Aerospace Parts Manufacturing Market: Global Innovations and Trends

Increasing demand for technologically advanced, lightweight parts, coupled with increasing demand for maintenance and replacement for airplane equipment, is expected to increase the manufacturing industry demand over the forecast period. Furthermore, the rise in air traffic due to the increasing disposable income of consumers has increased the demand for commercial aircraft over recent years.

Aircraft manufacturers are investing in new product development in order to manufacture lightweight and increased-capacity aircraft. This, in turn, will increase the demand for airplane equipment and will boost the aerospace parts manufacturing industry during the projected period.

The global aerospace parts manufacturing market was valued at USD 851.17 billion in 2021 and is expected to reach USD 1,211.27 Billion By 2030, growing at a CAGR of 4.1% during the forecast period.

The commercial segment is expected to dominate the industry over the projected period as these aircraft promote economic development, create jobs, and allow worldwide commerce and tourism.

North America is expected to hold the major share of the market over the projected period due to increasing demand for innovative and advanced technology aircraft. In contrast, Asia Pacific is expected to grow at a considerable pace due to rapid development in emerging economies.

Top Players in the Global Market Are:

Some of the major players operating in the aerospace equipment manufacturing global market include CAMAR Aircraft Parts Company, Aequs, Composite Technology Research Malaysia Sdn. Bhd. (CTRM), Ducommun, Inc., Rolls Royce plc, MTU Aero Engines AG, Textron, Inc., Eaton Corporation plc, Engineered Propulsion System, Elektro-Metall Export GmbH, Superior Aviation Beijing, Raytheon Technologies Corp., GE Aviation, IHI Corp., Intrex Aerospace, Honeywell International, Inc., JAMCO Corp., Safran Group, Liebherr International AG, Kawasaki Heavy Industries Ltd., Lufthansa Technik AG, Mitsubishi Heavy Industries, Ltd., Spirit AeroSystems, Inc., Subaru Corp., and Woodward Hexcel.

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