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The global aero wing market size was USD 12.52 billion in 2020 and is projected to grow from USD 11.14 billion in 2021 to USD 20.35 billion in 2028 at a CAGR of 8.98% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over. The global impact of COVID-19 has been unprecedented and staggering, with aero wings witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the market exhibited a huge decline of -17.95% in 2020.
The aero wing is a technologically advanced fin that produces lift while moving through the air. It has a streamlined cross-section, which follows aerodynamic forces and reacts as airfoils. The factor that is projected to drive the market is the increasing demand for outsourced aero wing manufacturing. Moreover, the rise in the adoption of composite aero wings by the general aviation industry is anticipated to boost the market. The increasing demand for the cost-efficient aero wing is surging opportunities for the market. However, the higher costs associated with the installation of these components are majorly affecting the market growth.
Aviation Sector is Experiencing Harsh Challenges Due to COVID-19 Pandemic
The aviation industry faces some critical challenges, such as huge revenue losses during the financial year 2019-2020 owing to the international travel ban across the globe. The International air transport association published a report on international passenger traffic 2019, which states that a 14.4% revenue fall in the aviation industry due to the COVID-19 effect. The IATA (2020) report states that 2020 was the worst year ever for air travel demand. The average global domestic air travel demand plunged by 48.7%.
Bloomberg’s (2020) report estimates a loss of USD 215 billion for the aviation industry in the U.S. during the financial year 2019-2020. The deliveries of Boeing 737 were hampered due to several issues connected with the aircraft. In January 2020, The Boeing Company did not receive a single order for commercial aircraft. The aero wing is an essential component of an aircraft. The growth of the aero wing market will be directly affected as passenger aircraft demand has decreased from the year 2020-2021.
However, companies located in North America, such as Spirit Aero Systems, Inc. and Triumph Group, are investing in the digital transformation of the aero wing to provide better quality & productivity, which is expected to positively impact the growth of the market from the financial year 2022-2023.
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Advent of MAVERIC Blended Wing Body Aircraft Demonstrator is a Prominent Trend
The Airbus MAVERIC demonstrator is working on the blended wing body design of commercial aircraft. The purpose of this project to improve the strength of the air-passenger by achieving air-travel through an aircraft wing. The MAVERIC would have a large cabin layout. The MAVERIC project would improve the onboard experience as passengers get benefits such as larger aisles and extra legroom. In February 2020, for instance, Airbus unveiled the blended wing body aircraft design at the Singapore Air Show. Dutch airline KLM has decided to adopt this V-shaped aircraft concept technology to make air travel eco-friendly by consuming 20% less fuel.
Growing Defense Budget of China to Adopt Fifth Generation Fighter Jets Will Aid the Market
In the financial year 2020-2021, China allocated USD 260 billion for defense expenditure. The government of China has allocated USD 65 billion in funding to procure the fifth-generation fighter Jets. These fighter jets are improving the aerial strength of China. Currently, China has JH-7, H-6 bomber aircraft; KJ-200, KJ-500, and KJ-2000 combat aircraft; and Chengdu J-7, J-16, Chengdu J-20, Su-27, Su-30MKK, Shenyang J-8, Shenyang J-11, Shenyang Su-35S, and Chengdu J-10 fighter jets.
In February 2021, Hindustan Aeronautics Limited (HAL) and the Indian Air Force (IAF) signed a contract with a valuation of USD 7 billion to procure the 83 Light Combat Aircraft Tejas to improve the battlefield operation technique of the Indian Air Force. These combat aircraft have technologically advanced wings along with a superior attacking capacity. The growing demand for fighter jets from emerging economies such as China and India is anticipated to boost market growth.
Rising Usage of Composite Components to Procure Aircraft Wings is Anticipated to Boost Market Growth
Composite materials are classified into glass-reinforced plastics and fiber-reinforced plastics. These materials are used to construct aircraft wings, providing them with high-end durability. These composites are also used to fabricate the skin and outer layers of the aero wing. GRP composite materials are a combination of polyester, vinyl, and epoxy. The fiber-reinforced plastics include polymer resin and fiber. In March 2020, the U.K.-based National Composites Centre established a new research & development facility to provide a digital platform for the procurement process of aero wings.
Supply Chain Disruption of Aero Wing Market and the Backlog of Commercial Aircraft to Hinder the Market Growth
The supply chain of the aerospace industry was disrupted in March 2019 owing to the outbreak of the COVID-19 pandemic. Most commercial airlines were grounded for 6 months. According to in-house research, in the U.K. there were only 9 deliveries of commercial aircraft orders in the month of August 2020. The statistics of the European aviation industry states that commercial aircraft deliveries were reduced by 54% in the period of July 2019. The aviation industry incurred a loss of USD 84.0 billion owing to the international travel ban, supply chain disruption, and the backlog of commercial aircraft. In the month of November 2019, Boeing reported that they had to cancel 88 orders of commercial aircraft owing to technical issues associated with the aircraft engine. The company also announced that the total order cancellation count is 536 for the financial year 2020-2021. Supply chain disruption of commercial aircraft and the rapidly increasing ratio of order cancellation is expected to impact the market growth.
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Increasing Need of Commercial Aircraft from Emerging Economies to Lead the Market’s Growth
Based on the platform, the market is segregated into commercial and military. The commercial segment is further divided into commercial aviation, business aviation, and general aviation. The commercial segment held a dominant share of the market in 2020. The dominance is owing to the increasing demand for commercial aircraft from emerging economies such as China and India. According to the Boeing report 2019, India needs 2,375 fixed-wing commercial aircraft from 2019 to 2040. The report also forecasted there would be a 19.86% growth in air passenger traffic in India during the financial year of 2018-2019. The increasing demand for commercial aircraft across the globe is directly reflected in the supply chain of the market.
The military segment is classified into fighter aircraft, transport aircraft, and trainer aircraft. The military segment is projected to register a higher CAGR by 2027. This growth is attributed to the growing defense budgets of China and India for the procurement of advanced jets. The advanced fighter jets are equipped with composite aero wings. F-35 LIGHTNING-II, SHENYANG J-31, and SUKHOI T-50 are the fifth-generation fighter jets adopted by China and India. The increasing procurement of fighter jets has indirectly raised the demand for aircraft wings.
Composite Skin Fabrication Segment to Register a Higher CAGR till 2028
On the basis of type of build analysis, the market is segmented into conventional skin fabrication and composite skin fabrication. The conventional skin fabrication segment held the largest share of the market during the forecast period. This growth is owing to the adoption of this methodology by military aircraft original equipment manufacturers (OEMs) to build the frame of the aero wing over the past two decades. These fibers are compressed with a special foam coating, which is then replaced after the curing process. This type of skin fabrication provides better strength to the aircraft wing.
Composite skin fabrication consists of spatial aero wing frame skeleton, including the rod elements and joints, and the inner lattice grid covered with the automated fiber placement of the lattice grid. The composite skin fabrication segment is projected to register a higher CAGR during the forecast period. This growth is attributed to the increasing adoption of composite skin fabrication methodology by commercial aircraft OEMs.
Increasing Procurement of Lightweight Composite Materials to Drive Market Growth
Based on the material analysis, the market is segmented into alloys, metals, and composites. The metal segment is set to hold the largest share of the market during the forecast period. This growth is owing to the wide usage of several metals, such as aluminum, steel, and titanium, to build the structure of an aircraft wing. Titanium is majorly used by aircraft manufacturers due to its excellent properties, including high-temperature resistance, lightweight properties, high corrosion resistance, and high strength. Titanium is majorly used to build aircraft wings and landing gear, as well as fan blades.
The composite segment is projected to register a higher CAGR during the forecast period. This growth is attributed to the growing adoption of composite materials to build the aero wing for commercial aircraft. These materials are highly flexible, durable, and provide higher strength to the aircraft wing. The wings of the Airbus 350 XWB and the Boeing 787 are made from composite materials. Composites are also used to reduce the weight of the wings and mainframe.
In alloys, nickel alloys are majorly used in the aerospace industry to resist high temperatures and corrosion. Nickel alloys are structurally tough and have creep resistance properties. They are majorly used to procure several valves that are used to frame the aero wing.
North America Aero Wing Market Size, 2020 (USD Billion)
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The market size of North America aero wing market stood at USD 3.95 billion in 2020. The growth rate is attributed to the presence of several key players and the presence of major aircraft wing manufacturers in the region. The growing demand for combat aircraft from the Royal Canadian Air Force is projected to boost market growth.
Europe aero wing registers remarkable growth in the market. The growing aviation sector in the region is expected to support market growth, driven by partnerships and collaborations. In February 2019, for instance, Aerostructures Assemblies India (AAI) and Saab AB (Sweden) signed a contract to procure the structural assembly for the over wing doors on the Airbus A321neo aircraft.
Asia Pacific’s aero wing market is projected to register the fastest growth during the forecast timeline. This growth is attributed to the expansion of the commercial aerospace industry in China, India, and Japan. Moreover, the increasing demand for commercial aircraft from China and India is expected to provide several opportunities to the market players.
The Rest of the World would display remarkable dominance in the near future. The increasing spending on cost-effective aircraft wing technologies to improve the operational performance of aircraft from private firms in Brazil, South Africa, and the UAE is expected to refuel market growth.
Airbus UK Set to Hold Leading Market Backed by Continuous Innovation in the Aircraft Wing Design
Airbus UK concentrates on developing advanced technologies to provide the superior performance of aircraft wings in extreme conditions. The company is producing the next generation of single-aisle commercial aircraft under the MAVERIC project. The project is advancing the company’s blended wing body design, which will save 20% fuel. The project was unveiled by Airbus UK at the Singapore Air Show 2020.
An Infographic Representation of Aero Wing Market
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The aero wing market research report provides an in-depth analysis and majorly focuses on key aspects, such as the market segmentation analysis, key regional factors, key industry developments, and market share by regions. The report also elaborates on the COVID-19 impact on the aviation industry. Besides this, the report offers the latest market trends and highlights, segmented by type of build,revenue and market share, and forecast by type analysis. Moreover, the market research reports provides several factors that will contribute to the growth of the market during the forecast period.
Value (USD Billion)
By Type of Build
Fortune Business Insights says that the global market size was USD 12.52 billion in 2020 and is projected to reach USD 20.35 billion by 2028.
In 2020, the North America market value stood at USD 3.95 billion.
Growing at a CAGR of 8.98%, the market will exhibit steady growth in the forecast period (2021-2028).
The commercial segment is expected to be the leading segment in this market during the forecast period.
The increasing defense budget from countries in the Asia Pacific region to adopt 5th generation fighter aircraft is projected to boost the market growth.
Airbus UK, GKN Aerospace Services Limited, Mitsubishi Heavy Industries, and Spirit AeroSystems, Inc. are the major players in the global market.
North America dominated the market share in 2020.
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