INDUSTRY REPORT
Image : Shutterstock . com . enabling better fuel efficiency , significant cost savings and profit margins compared to older aircraft . The annual replacement rate in the airline industry is approximately 3 %. Fleet replacement provides a strong base for long-term demand for the manufacturing of new aerospace parts since it is much needed for fleet expansion , which contributes to market development ,” added Grand View Research .
Players in global aerospace parts manufacturing markets compete based on differentiation in technology , design , product performance and conformity to customer specifications . Additional factors ( such as timely delivery of the product , industry goodwill , customer service and support , and price ) also affect market competition .
Aerospace production .
Image : KUKA .
Sustainability flies high
The global aerospace industry has proved itself to be adept at embracing new materials , processes and technologies aimed at increasing safety and productivity . Lightweight materials , such as aluminium alloys , help to improve fuel efficiency . The aerospace & defence industry is opting for high-strength , lightweight materials to improve the cost- / fuel-efficiency , as well as the environmental performance , of aircraft . This approach also aims to decrease emissions and reduce material usage .
For aircraft construction , elements such as titanium alloys , aluminium alloys and composites are being used . The use of emerging technologies , such as additive manufacturing / 3D printing for the manufacturing of low-cost , sustainable aircraft parts , is also increasing at a significant rate . The manufacture of intelligent synthetic structures ( by embedding sensors into synthetic structures ) has been highlighted by some aviation material suppliers .
The sector has placed a strong focus on sustainability as it faces the challenge of significantly reducing its carbon emissions to achieve global climate goals . Solutions for climate-neutral or even zero-emissions flights are being systematically researched , with some already being tested .
“ In the aerospace market , cleantech involves novel approaches that help to minimise carbon footprints , enhance the use of green energy sources and improve effectiveness . The rising adoption of clean combustion fuels and new materials for aircraft construction propel the market . Moreover , the increasing focus on electrification , R & D and the commercialisation of hydrogen techniques are contributing to the growth of the market ,” commented analyst , Precedence Research . n
The sector has placed a strong focus on sustainability as it faces the challenge of significantly reducing its carbon emissions to achieve global climate goals
30 | ismr . net | ISMR December 2024 / January 2025