Aerospace Additive Manufacturing is fastest growing segment fueling the growth of Aircraft Parts Market

 

Aircraft Parts Market

The global Aircraft Parts Market is estimated to be valued at US$ 655.22 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Aircraft parts are crucial components that ensure safe and efficient operation of aircrafts. Some key aircraft parts include landing gears, aerostructure, engines, and electrical systems.Demand for lightweight and high strength aircraft parts is driving innovations in additive manufacturing which helps reduce weight and downtime for maintenance.

 

Market key trends:

One of the major trends driving the growth of aircraft parts market is widespread adoption of additive manufacturing technology. Additive manufacturing allows complex parts with intricate designs to be produced using 3D printing that were hitherto not possible through conventional methods. This facilitates weight reduction and part consolidation. It also helps produce parts with improved performance and reduce material waste. As a result, companies are increasingly leveraging additive manufacturing techniques like laser beam melting and direct metal deposition for critical aircraft components.

Segment Analysis

The global aircraft parts market is dominated by the engine segment, which accounted for over 30% revenue share in 2022. The engine segment dominates due to the high demand for engines in aircraft production and replacement of existing aircraft engines. Aircraft engines require frequent repairs and maintenance checkups to ensure optimal performance, thereby driving the demand for engine parts significantly.

 

Key Takeaways

The Global Aircraft Parts Market Share is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing air passenger traffic over the years.

 

Regional analysis - North America dominated the global aircraft parts market with around 35% market share in 2022 and is expected to maintain its dominance over the forecast period. This is attributed to the presence of major aircraft OEMs and MRO service providers in the region. Asia Pacific is expected to witness the fastest growth over the forecast period owing to rising aircraft fleet and increasing investments in new aircraft and helicopters by countries in the region.

 

Key players - Key players operating in the aircraft parts market are Airbus Group, Alcoa Corporation, Arconic Corporation, Boeing, Bombardier Inc., Collins Aerospace, Elbit Systems Ltd., Teijin, Lockheed Martin Corporation, and Triumph Group, Inc. Airbus Group and Boeing are witnessing significant demand for their commercial aircraft and aircraft parts globally.

 

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