Overview and Scope
Aerospace and defense components refer to parts that are produced to be involved in the manufacture and service of commercial aircraft, military defense, and space. These components are produced with the exact tolerances for their missions. They are used for the production of commercial and military aircraft, and even satellites.
Sizing and Forecast
The aerospace and defense components market size has grown rapidly in recent years. It will grow from $59.59 billion in 2023 to $66.42 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to global military spending, commercial aviation growth, geopolitical tensions, space exploration initiatives, upgrades and modernization, cybersecurity concerns..
The aerospace and defense components market size is expected to see rapid growth in the next few years. It will grow to $98.92 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to increasing global threats, space commercialization, renewable energy in aviation, additive manufacturing, electronics miniaturization, global air traffic growth.. Major trends in the forecast period include additive manufacturing and 3d printing, electric and hybrid propulsion systems, increased connectivity and iot integration, autonomous and unmanned systems, supply chain resilience and digitalization..
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The aerospace and defense components market covered in this report is segmented –
1) By Product: Aluminum, Titanium, Composites, Superalloys, Steel, Plastics, Other Products
2) By Application: Engine, Aerostructure, Interiors, Equipment, System And Support, Avionics
3) By End User: Commercial, Business And General Aviation, Military, Other Users
North America was the largest region in the aerospace and defense components market in 2023. Asia-Pacific is expected to be the fastest-growing region in the aerospace and defense components market report during the forecast period. The regions covered in the aerospace and defense components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising number of air travelers will support the growth of the aerospace and defense components market. Air travelers are individuals who use airplanes as a mode of transportation for domestic or international travel. The demand for air travel drives the need for efficient, lightweight and high-performance components to meet the demands of modern aircraft. For example, the International Air Transport Association (IATA), a trade association of the world’s airlines, announced strong demand growth in air travel for March 2023. Total global air traffic in March 2023 (measured in revenue passenger kilometers or RPKs) rose 52.4% compared to March 2022 . Therefore, the rising number of air travelers will drive the growth of the aerospace and defense components market.
Key Industry Players
Major aerospace and defense component manufacturers are focusing on increasing their investments to expand their product portfolio. Investments in production capacities refer to financial commitments made by businesses to expand or enhance their manufacturing capabilities, aiming to increase output and meet growing demand. For example, in December 2022, Collins Aerospace, a US-based aerospace technology company, announced plans to invest more than $200 million in engineering and production capabilities, as well as hire an additional 2,000 highly skilled personnel in the Indian aerospace and defense sectors. Through this investment, the Collins India Operations Center in the city of Bengaluru aspires to develop its engineering, digital technology and manufacturing operations in the country.
The aerospace and defense components market report table of contents includes:
1. Executive Summary
2. Aerospace And Defense Components Market Characteristics
3. Aerospace And Defense Components Market Trends And Strategies
4. Aerospace And Defense Components Market – Macro Economic Scenario
5. Global Aerospace And Defense Components Market Size and Growth
………..
31. Global Aerospace And Defense Components Market Competitive Benchmarking
32. Global Aerospace And Defense Components Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Aerospace And Defense Components Market
34. Aerospace And Defense Components Market Future Outlook and Potential Analysis
35. Appendix
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