Global Aerostructure Market Outlook
Pandemic has strike hard every sector. Aviation has seen its worst days during this period. Now things are changing for aviation sector.
The pandemic has changed the economic environment and also triggered the biggest crisis in modern aviation history, based on this, the strategy formation of the aerospace industry was halted, and the aerostructure market was also affected fundamentally, the companies were then all set to adapt to a completed changed market situation. Delvens says that it will take at least until 2025 for the manufacturers to return to the pre-pandemic volumes, various companies were severely affected by the decline.
The company took measurable actions in the aerostructure business to adapt to the fundamentally changed situation in the longer term. It has been analyzed that after many years of growth in the aviation industry, 2020 marked a turning point for the companies, and demand for new aircraft plunged massively in all areas of aviation within a very short period. For instance, RUAG aerostructure’s deliveries of the A320 family from the Airbus fell by more than 30%, furthermore, Engine manufacturer GE Aviation did not take any transmission housing from RUAG aerostructure between May and July.
The companies are not expecting to recover the market quickly at least not before 2025. In the first quarters of 2021, the companies started marking new strategies to overcome the current situation and challenges for future growth.
As per Delvens analysts, the market for aerostructure is estimated to be USD 46.2 Billion in 2021 and will reach USD 68.9 Billion by 2028, growing at a CAGR of 8.7% during the forecast period 2022-2028.
Get report on Global Aerostructure Market : https://www.delvens.com/report/317/Aerostructures-Market---Trends-Forecast-Till-2028
Post-Pandemic North America region is delivering a boosted market recovery and is expected to dominate the market for aerostructure during the forecast period owing to the rising demand for new aircraft, for instance, United Airlines ordered 200 new 737 MAX aircraft positioning its fleet for growth as the demand for air travel is expected to rise. The acceleration in the growth of the North American aviation sector will close the gap to reach pre-pandemic commercial aerospace revenues. Also, during this situation, North America overtook China with more than 30% share of world domestic passengers in 2021
The market is driven by global aircraft production – Flight volume – increased demand for passenger and cargo air traffic are the main drivers for increased flight volume, for instance;
- Airbus forecasts the need for 40,000 new aircraft deliveries in the next 20 years dominated by the Asia-Pacific, Europe, and North American regions.
- Globally, Airbus anticipates that there will be 39,490 new aircraft deliveries (both commercial and freighter) between 2022 and 2041.
- The new delivery market is dominated by the Asia-Pacific region (17,580 deliveries), Europe (8,140), and North America (6,990).
- The Latin American region could have up to 2,550 deliveries and 300 conversions between 2022 and 2041.
- In 2021, Bombardier delivered 120 business aircraft, reaching USD 7.6B1 in revenue.
- In 2021, Bombardier held more than 25% market share in the aerospace manufacturing sector (including parts manufacturers), making it the largest contributor in Canada in this field
To evaluate the market from all angles, we conducted interviews with experts across the globe covering Aerospace & Defense regions
Interviewees considered for data extraction and validation comprised a balanced mix of aerostructure OEMs, suppliers, and other KOLs
More than 100 interviews were conducted covering countries in North America, Europe, and Asia
Also gathered, data and reports available in the public domain such as industry, associations, and institutions
During the survey, we asked below strategic questions from the interviewee to derive views on the market structure, development, and competitive landscape, also, mapping the technological challenges and the identification of improvement and growth in the entire aerostructure industry.
- What are your views on the overall market size for aerostructure?
- What are the major segmentations to be considered?
- What are the major changes tracked by you in the last five years?
- What is your expectation regarding the development of the market until 2028?
- What are the key drivers?
- What market segmentation will show strong growth?
- What products are in high demand?
- What are the general requirements of the end market regarding aerostructure?
- Who are the major market players in the aerostructure market?
- What are the strength/weaknesses of the major companies?