North America Aerospace Parts Manufacturing Market

Market Overview

During the forecast period (2022–2030), the North America aerospace parts manufacturing market size is estimated to increase at a CAGR of 2.3%, reaching 504.46 billion USD by 2030. Manufacturing aerospace parts is a multibillion-dollar industry that demands a high level of skill and technological knowledge. Producing parts and components for aircraft and spacecraft is the primary focus of the aerospace parts manufacturing sector, which is exactly what one would expect from the industry's name.

When we talk about aeroplanes and spacecraft, the first thing that comes to everyone's mind is how secure these vehicles are. The components of aerospace vehicles need to be able to withstand high impact, fluctuating temperatures, and stress throughout their journeys. As a result, these components need to be durable, resistant, and lightweight all at the same time. As a result of these factors, the precision tolerances required in the manufacturing of aerospace parts are extremely stringent.

The aerospace industry is always improving its aircraft to meet the high needs of its serviceable consumers by adding a variety of new accessories and services that will allow passengers to have a safer and better travelling experience. To make this happen, the aircraft must be renovated or a whole new-generation aircraft must be built. To meet the new-age demands of passengers, numerous parts are developed, propelling the aerospace parts manufacturing industry forward.

Market Dynamics

North America Aerospace Parts Manufacturing Market Drivers

Due to the presence of significant aircraft parts manufacturers and the well-established aircraft manufacturing industry in the region, North America appeared as a major worldwide aircraft parts manufacturing market in 2021, accounting for 38.2% of market revenue. Over the forecast period, rising demand for new-generation aircraft is likely to boost market expansion in the region.

Growth is expected to be driven by rising passenger traffic. Furthermore, technological advancements are expected to provide significant growth potential.

For example, aeroplane manufacturers are using ML (Machine Learning) and AI (Artificial Intelligence) approaches to improve safety, quality, and efficiency. The machine learning algorithms collect and evaluate data in order to make better conclusions. These technical advancements aid in the decrease of production costs while also increasing aeroplane performance. Furthermore, the e-commerce industry's increasing usage of cargo planes is expected to propel the industry forward.

• Rapid increase in the Aerospace part manufacturing industry
• There is a significant increase in demand for lightweight, next-generation aerospace parts that improve fuel efficiency. In USA, using cutting-edge manufacturing processes and materials allows you to create parts that improve an aircraft's end structure, reduce its weight, and make it more cost- and energy-efficient.

North America Aerospace Parts Manufacturing Market Restraints

• Emerging Asian firms delivering low-cost creative solutions to end-users are projected to challenge established North American players, resulting in market upheaval.
• The aerospace components manufacturing industry has tight manufacturing standards, safety regulations, and certifications, making new entries difficult.
• According to the North American Industry Classification System (NAICS), code 3364, the aerospace manufacturing sector is responsible for the production of aircraft, spacecraft, and missiles. Additionally, this sector is responsible for the rebuilding and overhauling of aircraft and propulsion systems. In 2018, the Toxics Release Inventory received reports from 278 facilities in the sector (TRI).
• The TRI Program analysed the sector's TRI data to characterise the following: 1) trends in the quantities of chemicals managed as waste, including releases to the environment; 2) top chemicals released by quantity; and 3) the types of practices used to prevent pollution in order to track trends in pollution prevention (P2) and other sustainability practises in the aerospace manufacturing sector.
• The future of the industry in North America that makes aerospace parts is heavily impacted by a number of factors, including the impact that the industry has on climate change, the rising cost of fuel, and efforts to reduce emissions of greenhouse gases.

Regional Analysis

As a result of the high volume of air travel that occurs in the North American region, the North America aerospace parts manufacturing market is poised to experience the greatest amount of growth in the North American region. This is why North America is the most dominant region on the planet. North America is divided on the basis of countries into U.S., Canada & Mexico. U.S. being the largest aerospace part manufacturer in the whole North America.

Segmental Analysis

The market for aviation in North America can be broken down into three categories based on the type of aircraft: commercial aircraft, military aircraft, and general aviation. The commercial aircraft market can be further subdivided into two categories: passenger aircraft and freighters. The general aviation market can be further subdivided into business jets, turboprop aircraft, piston fixed-wing aircraft, and helicopters. The military aircraft market can be further subdivided into combat and non-combat aircraft. Further on the basis of product it could be segmented into Engines, Aerostructure, Cabin Interiors, Equipment, System, and Support, Avionics, and Insulation Components.

Commercial aircraft segment is expected to grow at a faster rate among other. 

Recent Developments

• 7^th May 2022, SpaceX brought four astronaut home with a midnight splashdown in the Gulf of Mexico
• 6^th May 2022, Boeing has announced that the company's worldwide headquarters will be located in Arlington, Virginia, just outside of Washington, D.C. It intends to establish a research and technology centre in the area in order to recruit and exploit engineering and technical talent.
• May 2022, XMA-ROTOR: the result of a joint project between Airbus Helicopters and Safran.

Airbus Helicopters and Safran Data Systems, a subsidiary of Safran Electronics & Defense, have collaborated closely to advance flight testing innovation for the RACER (Rapid and Cost-Effective Rotorcraft) programme, which is developing a high-speed, high-efficiency helicopter demonstrator. It will be outfitted with the proprietary HIRIS (Helicopter Innovative Rotating Instrumentation System) "WIRELESS" rotary wing instrumentation data acquisition system.