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Aerospace & Defense C-Class Parts Market in OEM segment is Expected to account significant share over the forecast timeframe

Author : Ronak Bora | Published Date : 2019-05-31 

Global Market Insights presents the Aerospace & Defense C-Class Parts Market provides a detailed overview of major drivers, restraints, challenges, opportunities, current industry trends and strategies impacting the global market along with estimates and forecast of revenue.

Aerospace & defense c-class parts market place based on distribution channel, is bifurcated into OEM and MRO. OEM segment is expected to account for a significant share over the forecast timeframe. This share is primarily attributed to the prevalence of mergers and acquisition strategies among component manufacturers and aircraft manufacturers for continuous components supply. For instance, in July 2015 Precision Castparts Corp. announced acquisition of Noranco. This strategy enabled the company to expand its product portfolio offerings and expand their market share.

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Existing geopolitical issues among major economies including China, North Korea, South Korea, the U.S., Israel, and India have necessitated the requirement for strong aircraft fleets. This in turn will drive the investments for the development of innovative technologies along with upgradation of existing systems. For instance, defense budget of the U.S. for fiscal year 2019 included modernization program for existing Air Force strike fighter aircrafts and bombers. Additionally, replacements of older parts and newer aircraft orders will positively influence the aerospace & defense c-class parts market growth over the study timeframe.

Industry participants including Boeing and Airbus are continuously investing in R&D for incorporating composite materials into their aircrafts, requiring lower C-class parts. The lower material weight along with higher durability are supporting the increased product adoption over the study timeframe. However, high material cost may limit its growth over the foreseeable future and support the aerospace & defense c-class parts market expansion till 2025.

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Based on aircraft, the aerospace & defense c-class parts market place is segmented into commercial, regional, military aircraft, and helicopters. Increasing air passenger traffic, lower air fares, and proliferating tourism and travel industry are favoring the commercial aircraft segment growth over the forecast timeframe. Industry participants are entering single aisle jet segment to cater a wide customer base.

Aerospace & Defense C-Class Parts Market will grow at an exponential CAGR over the projected timeframe due to increasing air passenger traffic coupled with component replacements for ageing aircraft fleet. According to the Boeing Commercial Market Outlook, more than 500 aircrafts are expected to reach around 25 years of age by 2020, that will require extensive MRO for maintaining their airworthiness. The incorporation of innovative technologies along with increasing technical complexities in aircrafts will further expand the industry size till 2025.

Electronic components are projected to witness significant growth rate over the forecast timeframe. Increasing usage of electronic components in avionics, cabin lighting, air frame, engine, hydraulic systems, and electrical interconnect harness with minimum energy consumption will support aerospace & defense c-class parts market growth. Further, advancements in relays, circuit breakers, connectors, and switches along with improving system efficiency will provide a positive outlook for the industry expansion.

North America is expected to account for a considerable share in the aerospace & defense c-class parts market place. Strong presence of major aircraft manufacturers across the region including Lockheed Martin and Boeing, along with pending backlogs are expected to provide strong growth prospects. Moreover, manufacturers are introducing innovative and efficient solutions for catering to increasing aircraft traffic demand. Additionally, proliferating defense spending coupled with growing demand for light weight aircrafts will further positively support the aerospace & defense c-class parts market growth over the forecast timeframe.

Few aerospace & defense c-class parts market participants include Precision Castparts Corp, Arconic, RBC Bearings Incorporated, Eaton Corp., and Stanley Black & Decker, Inc. Industry participants are engaged in mergers & acquisitions along with collaborations with aircraft OEMs to strengthen their industry foothold. For instance, in July 2015 Precision Castparts Corp. announced the acquisition of Noranco. This strategy enabled the company to expand their product portfolio offering for catering to a wide customer base.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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