20-Apr-2021 | Market Research Store
The Increasing Demand of Aerostructures For UAVs In Military And Commercial Sectors Around The World Drives The Global Aerostructures Industry.
The structural elements of an airframe or an aircraft's body frame are called aerostructures. Aerostructures help an aircraft resist aerodynamic forces for the duration of the flight, and thus provide all components that aid in the flight of an aircraft. Aerostructures on any aircraft body include wings, propulsion systems, fuselages, flight control surfaces, and empennage. Increased deliveries of new aircraft, as well as demand for spare parts for older aircraft, are driving the global aerostructure market.
The global economy and business condition in key sectors have been impacted by COVID-19's outburst in 2020. The economy has been harmed by reduced demand from the commercial aviation industry and a brief pause in aerostructures operations around the world for a few months in 2020. Due to sluggish demand from end-use markets, the high-growth aerostructures market is expected to slow down in 2020. Covid-19 has decimated global travel demand due to its accelerated global expansion, massive death toll, and resulting lockdowns and border closures. Indeed, Covid-19 is a "perfect storm" for the travel industry, owing to a combination of shifts in passenger behavior, government travel controls, and the global economic slump it seems to have sparked. As a part of the pandemic situation, the global freeze has resulted in trade restrictions, trading practices, supply-chain instability, and other incidents. As workers return home, travelers stop flying, and consumers delay delivery of new aircraft, commercial aviation firms are facing supply disruptions and slowing demand. Spare part demand is also down as a result of the reduced need for repairs. Manufacturers of aerostructures are capital-intensive by default, which poses questions regarding cash flow and liquidity in the short term. Although production slows for the same reasons as aerostructures manufacturing does, demand is unlikely to be impacted in the next two years because budgets for these projects were set before the pandemic and the projects are vital to national security. The economy, on the other side, is recovering, and industries have resumed activities with limited functionality and in accordance with regulations.
In 2019, the aerostructures market was estimated to be worth around USD 63.0 billion, and by the end of 2026, current and expected developments were expected to be worth around USD 98.0 billion. The companies and experts predict the worldwide aerostructures market growth in terms of a CAGR of around 6.5%. Increased outsourcing of aerostructure production by OEMs to tier 1 and tier 2 manufacturers, as well as increased acceptance of composite aerostructures by the general and commercial aviation industries, are major factors influencing the growth of the aerostructures industry.
Some of the leading and key companies in the aerostructures market contain AAR Corp., Spirit Aerosystems, Inc., UTC Aerospace Systems, Ruag Group, Leonardo S.P.A., Bombardier Inc., Cyient Ltd., Saab AB, GKN Aerospace, Triumph Group, Inc., Stelia Aerospace Group, Elbit Systems Ltd., Spirit Aerosystems, Inc., Mahindra Aerostructures Pvt. Ltd., and Taneja Aerospace & Aviation Ltd., among others.
The demand for aerostructures is expected to be driven by the region's rising demand for the aviation industry. The increasing demand for UAVs in military and commercial applications is expected to propel the global aerostructures market in the upcoming years. The market for military unmanned aerial vehicles (UAVs) is surging. due to the increase in border disputes and conflicts among adjacent countries. As a result, the number of unmanned aerial vehicles (UAVs) - medium-altitude long-endurance (MALE) as well as high altitude long-endurance (HALE), being purchased is growing in order to improve intelligence, surveillance, and reconnaissance (ISR) capabilities. These UAVs have a long endurance of 24 to 48 hours and fly at a higher altitude, enhancing combat mission capabilities. Additionally, composite-material UAVs outperform conventional UAVs in terms of performance. The rising investments by governments and airport authorities for the development and construction of new airports are expected to fuel industry demand within the forecast period. The growing use of 3D printing for aerostructure manufacturing and the decrease in the cost of composite materials are expected to be the most significant reasons for the global aerostructures industry. Growing globalization, which has resulted in an uptick in acquisitions, as well as innovations, are driving the global aerostructures market forward. Major developments in aerostructures technology, as well as significant investments by leading research and development manufacturers, are expected to propel the global aerostructures market in the upcoming years. However, hard to recycle composite materials and the reduction in UAV deliveries amid COVID-19 may hamper the global aerostructures market.
Browse the full “Aerostructures Market By Component (Fuselage, Empennage, Flight Control Surfaces, Wings, Nose, Nacelle and Pylon, and Others), By Material (Composites, Alloys, and Metals), By End Use (OEMs, and Aftermarket), and By Platform (Fixed Wing Aircraft, and Rotary Wing Aircraft): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.marketresearchstore.com/market-insights/aerostructures-market-828574
The global aerostructures market is segmented as a component, material, end-use, platform, and region. By component, the global market is divided into empennage, fuselage, wings, flight control surfaces, nacelle and pylon, nose, and others. Based on material, the market is bifurcated into scissor lifts, boom lifts, personal portable lifts, vertical mast lifts, and others. By end-use, the global market is divided into OEMs and aftermarkets. By platform, the market is bifurcated into fixed-wing aircraft and rotary-wing aircraft. Geographically, the global aerostructures market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
In terms of geography, North America represents a higher demand for the aerostructures market followed by the European region. According to National Geographic, there are more than 150 ongoing boundary conflicts in Asia-Pacific, Africa, Europe, and North America. The growing use of unmanned aerial vehicles (UAVs) is driving up demand for advanced aerostructures components to ensure border protection and vigilance. This, combined with manufacturing technological advancements, is expected to boost the global aerostructures market during the forecast period. China, India, and Japan, among others, are growing their investments in general aviation aircraft production. Due to an increase in aircraft deliveries in this area, the aerostructures market in Asia-Pacific is expected to expand at the fastest CAGR within the forecast period. Furthermore, the arrival of big players is projected to increase demand even further. The province's market for aerostructures would be driven by the heavy presence of influential aerostructures manufacturers, as well as private sector investment in manufacturing and expansion of R&D operations.
Global Aerostructures Market: Regional Segment Analysis
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