GLOBAL NEWS: AEROSTRUCTURES MARKET IS EXPECTED TO GROW $75.97 BILLION BY 2022, AT A CAGR OF 6.47% DURING THE FORECAST PERIOD 2016-2022
[179 Pages Report] The aerostructures market is projected to grow from USD 52.17 Billion in 2016 to USD 75.97 Billion by 2022, at a CAGR of 6.47% during the forecast period. The base year considered for the study is 2015 and the forecast period is from 2016 to 2022.
The aerostructures market ecosystem comprises system manufacturers, such as UTC Aerospace Systems (U.S.), Leonardo S.p.A. (Italy), and Triumph Group, Inc. (U.S.), among others. Major customers of the aerostructures market include commercial aircraft manufacturers and general aviation aircraft manufacturers.
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The aerostructures market is projected to grow from USD 52.17 Billion in 2016 to USD 75.97 Billion by 2022, at a CAGR of 6.47% during the forecast period. Major drivers influencing the growth of the aerostructures market include increase in outsourcing of aerostructure manufacturing by OEMs to tier 1 and tier 2 suppliers, and rise in adoption of composite aerostructures by the general and commercial aviation sectors.
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The aerostructures market has been segmented on the basis of component, material, platform, end-use, and region. Based on component, the aerostructures market has been classified into fuselage, empennage, flight control surfaces, wings, nose, and nacelle and pylon, among others. The fuselage segment is expected to lead the aerostructures market from 2016 to 2022. The empennage segment is projected to grow at the highest CAGR during the forecast period, owing to the increasing usage of composite materials in the development of empennage.
Based on material, the aerostructures market has been segmented into composites, alloys, and metals. The composites segment is expected to lead the aerostructures market, owing to the increasing demand for composite aerostructures.
On the basis of end-use, the aerostructures market has been segmented into Original Equipment Manufacturers (OEMs) and aftermarket. The aftermarket segment is projected to grow at the highest CAGR during the forecast period, owing to the increase in aftermarket services offered by different aerostructure manufacturers.
Based on platform, the market has been segmented into fixed wing aircraft and rotary wing aircraft. The fixed wing aircraft segment has been further classified into commercial, Unmanned Aerial Vehicles (UAVs), military, general, and others (that include gliders and microlights). Similarly, the rotary wing aircraft segment has been further subsegmented into commercial, military, and UAVs. The increase in demand for military and commercial rotary wing aircraft is expected to drive the growth of the rotary wing aircraft segment in the aerostructures market.
Based on region, the aerostructures market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Countries such as China, India, and Japan, among others are increasingly investing in the development of general aviation aircraft. The aerostructures market in Asia-Pacific is projected to grow at the highest CAGR from 2016 to 2022, due to rise in aircraft deliveries in this region.
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