Pune, India, Feb. 16, 2023 (GLOBE NEWSWIRE) — The global aero wing market size is projected to reach USD 20.35 billion by 2028, exhibiting a CAGR of 8.98% during the forecast period. This information is shared by Fortune Business Insights in its report, titled “Aero Wing Market, 2021-2028”. As per the report, the market value was estimated to stand at USD 12.52 billion in 2020.
List of the Leading Companies Profiled in the Global Aero Wing Market are:
- Sonaca Group (Belgium)
- Triumph Group (The U.S.)
- GKN Aerospace Services Limited (The U.K.)
- Airbus UK (The U.K.)
- Spirit AeroSystems, Inc. (The U.S.)
- Mitsubishi Heavy Industries (Japan)
- AVIC XCAC (China)
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 8.98% |
| 2028 Value Projection | USD 20.35 Billion |
| Base Year | 2020 |
| Historical Data | 2017-2019 |
| No. of Pages | 200 |
| Segments Covered | By Type of Build, By Platform, By Material |
Aero Wing refers to the wing or wing-like structures used in aircraft, including fixed-wing planes and helicopters. The Aero Wing market is primarily driven by the growth of the aviation industry worldwide. The demand for fuel-efficient aircraft with improved performance and enhanced safety measures has significantly increased in recent years.
The market is segmented based on material type, application, and end-use industry. The most commonly used materials for Aero Wings include aluminum, carbon fiber, and titanium. The application segment includes commercial aircraft, military aircraft, and helicopters. The end-use industries include aerospace and defense, transportation, and others.
The Aero Wing market is highly competitive, with leading players investing heavily in research and development to introduce innovative products. The key players in the market include Airbus S.A.S., The Boeing Company, Bombardier Inc., General Electric Company, and Textron Aviation.
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Key Market Segments
Based on the platform, the market has been segmented into commercial and military. By type of build, the market has been segregated into conventional skin fabrication and composite skin fabrication. On the basis of material, the market has been divided into alloys, metals, and composites. By region, the market has been grouped into North America, Europe, Asia Pacific, and the Rest of the World.
Introduction of Innovative Flight Solutions by Start-ups to Fuel the Market
The emergence of startups has heralded a new era of progress in the aerospace industry. These entities are specializing in niche aviation domains, innovating novel products and introducing breakthrough flight technologies, especially those associated with aero wings. For example, Aliptera, a Canada-based startup, offers a small personal vertical takeoff and landing (VTOL) aircraft, developed using the Lipwing technology and operated through a computerized flight controller for landing, take-off, and mobility. The US-based startup, Airspace Experience Technologies, has developed a VTOL aircraft called MOBi-ONE, combining electric capabilities, automation, and lightweight materials. Its most significant feature is the tiltable wing system that can be operated both manually and automatically. The broadening portfolios of these startups are opening up new avenues of growth and expansion for this market.
Regional Insights
North America to Showcase Tremendous Growth; Europe to Generate Lucrative Opportunities
North America is expected to chart an incredible growth trajectory and lead the aero wing market share during the forecast period as the region is home to a large number of aviation giants such as Lockheed Martin and Raytheon. These behemoths have been investing heavily in advanced wing technologies, which have aided the growth of the regional market. In 2020, the region’s market size stood at USD 3.95 billion.
An increasing number of collaborations between aerospace companies, such as the partnership between Saab and Aerostructures Assemblies India in 2019, will drive the market in Europe. Meanwhile, in Asia Pacific, skyrocketing demand for air travel in China and India will augment the regional demand for aero-wing solutions.
Competitive Landscape
Joint Venture between Participants to Animate Market Competition
The most prominent strategy being adopted by key players in this market is that of joint ventures. The forging of such partnerships is enabling companies to rapidly expand their market footprint, whilst widening their portfolios. More importantly, these ventures are allowing companies to bolster their regional and international market presence.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Aero Wing Market
- Impact of COVID-19 Pandemic on Global Aero Wing Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to the COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
TOC Continued…!
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Key Industry Development:
- December 2020: Xeriant, Inc. announced that it has entered into a joint venture with CoFlow Jet, LLC. The venture is aimed at developing and commercializing CoFLow’s airfoil technology, designed to improve the lift capability and cruise efficiency of fixed aero-wing aircraft.
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