INDUSTRY REPORT manufacturers, as well as halting or limiting operations of agencies with ties to Russia. Sanctions on Russian aerospace agencies, such as Sukhoi and UAC, have reshaped worldwide competition.”
Analyst BRI pointed to the effect on the market of emerging trends, with the combination of artificial intelligence( AI) and machine learning( ML). These technologies, it said, are enhancing performance, decreasing costs and improving precision in the industry.
“ AI and ML enable quicker simulation and optimisation of aircraft designs, while also automating manufacturing operations. Additionally, AI-powered predictive upkeep structures are improving aircraft performance and protection. The developing adoption of AI and ML is shaping the future of aerospace, making operations more streamlined and sustainable,” reported the analyst.
Growing demand for green and fuel-efficient aircraft mean that airlines and manufacturers are prioritising sustainability to satisfy stringent environmental regulations and decrease operational costs. Drone and unmanned aerial system technology has also seen considerable growth. Advances in lightweight materials, aerodynamic designs and propulsion structures, along with electric and hybrid engines, are examples of innovations. Sustainability will become a key driving force of the aerospace market.
Market drivers and challenges
Developing international demand for air travel is a key driver of the commercial aerospace sector. Rising disposable incomes, the expanding middle class and increasing tourism levels have expanded the quantity of passengers and freight transported worldwide.
“ The increasing involvement of the private sector in space exploration is booming this part of the aerospace market. Companies, such as SpaceX and Blue Origin, are leading this with improvements in reusable launch motors, which lessen the price of space travel and unlock new opportunities for satellite deployment. Additionally, space tourism is emerging as a promising market, with business spaceflights for private individuals. These advances are transforming the space industry, growing new sales streams,” highlighted analyst, BRI.
However, it also pointed to the high costs of production, materials and R & D in the market, particularly for new entrants and smaller players. These costs are in addition to those generated by stringent regulations and certification needs.
An aerospace engineer checks engine designs.
Advances in lightweight materials, aerodynamic designs and propulsion structures, along with electric and hybrid engines, are examples of innovations
“ Global financial instability, driven by geopolitical tensions and disputes, poses sizeable challenges for the aerospace marketplace. Similarly, industrial aviation demand can be affected by decreased consumer spending, travel regulations and shifts in global trade patterns. Airlines may additionally postpone fleet growth or reduce routes, whilst manufacturers may see slower orders for new aircraft. The aerospace industry must adapt to these fluctuations, navigating both monetary uncertainty and shifting political landscapes,” cautioned the analyst.
Analyst Precedence Market
Research highlighted two key market drivers in its report on global aerospace markets: space tourism and UAM( urban air mobility).
“ UAM, characterised by eVTOL aircraft and autonomous air taxis, is revolutionising urban transportation. With increasingly congested city streets and a growing emphasis on sustainable mobility solutions, UAM offers a compelling alternative for short-distance travel within cities. As UAM takes off, it will create a 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,” it said.
Aerospace parts manufacturing
Image: Shutterstock. com.
Image: Shutterstock. com.
Grand View Research estimated the global aerospace parts manufacturing market size to be US $ 913.13 billion in 2023, expecting it to grow at a compound annual growth rate( CAGR) of 4.2 % from 2024 to 2030.
“ Increased competition among the aerospace parts manufacturing companies aiming to establish secure contracts with aircraft manufacturers is being observed in the industry. Players in global aerospace parts manufacturing market 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, superior customer service & support, and price) also affect market competition,” said the analyst.
“ Based on product, aircraft manufacturing accounted for the largest revenue share of over 51 % in 2023. This segment includes manufacturing and assembly of a complete aircraft, including the aerostructure. It also includes developing and making aircraft prototypes; aircraft conversion that includes significant modifications to aircraft, and complete aircraft overhaul and rebuilding,” it added.
Analyst Technavio published its‘ Aerospace Parts Manufacturing
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