Aerospace parts market to surge 46%, exceed $1.39 trillion by 2030: reportNews
August 16, 2022
NEWARK, New Jersey. The global aerospace parts manufacturing market will blow past the $1 trillion mark this decade, surging 46% between 2022 and 2030, according to a new report.
The report, published by the Brainy Insights, predicts that the market will grow from $952.4 billion in 2021 to $1.39 trillion in 2030 for a compound annual growth rate (CAGR) of 4.3%.
A need to keep aircraft flying longer may help drive the market growth, the report says.
"Airlines considering fleet expansions may bring older aircraft back into service or keep them in operation for a prolonged period, which is expected to boost development in the aerospace parts manufacturing market," it states. "Another factor projected to fuel the global market expansion over the forecast period is technical improvements and a rising need for aircraft built for specific tasks."
Some major players in this space who are also heavily involved in the defense industry include Honeywell International, Raytheon, Textron, GE Aviation, and Rolls Royce.