INDUSTRY REPORT demand for innovative aircraft designs , electric propulsion systems , air traffic management solutions and the necessary infrastructure , which will further stimulate growth in the aerospace sector .
Type insights
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According to type , said the analyst , the commercial aircraft segment held a 43.5 % revenue share in 2022 . Commercial aircraft refer to aeroplanes and jets designed for passenger and cargo transport . Within the aerospace market , the commercial aircraft category comprises narrow-body , wide-body and regional aircraft .
“ A noteworthy trend within this segment centres on the evolution of eco-friendly and fuel-efficient aeroplanes . Manufacturers are incorporating advanced materials and innovative aerodynamics , including composite structures and winglets , to enhance aircraft performance while addressing environmental concerns . The widespread adoption of digital technologies , such as advanced avionics systems and data analytics , is crucial for improving safety , elevating the passenger experience and streamlining operational efficiency ,” commented the analyst .
Precedence Market Research expects the aerospace support segment to expand at a significant CAGR of 8.5 % from 2023-2032 . Aerospace support encompasses a wide range of services including maintenance , repair , and overhaul ( MRO ), as well as logistics and technical support for aircraft and related systems . The aerospace support sector is witnessing a shift towards predictive and proactive maintenance , driven by data analytics and IoT technology . These advances enable more efficient and cost-effective operations , reducing downtime and ensuring aircraft remain in optimal condition .
The increasing adoption of 3D printing and additive manufacturing in aerospace support offers innovative solutions for component replacement and repair .
Size insights
Based on size , the narrow-body segment is anticipated to hold the largest market share of 78.2 % in 2022 according to the analyst . Narrow-body planes , such as the Boeing 737 and Airbus A320 , typically have a single aisle , making them suitable for short to medium-haul routes , accommodating 100-240 passengers . They are popular for their efficiency and versatility and they drive significant demand , especially in regions with growing air travel .
The wide-body segment is projected to grow at the fastest rate over the projected period . Wide-body aircraft , like the Boeing 777 and Airbus A350 , feature two aisles and a larger passenger capacity ( typically over 240 passengers ). These planes are favoured for longhaul international flights .
Recent trends show a shift towards fuel-efficient engines in both categories , reducing environmental impact and operating costs while increasing passenger comfort .
The increasing adoption of 3D printing and additive manufacturing in aerospace support offers innovative solutions for component replacement and repair
Lockheed Martin won a contract in July 2023 from the Defense Advanced Research Projects Agency ( DARPA ) in the USA to develop and demonstrate a nuclear-powered spacecraft under the DRACO project .
End-user and operational insights
“ In 2022 , the private sector segment had the highest market share of 65.4 % by end user . In the aerospace market , the private sector primarily includes commercial airlines , aerospace manufacturers , space tourism companies and private space exploration ventures . This sector is driven by profit motives , innovation and competition , and it has been witnessing remarkable growth due to surging demand for air travel and the emerging space tourism industry ,” said Precedence Market Research .
The government sector , which encompasses defence and space agencies , is anticipated to expand at the fastest rate over the projected period . It is characterised by government-funded research , development and procurement . In recent trends , governments worldwide are increasing their defence budgets , fostering innovation in military aerospace and promoting international collaboration in space exploration , thereby influencing the aerospace market ' s trajectory .
“ Based on size , manual aircraft are anticipated to hold the largest market share of 68.5 % in 2022 . Manual aircraft are traditional aircraft operated by human pilots who directly control the vehicle ' s flight , navigation and decision-making processes . While advances in automation have reduced pilot workload , manual aircraft continue to be crucial in commercial and military aviation . Trends in the aerospace market for manual aircraft include the integration of advanced avionics , human-machine interface enhancements and pilot training improvements to enhance safety and efficiency ,” outlined the analyst .
On the other hand , the analyst projects the autonomous aircraft segment to grow at the fastest rate over the projected period . Autonomous aircraft , also known as unmanned aerial vehicles ( UAVs ) or drones , are aircraft capable of operating without human intervention . These aircraft find applications in surveillance , delivery and data collection . Trends in the aerospace market for autonomous aircraft involve the development of advanced artificial intelligence , improved sensors and regulatory frameworks to support safe and expanded use in various industries such as e-commerce , agriculture and defence . n
ISMR December 2023 / January 2024 | ismr . net | 19