CHICAGO, March 17, 2022 /PRNewswire/ -- According to the new research report, the "Aerostructures Market by Material(Composites, Alloys & Superalloys and Metals), Component, End User (OEM, Aftermarket), Platform (Fixed Wing, Rotary Wing, UAVs, Advanced Air Mobility) & Region (North America, Europe, APAC, RoW) - Global Forecast to 2026", published by MarketsandMarkets, the market is estimated to be USD 49.0 billion in 2021 and is projected to reach USD 75.0 billion by 2026, at a CAGR of 9.0% during the forecast period. The growth of this market is mainly driven by increase in number of aircrafts, increase in demand for UAVs and introduction of advanced aircrafts.
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The Aerostructures market includes major players Spirit AeroSystems (US), Airbus (Netherlands), Saab AB (Sweden), Triumph group Inc (US), and Leonardo S.P.A (Italy). These players have spread their business across various countries including North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect Aerostructures production and services by 7-10% globally in 2020.
The COVID-19 pandemic has impacted the end-use industries adversely, resulting in a sudden dip in 2020 aircraft orders and deliveries. This is expected to negatively impact the aircraft market in the short term, with slow recovery expected in Q1 of 2021.
Increasing need new aircrafts, new designs and adoption of composites are fueling the fuselage market which is projected to be the highest in the Aerostructures market during the forecast period.
Based on component, the fuselage segment is estimated to lead the market during the forecast period, with a share of 39% in 2021. Fuselage controls the position and stabilize the surface with regards to lifting surfaces and ensures maneuverability and stability of the aircraft. Fuselage is an aircrafts main body section. It holds crew, passengers, or cargo. In single-engine aircraft, it will usually contain an engine is mounted on a pylon attached to the fuselage, which in turn is used as a floating hull.
The composites segment is projected to witness the highest CAGR during the forecast period.
Based on material, the composites segment is projected to be the highest CAGR rate for the Aerostructures market during the forecast period. Composite materials have played a major role in weight reduction, and hence they are used for both structural applications and components for all spacecraft and aircraft such as fighter planes, space shuttle and passenger airliners. The development of next-generation composite materials with lightweight and high-temperature resistance will help in designing high-performance, economical aircrafts.
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The OEM segment is projected to witness the highest CAGR during the forecast period.
Based on the end user, the OEM segment is projected to grow at the highest CAGR rate for the Aerostructures market during the forecast period. Technological advancements and the need for better connectivity and communication in the aviation industry are additional factors influencing the growth of the Aerostructures market.
The UAV segment is projected to witness the highest CAGR during the forecast period
Based on aircraft type, the UAV segment is projected to grow at the highest CAGR rate for the Aerostructures market during the forecast period. The increasing applicability of UAVs in the defense sector has boosted the Aerostructures market. UAVs have less demanding flight profiles and environmental standard requirements than manned aircraft, and hence, the antennas used in UAVs are smaller and have lower mass as compared to those used in manned aircraft.
The North American market is projected to contribute the largest share from 2021 to 2026
The key factor responsible for North America leading the Aerostructures market is the high demand for new aircraft in the region. The growing demand for aircraft for commercial applications and their increasing utility in the defense sector to carry out transport and surveillance activities are additional factors influencing the growth of the North American Aerostructures market.
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