Over the past few years, aircraft production has been increasing at a significant rate across the globe due to rise in the number of air travels. Besides that, the amount spending by the customers migrating to places has witnessed a surge. This scenario is prophesied to create huge growth opportunities for the market. Manufacturers are introducing fuel-efficient and eco-friendly aircrafts with advanced equipment, which is acting as a key factor driving the global aerostructure equipment market. Diversified product portfolio has also emerged as a key strategy among players, thereby having a positive impact on the aerostructure equipment market growth.
Taking into account the growth of the global aerostructure equipment market, QYR Consulting has recently come up with a new report titled, “Global Aerostructure Equipment Market Report, History and Forecast 2014 - 2025.” According to the report, the global aerostructure equipment market is predicted to exhibit a healthy CAGR during the forecast period of 6 years, i.e. between 2019 and 2025.
Technological Advancements in the Aerospace Sector to Play a Key Role in the Market Growth
3D printing, augmented reality, nanotechnology, and robotics are some of the emerging technologies in the market that are likely to offer novel growth opportunities, thereby fuelling the aerostructure equipment market growth. In addition, there is a surge in the need to enhance the wing aerodynamics, which is calling for technological developments. This is resulting in the demand for effective and advanced aerostructure equipment.
In addition, increased disposable income and high spending on leisure are paving way for the market growth. Population around the globe is increasing at a robust rate, which is resulting in increased flights. This factor is also playing a key role in raising the demand for aircrafts, which is boosting the aerostructure equipment market growth.
Need to Increase the Overall Efficiency to Drive the Retrofits Segment
On the basis of delivery type, the global aerostructure equipment market can be segregated as new equipment, retrofits, and operational services. The retrofits segment is gaining traction in the market owing to growing need to raise the productivity. The global aerostructure equipment market can be segmented based on the end use as commercial, military, business and regional aviation, and helicopter. Due to increasing number of air passengers, the commercial end use segment is anticipated to foresee remarkable growth.
Increased Spending on Leisure by the Customers to Drive the Market in North America
Booming leisure travel industry, high disposable income of the consumers, and willingness to spend on leisure are some of the factors driving the global aerostructure equipment market in North America. The region is also projected to foresee an upward trend in the market due to high aircraft production. Europe is expected to witness significant growth in the coming years owing to growing demand for fuel-efficient aircrafts in EU. Asia Pacific is expected to emerge as a lucrative market in the forthcoming years due to growing population and increasing investments in the development of aircrafts.
Partnerships and Collaborations to Emerge As Key Strategies among Key Players
Key players operating in the global aerostructure equipment market include KUKA Systems GmbH, Electroimpact, Inc., REEL, Broetje-Automation GmbH, SENER, Hyde Group Limited, MTorres Diseños Industriales, Latesys, Gemcor (Ascent Aerospace), Spirit AeroSystems, Inc., Triumph Group, Inc., LISI Aerospace, STELIA Inc., Premium AEROTEC, and Janicki Industries. Companies are getting into partnerships in order to increase the visibility of their products and services. They are also providing unique solutions and improving the value proposition of their services.