The Aircraft Parts Market Growth Accelerated Is By Increased Usage Of Commercial Passenger Aircrafts
Aircraft Parts Market |
Aircraft parts are integral
components and systems that are used in the manufacturing as well as
maintenance of aircrafts. Aircraft parts such as landing gears, propulsion
systems, air frames and interiors play a vital role in ensuring safe and
efficient functionality of aircraft. The increasing demand for commercial
passenger aircrafts all over the world owing to rising air travel is
anticipated to drive the demand for aircraft parts over the forecast period.
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 9.0% over the forecast period 2023 to
2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the
growth of the aircraft parts market is the increased usage of commercial
passenger aircrafts. The manufacturing of aircraft engines and parts has
increased significantly owing to the growing demand for new commercial and
cargo aircraft from airlines all over the world. According to Airbus, the
global fleet is projected to double in size over the next 20 years owing to
rising air traffic. This increased production of commercial aircraft is
propelling the demand for various aircraft parts such as landing gears, engine
components, and air frames. The growing need to replace aging aircraft fleet
with new fuel-efficient models is also contributing to the increased demand for
aircraft parts globally.
Segment Analysis
The global aircraft parts market
is dominated by the engine segment which holds around 30% share of the overall
market. Engines require frequent replacement of parts like turbines,
compressors, and shaft due to high stress experienced during operation.
Moreover, the growing preference for fuel-efficient engines is driving the
demand for advanced engine parts that have longer operability and improved
performance.
Key Takeaways
The Global
Aircraft Parts Market Size is expected to witness high growth over the
forecast period of 2023 to 2030.
Regional analysis: The North America region currently dominates the
global aircraft parts market owing to high fleet age and frequent refurbishment
activities in this region. The growing adoption of new generation aircraft in
countries like the US and Canada is further augmenting the demand for aircraft
parts from this region.
Key players related content comprisesKey players operating in the
Aircraft Parts Market are Intel Corporation, Broadcom Inc., Mellanox
Technologies (now part of NVIDIA), Cisco Systems Inc., Juniper Networks Inc.,
Hewlett Packard Enterprise (HPE), Dell Technologies Inc., Huawei Technologies
Co. Ltd., Arista Networks Inc., Extreme Networks Inc., Juniper Networks Inc.,
Marvell Technology Group Ltd., Fujitsu Limited, NEC Corporation, Microchip
Technology Inc.
Get More Insights Here
https://www.newsstatix.com/aircraft-parts-market-size-share-growth-outlook-2023-2/
Comments
Post a Comment