Aerospace & Defense C-class Parts Market Size

Aerospace & Defense C-class Parts Market Size

Aerospace & defense C-class Parts Market size was valued at over USD 11.67 billion in 2020 and is estimated to exhibit a CAGR of more than 4.7% from 2021 to 2027. Rapidly growing demand for airframe due to the replacement of old aircraft in the commercial & defense aviation sector is anticipated to drive aerospace & defense C-class parts demand during the forecast timeframe. Also, the growing demand for fuel-efficient aircraft for major airlines across the globe is likely to propel product demand in the aerospace & defense sector.

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C-class parts are low value parts that are replaced instead of repair when damaged. They are small in size and are the most critical components used in aircraft fabrication. They are situated across the aircraft including fuselage, landing gear fittings, wings, flight control actuating systems, control surfaces, and air-intake areas near the engine.

The global market growth is credited to the emerging commercial aircraft industry. Robust demand is expected during the forecast period as strong economic growth, increase in spending power of consumers on services, and evolving airline business models offer many opportunities to passengers thereby stimulating the overall aircraft manufacturing. Stringent regulations of safety and efficient aircraft operations allow aircraft leaders to offer standard maintenance, supporting the market expansion. In addition, the rising demand for fuel-efficient commercial aircraft and rising air traffic will support the market progression.
 

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 spur the investments for the development of innovative technologies along with upgrading of the existing systems. For instance, the defense budget of the U.S. for the fiscal year 2019 included the modernization program for the existing Air Force strike fighter aircraft and bombers. Additionally, replacement of older parts and newer aircraft orders will positively influence the industry growth over the coming years.