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Global Aero Wing Market Size was valued at USD 13.4 Billion in 2022. The Aero Wing market is projected to grow from USD 14.8 billion in 2023 to USD 29.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.40% during the forecast period (2023 - 2032). Chinese defence spending is increasing, leading to the country's use of fifth-generation fighter jets and an increase in the use of composite materials for aircraft wings, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
China set aside USD 260 billion for defense spending in the 2020–2021 budget year. 65 billion USD have been set aside by the Chinese government to purchase fifth-generation fighter aircraft. These fighter jets have increased China's aerial capability. The KJ-200, KJ-500, and KJ-2000 combat aircraft as well as the Chengdu J-7, J-16, J-20, Su-27, Su-30MKK, Shenyang J-8, J-11, Shenyang Su-35S, and Chengdu J-10 fighter planes are currently in China's arsenal. JH-7 and H-6 bomber planes are also present. Hindustan Aeronautics Limited (HAL) and the Indian Air Force (IAF) signed a contract in February 2021 for the acquisition of 83 Light Combat Aircraft Tejas worth at USD 7 billion in order to modernize the Indian Air Force's combat operation techniques. These military aircraft can perform better assaults and feature cutting-edge wings. According to forecasts, growing countries like China and India would increase their demand for fighter jets, accelerating market growth.
Two types of composite materials are glass-reinforced plastics and fiber-reinforced plastics. These materials are used to construct the wings of airplanes, giving them excellent durability. These composite materials are also used to create the aero wing's skin and outer layers. GRP composite materials are made by combining polyester, vinyl, and epoxy. Fibre and polymer resin are components of fiber-reinforced plastics. In March 2020, the UK-based National Composites Centre opened a new research and development facility to provide a digital marketplace for the procurement of aero wings.
The development of aero wings has recently tended to favor larger, more powerful wings. This is in response to the growing need for fuel-efficient airplanes. Larger wings enable greater lifting force, which reduces the amount of fuel needed for takeoff and landing. A move toward creating Aero Wings using composite materials has also been made. Composite materials are stronger and lighter than normal materials, which allows them to drastically reduce weight. This improves the efficiency of the plane's flight while also generally lightening its burden.
Another important tendency is active wingtip development. The airplane can be controlled more successfully thanks to active wingtips' ability to move independently of the rest of the wing. This is beneficial, especially during takeoff and landing when the aircraft is at its heaviest and most vulnerable to turbulence. In general, Aero Wing is heading toward composite material, larger, more efficient wings with active wingtips. Demand for lighter, more fuel-efficient aircraft as well as a drive to make them more aerodynamic are driving this trend. Thus, driving the Aero Wing market revenue.
The global Aero Wing market segmentation, based on Platform, includes military and commercial. The commercial segment dominated the global market in 2022. The dominance is the outcome of rising commercial aviation demand from developing countries like China and India. According to a Boeing study, India will need 2,375 fixed-wing commercial aircraft between 2019 and 2040. The survey also forecast a 19.86% rise in air passenger traffic in India for the 2018–2019 fiscal year. The market's supply chain accurately reflects the increasing global demand for commercial aircraft.
The expansion of the military segment is ascribed to China's and India's expanding defence budgets for the purchase of cutting-edge planes. The cutting-edge fighter jets have composite aero wings.
The global Aero Wing market segmentation,based on Type of Build, includes conventional skin fabrication and composite skin fabrication.Conventional skin fabricationsegment dominated the global market in 2022.This increase has been caused by military aircraft original equipment manufacturers (OEMs) using this technology to build the aero wing frame throughout the last two decades. The specific foam covering that was employed to compress these fibers is modified after the curing process. This method of skin manufacturing increases the strength of the aircraft wing.
In order to fabricate composite skin, a spatial aero wing frame skeleton, complete with rod components and joints, is used. The interior lattice grid is then covered with an automated fibre placement system.
The global Aero Wing market segmentation, based on Material, includes alloys, metals, and composite.The metals segment dominated the global Aero Wing market in 2022.The extensive usage of several metals, including titanium, steel, and aluminum, in the manufacture of aircraft wings is responsible for this growth. Titanium is largely used by aircraft manufacturers because of its excellent properties, including resistance to high temperatures, light weight, good corrosion resistance, and great strength. Titanium is typically utilized to make aircraft wings and landing gear in addition to fan blades.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study.The North AmericaAero Wing Marketdominated this market in 2022 (45.80%). The region's concentration of significant companies and leading manufacturers of airplane wings is responsible for the high growth rate. It is projected that the market will develop due to the Royal Canadian Air Force's rising demand for combat aircraft. Further, In the North American area, the U.S. Aero Wing market had the biggest market share, while the Canada Aero Wing market had the quickest rate of expansion.
Further, the major countries studiedin the market reportare The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
In 2022, the Europe Aero Wing market held a sizable market share. Market expansion, which will be powered by partnerships and joint ventures, is predicted to be promoted by the region's increasing aviation industry. For instance, in February 2019, Aerostructures Assemblies India (AAI) and Saab AB (Sweden) signed a contract to acquire the structural assembly for the over wing doors on the Airbus A321neo aircraft.Further, In the European region, the German Aero Wing market had the biggest market share, and the U.K. Aero Wing market had the quickest rate of growth.
From 2023 to 2032, the Asia Pacific Aero Wing market is anticipated to experience rapid growth. This growth is attributed to the expansion of the commercial aerospace industries in China, India, and Japan. The growing demand for commercial aircraft in China and India is also predicted to create a lot of opportunities for industry participants.Moreover, In the Asia-Pacific region, the Indian Aero Wingmarket had the quickest rate of growth while China's Aero Wing market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Aero Wing market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Aero Wing sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aero Wing industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Aero Wing sector.Major players in the Aero Wing market, including Airbus Group, The Boeing Company, Lockheed Martin, United Technologies Corporation (UTC), General Dynamics Corporation, Bombardier Aerospace, Northrop Grumman, Raytheon Company, Embraer Executive Jets, and Mitsubishi Aircraft, are attempting to increase market demand by investing in research and development operations.
Xeriant, Inc. functions as a holding corporation. The Company focused on acquiring, developing, and commercializing technologies with aerospace applications through its subsidiaries, including cutting-edge aircraft concepts aimed at new market opportunities. In order to develop and sell the active flow control airfoil technology, which is boosting fixed-wing commercial aircraft's ability to carry more air and cruise more effectively, Xeriant, Inc. and CoFlow Jet, LLC entered into a deal in December 2020. This innovation is based on electric vertical takeoff and landing aircraft (eVTOL) technology.
Israel Aerospace Industries Ltd. (IAI) provides aerospace and defense technology to the military and commercial sectors. The company designs, develops, produces, and supplies business jets, combat aircraft, helicopters, radar systems, hydraulic systems, and componentry. It manufactures communication satellites, research satellites, ground control stations, observation satellites, and satellite launchers. In February 2020, the U.S. Air Force and Israel Aerospace Industries (IAI) agreed to a USD 240 million contract for the production of the T-38 fighter's wings.
· Airbus Group
· The Boeing Company
· Lockheed Martin
· United Technologies Corporation (UTC)
· General Dynamics Corporation
· Bombardier Aerospace
· Northrop Grumman
· Raytheon Company
· Embraer Executive Jets
· Mitsubishi Aircraft
November 2022: Aurora Flight Sciences Has Announced a New Fixed-Wing eVTOL Small UAS. SKIRON-X is a Group 2 sUAS that combines simplicity of use with adaptability of payload and flying time. The most recent small UAS device from Aurora Flight Sciences, a Boeing Company, is the Skiron Expeditionary sUAS, or SKIRON-X.
· Military
· Commercial
· Conventional Skin Fabrication
· Composite Skin Fabrication
· Alloys
· Metals
· Composite
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 13.4 Billion |
|
Market Size 2023 |
USD 14.8 Billion |
|
Market Size 2032 |
USD 29.4 Billion |
|
Compound Annual Growth Rate (CAGR) |
9.40% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Platform, Type of Build, Material, and Region |
|
Geographies Covered |
North America, Europe, AsiaPacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Airbus Group, The Boeing Company, Lockheed Martin, United Technologies Corporation (UTC), General Dynamics Corporation, Bombardier Aerospace, Northrop Grumman, Raytheon Company, Embraer Executive Jets, and Mitsubishi Aircraft |
|
Key Market Opportunities |
Technological advancements |
|
Key Market Dynamics |
Growing defense budget of china to adopt fifth generation fighter jets and rising usage of composite components to procure aircraft wings |
The global Aero Wing Market was valued at USD 13.4 billion in 2022, and it is estimated to reach USD 29.4 billion by 2032.
The global market is projected to grow at a CAGR of 9.40% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Airbus Group, The Boeing Company, Lockheed Martin, United Technologies Corporation (UTC), General Dynamics Corporation, Bombardier Aerospace, Northrop Grumman, Raytheon Company, Embraer Executive Jets, and Mitsubishi Aircraft
The CommercialPlatformdominated the market in 2022.
The Conventional Skin FabricationType of Buildhad the largest share in the global market.
Report Code :
RL65120
Published on :
Sep 2023
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