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3 major trends impacting aerospace & defense c-class parts market forecast

Publisher : Fractovia | Published Date : 2019-12-20Request Sample

Global aerospace and defense c-class parts market is poised to experience remarkable momentum in the years to come, owing to gradual increase production of commercial aircraft and strong defense spending. With rising passenger traffic and cheaper airfares coupled with upsurge of disposable income of middle-class groups, the booming aviation sector will offer lucrative growth perspectives to various ancillary businesses, leading to swift expansion of aerospace c-class components industry.

In recent years, tremendous progress has been achieved in the development of aerospace materials. Advancing future materials with higher mechanical performance and corrosion resistance was a key focus to achieve top-class improvements in quality, life cycle costing and to enable lighter parts, highlighting key aerospace and defense c-class parts industry trends.

Listed below are some notable factors influencing the consumption of c-class parts across the aviation sector:

Rising number of distribution channels to drive the industry share

In terms of adopting emerging technology for providing lightweight components and increasing the use of energy efficient materials, aviation sector is one of the leading drivers of innovation. Many airline operators are relying on OEM suppliers for parts and service expertise and are gradually shifting their strategies towards service-based models that aid in generating profitable revenues.

The trend has also encouraged OEMs to expand their production capacities to meet customer demands. Recently in July 2019, Safran SA, a French multinational aircraft engine, had unveiled the plans to construct a new aircraft carbon brake plant in Feyzin near Lyon, France. This new plant will bolster the production volume of Safran Landing Systems and will also set a new standard in environment-friendliness.

Prominent reports reveal that the aftermarket segment held about 70% of global aerospace and defense c-class parts market share. The role of OEMs is also gaining considerable traction due to increasing penetration in MRO market and the ability to serve customers according to their requirements. Driven by such initiatives, aerospace & defense c-class parts industry is anticipated to garner significant revenues over the forecast timeline.

APAC to gain substantial proceeds with increasing air traffic

The U.S. aerospace manufacturing sector is soaring at a rapid pace owing to the implementation of advanced production techniques to reduce waste as well as improve quality, in addition to efficient use of resource planning system.

Increasing demand for commercial aircraft in conjunction with rapid growth of air traffic will further contribute towards expansion of aviation segment in the region. North America accounted for nearly 45% of aerospace and defense c-class parts market globally in 2018.

Asia Pacific is likely to emerge as a strong regional contender due to vast developments in the aerospace sector, rapid industrialization and increased penchant for air travel. In fact, the International Air Transport Association predicts that over 50% of new air passengers will be in this region over next 20 years.

Adoption of advanced and upgraded technologies for manufacturing aircraft and spacecraft components is expected to bolster APAC aerospace & defense c-class parts industry outlook over the coming years.

Increasing efforts by industry contenders to drive industry outlook

Major industry players are involved in implementation of unique strategies including collaborations, mergers and acquisitions, and technology partnerships to fortify business outlook.

In June 2019, Safran Cabin had announced it will provide full scale integrated interiors for the Mitsubishi SpaceJet family of aircrafts. The could certainly involve deployment of components like bearings, fasteners and electrical interior components, expanding business prospects for Safran which manufactures such parts.

Separately, RBC Bearings had recently confirmed that it has acquired Swiss Tool Systems AG, for leveraging its high-precision boring and turning systems which complement RBC’s expertise in design and quality. Undoubtedly, consistently expansion activities and business agreements within the aviation sector will fuel aerospace & defense c-class parts market size substantially.

Some of the notable players operating across aerospace and defense c-class parts industry include Safran SA, RCB Bearings Incorporated, NTN Corporation, Amphenol Corporation, Precision Castparts Corporation, SKF Bearings, Arconic Inc, among others.

Global Market Insights, Inc. has estimated that global aerospace and defense c-class parts market will surpass USD 14 billion in annual valuations by 2025.

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