging as an Opportunistic Aero Structure Equipment Market?
As per FMI, Asia Pacific excluding Japan is estimated to account for a leading share in the global aero structure equipment market during the forecast period 2022-2032.
In the last few years, a swift rise in border and territorial conflict is being witnessed among and with Asia Pacific countries such as India – Pakistan, the U.S. – Afghanistan, China – India, and others. Hence, governments of above-mentioned countries are focusing on strengthening their military and defense sector and heavily investing in the purchase of new cavalries such as aircraft, naval ships, ammunitions, and others.
For instance, according to PRS Legislative Research Organization, the Indian Government has announced allocating US$ 14.17 Bn, which is 23% of the national budget, for the purchase of fighter jets, helicopters, defense equipment, and others under in 2020-21. Such initiatives are estimated to accelerate the sales of aircraft such as fighter jets, flying drones, helicopters, and others, thereby, bolstering the demand for aircraft components including aero structure equipments in the Asia Pacific excluding Japan market.
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How is Western Europe Contributing to the Growth of the Aero Structure Equipment Market?
Future Market Insights reveals that Western Europe is expected to register growth at a robust CAGR in the global aero structure equipments market from 2022 to 2032.
With rapidly expanding aviation sector and rising number of passengers traveling through airplanes, demand for novel low-cost airplanes is increasing at a rapid pace. Hence, leading aircraft manufacturers are increasingly aiming at entering into agreements and collaborating with airline companies to cater to the surging demand.
For instance, in 2019, Airbus, a multinational aerospace corporation headquartered in the Netherlands announced entering into a collaboration with the national development and reform commission of China for developing wide-body and single-aisle aircraft. A multiplicity of such developments are anticipated to favor the sales in the Western Europe market.
Market Competition
Some of the leading players in the aero structure equipment market are Electrolmpact Inc., Gemcor (Ascent Aerospace), KUKA Systems, Broetje Automation GmbH, Sener Group, Reel, MTorres Diseños Industriales, Loxin, others.
Leading manufacturer in the global aero structure equipment market are aiming at launching novel high performance products using nanotechnology to gain edge in the highly competitive market.
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Key Segments Profiled in the Aero Structure Equipment Market Survey
By Equipment Type:
- Automated Production System
- Fastening Systems
- Composite Systems
- Automated Assembly Systems
- Stations/Lines
- Conveyor System
- Small Tools
- Service Offering
By Aircraft Body Type:
- Small Body Aircraft Aero Structure Equipment
- Wide Body Aircraft Aero Structure Equipment
- Very Large Body Aircraft Aero Structure Equipment
- Regional Aircraft Aero Structure Equipment
By Type:
- Commercial
- Military
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Japan
- Middle East and Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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