Aerospace & Defense C-Class Parts Market Size worth $14bn by 2025
Published Date: August 16, 2019 Authors: Kiran Pulidindi, Hemant Pandey
Aerospace & Defense C-Class Parts Market size shall reach USD 14 billion by 2025; according to a new research report by Global Market Insights, Inc.
The global aerospace & defense c-class parts market will grow at a decent growth rate driven by growing global commercial aircraft industry. Expected rise in product demand is mainly associated with growing middle class around the world, strong economic growth, rise in consumer spending on air travel and improving business models of airline industry, thereby propelling overall aircraft manufacturing. This has resulted into growing utilization of C-class components in aviation sector. Aerospace & defense industry is highly regulated and these stringent regulations concerning safety of aircraft operations forces airline operators toward proper maintenance and repair and overhaul of aircrafts, which supports the market growth. In addition, increasing demand for fuel-efficient aircrafts coupled with increasing air traffic will drive A & D c-class parts market demand in coming years.
There is constant increase in defense expenditure globally year on year. This can be attributed to rise in geopolitical issues and arms races among major economies such as China, India, the United States and Russia. Global military expenditure rose 5% in 2018 and reached USD 1.8 trillion. The total spending is 68.4% higher in 2018 and compared to year 2004 spending. According to Aviation Week, the total number of in-service fleet aircraft were 41,605 in 2017 and expected to grow by 1,230 by the end of 2027. There is an active open requirement of 834 aircrafts and helicopters by different military forces around the world. Around 7,100 aircrafts and helicopters are going to retire in coming years. This will have positive impact on demand of C-class parts in aerospace and defense sector. However, adhesives are quickly replacing the traditional mechanical fasteners such as bolts, rivets, nuts, screws, pins and other mechanical fasteners. Use of adhesives instead of mechanical fasteners in aerospace and defense industry can act as a barrier for the aerospace & defense c-class parts market growth in future.
Get more details on this report - Request Free Sample PDF
Aerospace & defense c-class parts family is broadly categorized into fasteners, bearings, electrical components, machined parts. Fasteners segment contributed a revenue over USD 5 billion in 2018, however, bearings segment is gaining traction, due to their indispensability. Changing dynamics in the global aerospace and defense industry requires innovative designs for next generation aircrafts, such innovations will be drive bearings demand to reduce friction and support load transfer in the aircraft.
Browse key industry insights spread across 246 pages with 245 market data tables & 33 figures & charts from the report, “Aerospace & Defense C-Class Parts Market Size By Component (Fasteners, Bearings, Electrical, Machined), By Application (Airframe, System, Engine, Interiors), By Distribution Channel (OEM, Aftermarket), By End User (Commercial, Military & Defense, Spaceships), Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, South Korea, Australia, Malaysia, Indonesia, Thailand, Vietnam, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Global aerospace & defense c-class parts market is categorized on the basis of application into airframe, interiors, and system. Aircraft airframe segment held the largest share and gaining popularity owing to increasing production rates of major programs by Boeing and Airbus. Additionally, there is rise in demand for lightweight c-class parts and commercial aircraft fleet by major airliners. On the basis of distribution channel aftermarket segment turn out to be largest segment in 2018 holding around 70% market share. This is due to large numbers of MRO’s in the market and their ability to serve customers according to their needs and wants.
Based on end-user, the aerospace & defense c-class parts market is segmented into military & defense, commercial, spacecrafts and spaceships. Commercial segment was the largest segment in 2018 owing to increasing air passengers, decreasing air fares due to cutthroat competitions among airlines and flourishing tourism & travel industry. Commercial segment had market share by revenue more than 55% in 2018 and shall reach up to USD 8 billion by 2025. Another rapidly growing segment is military & defense with CAGR of 5% over forecast period.
North America region will dominate the global A & D c-class parts market throughout the forecast period, accounting for over 45% overall share in 2018. Asia Pacific will witness significant growth rate in the the market. Aerospace & defense c-class part market is highly consolidated by the presence large players. Some key players in the market are Precision Castparts Corporation, Safran SA, NTN Corporation, Arconics Inc, RCB Bearings Incorporated, SKF Bearings, Amphenol Corporation and others.
The aerospace & defense c-class parts market research report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in tons and revenue in USD million from 2014 to 2025, for the following segments:
By Distribution Channel
By End User
- Military & Defense
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
Explore More on Related Topics: