Global Market Insights, Inc. recently introduced new title on 2019-2025 Aerospace & Defense C-Class Parts Market Report from its database. The report provides study with in-depth overview, describing about the Product, Industry Scope and elaborates market outlook and status to 2025.
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. For instance, in February 2018, COMAC announced the delivery of C919 jet by 2021. Additionally, in May 2018, the company announced high orders of around 815 for its COMAC C919 aircraft, thereby providing a positive outlook for the industry expansion.
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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.
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. Additionally, the company provides opportunity for part manufacturers to develop customized solutions based on manufacturer requirements.
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Asia Pacific will witness significant growth rate in the aerospace & defense c-class parts market place. Increasing air traffic in conjunction with periodic maintenance, repair and overhaul requirements across countries including China, India, and South-east Asia will fuel the regional demand. Additionally, lower labor cost and easier availability of raw materials will catapult the aerospace & defense c-class parts market over the projected timeframe.
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.
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.
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