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The global aerostructures market size is expected to reach USD 74.54 billion by 2027 owing to the increasing adoption of additive manufacturing (AM) that is redefining the way aerostructures are designed across the globe. Fortune Business Insights, in its latest report, titled, “Aerostructures Market Size, Share & COVID-19 Impact Analysis, By Component (Wings, Nose, Fuselage, Nacelle and Pylon, Empennage, and Others), By Material (Alloys, Composite, and Metals), By Platform (Fixed-wing Aircraft (Commercial Aircraft, Military Aircraft, Business Jets, General Aviation Aircraft, and UAVs) and Rotary Wing Aircraft (Commercial & Civil Helicopters, Military Helicopters, and UAVs), By End-Use (Aftermarket and OEM), and Regional Forecasts, 2020-2027.”, observes that the market stood at USD 62.40 billion in 2019 and is projected to exhibit a CAGR of 7.50% between 2020 and 2027.
Boeing Awarded $999 Million Contract by the U.S. Air Force to Develop A-10 Wings
In August 2019, Boeing beat an unnamed company to secure a contract worth USD 999 million from the U.S. Air Force. The contract aims at building replacement wings for over 100 A-10 Warthog fighter planes to keep them into action till the 2030s. The U.S. Air Force has instilled faith in Boeing’s capability to manufacture A-10 wins at an affordable operating cost.
Pam Valdez, Vice President for Boeing Global Services, said, “The Company’s established supply base, along with proven experience with handling the A-10 structures, and the in-depth knowledge of requirements of the U.S. Air Force will aid in delivering standard-quality wings to cater to the critical need of the defense services.” Such developments on the business front are expected to bode well for the growth of the global aerostructures market during the forecast period.
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Increasing Adoption of 3D Printing in Aerostructures Design to Spur Demand
The growing concerns towards depleting fossil fuels are propelling the aerostructures manufacturers to develop lightweight aerospace materials such as alloys and aluminum. Technological advancement has further led the manufacturers to adopt additive manufacturing or 3D printing to ensure the production of quality materials that requires less consumption of time. In addition to this, the inclusion of this technology in design leads to a drastic reduction of plastic waste that is expected to boost market growth in the forthcoming years.
Eminent Companies Emphasize on Securing Contracts to Expand Their Product Portfolio
The global market is fragmented by the presence of major companies such as SAAB AB, Stelia Aerospace Group, and GKN Aerospace, among others. These companies are focusing on securing contracts to develop innovative aerostructures and consolidate their positions in the fiercely competitive global marketplace. The other key players are striving to maintain their presence and boost their sales revenue by adopting strategies such as merger and acquisition, partnership, and collaboration that will contribute to market growth.
List of the Companies Operating in the Global Market:
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Value (USD Billion)