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What CAGR Will the Aerospace Parts Manufacturing Market Achieve During 2025–2034, and What Does It Indicate?

Over the past few years, the market size of aerospace parts manufacturing has been experiencing consistent growth. The market, which is anticipated to increase from $981.27 billion in 2024 to $1029.19 billion in 2025, will experience a compound annual growth rate (CAGR) of 4.9%. The growth witnessed in the historic period can be credited to factors such as defense expenditure, demand in commercial aviation, global economic conditions, outsourcing trends, and regulatory compliance.

In the coming years, the market size for manufacturing aerospace parts is projected to witness robust growth. The market is forecasted to escalate to $1275.16 billion in 2029, growing at a compound annual growth rate (CAGR) of 5.5%. Factors such as modernization, burgeoning space industry, growing demand in emerging markets, resilient supply chains, and environmental sustainability capacities can be attributed to this projected growth. The market trend forecasts for this period indicate integration of automation and robotics, the implementation of hybrid propulsion systems and electrification, augmented reality (AR) and virtual reality (VR) applications, global collaboration and outsourcing initiatives, and the implementation of cybersecurity measures.

Which Factors Are Enhancing the Growth of the aerospace parts manufacturing Market?

The growth in the aerospace parts manufacturing market is predicted to be driven by an upsurge in passenger traffic. The term passenger traffic refers to the total number of passengers who board and depart from aircraft at the airport. This number is determined by dividing the total number of passenger miles traveled by the total distance traveled over the same period. With the annual upturn in passenger traffic, there will be an increased need for more aircraft, fuelling the production of more aerospace parts. The market growth will be propelled by this surge in passenger traffic. For example, the International Air Transport Association (IATA), a Canadian trade association of global airlines, reported that international air traffic had risen by 229.5% in 2022 from 2021, and that overall air traffic had seen a boost of 76.2% in the same year. Thus, the mounting passenger traffic is a key driver of growth in the aerospace parts manufacturing market.

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Who Are the Key Firms Paving the Way for Growth in the Aerospace Parts Manufacturing Market?

Major companies operating in the aerospace parts manufacturing market include:

• RTX Corporation_x000D_

• General Electric Company_x000D_

• Airbus SAS_x000D_

• Honeywell International Inc._x000D_

• Mitsubishi Heavy Industries Ltd._x000D_

What Are the Most Influential Trends Currently Shaping the Aerospace Parts Manufacturing Market?

Rapid advancements in technology are a crucial trend seen within the aerospace parts manufacturing marketplace. Numerous leading corporations in this sector prioritize creating innovative technological remedies to fortify their market status. For example, in January 2023, Plataine Ltd., a company from Israel known for AI-equipped manufacturing optimization solutions, introduced ‘FabricOptimizer.’ This innovative AI-driven solution, featuring a nesting around defect solution, is distinctively engineered to let manufacturers automatically select between various options and amounts of material. This yields the most efficient cutting plan for particular kits. It contributes to aerospace manufacturing by tackling supply chain and labor issues through comprehensive process automation and maximizing the use of materials. It assists in minimizing errors, redoing work, and eliminating material waste, which in turn promotes ongoing process enhancement.

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Which Key Segments Define the Structure of the Aerospace Parts Manufacturing Market and Their Growth Potential?

The aerospace parts manufacturing market covered in this report is segmented –

1) By Product: Engines, Aerostructure, Cabin Interiors, Equipment, System and Support, Avionics, Insulation Components

2) By Application: Interior, Propulsion Systems

3) By End Use: Commercial Aircraft, Business Aircraft, Military Aircraft, Other Uses

Subsegments:

1) By Engines: Turbine Engines, Turbojet Engines, Turboprop Engines

2) By Aerostructure: Fuselage Sections, Wings And Wing Components, Tail Structures

3) By Cabin Interiors: Seating Systems, Galleys And Lavatories, Cabin Lighting

4) By Equipment, System, And Support: Landing Gear Systems, Fuel Systems, Electrical Systems

5) By Avionics: Flight Control Systems, Navigation Systems, Communication Systems

6) By Insulation Components: Thermal Insulation, Acoustic Insulation, Fireproof Insulation

Which Regions Are Essential for the Growth of the Aerospace Parts Manufacturing Market?

North America was the largest region in the aerospace parts manufacturing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global aerospace parts manufacturing market report during the forecast period. The regions covered in the aerospace parts manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

How Is the Definition of the Aerospace Parts Manufacturing Market Impacting Future Growth?

Aerospace parts manufacturing refers to the production of aircraft engines, propulsion systems, auxiliary equipment and their parts. They are engaged in the manufacture, development, sale, testing and maintenance of airplanes. They are used for manufacturing aerospace components required for building an aircraft.

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