The Aerostructures market includes major players Spirit AeroSystems (US), Airbus (Netherlands), Saab AB (Sweden), Triumph Group Inc (US), and Leonardo S.P.A (Italy). These players have spread their business across various countries, including North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect Aerostructures production and services by 7-10% globally in 2020.
The market for Aerostructures is estimated to be USD 49.0 billion in 2021 and is projected to reach USD 75.0 billion by 2026, at a CAGR of 9.0% during the forecast period. The growth of this market is mainly driven by increase in number of aircrafts, increase in demand for UAVs and introduction of advanced aircrafts. Increasing need new aircraft, new designs and adoption of composites are fueling the fuselage market which is projected to be the highest in the Aerostructures market during the forecast period.
The UAV segment is projected to grow at the highest CAGR rate for the Aerostructures market during the forecast period. The increasing applicability of UAVs in the defense sector has boosted the Aerostructures market. UAVs have less demanding flight profiles and environmental standard requirements than manned aircraft, and hence, the antennas used in UAVs are smaller and have lower mass as compared to those used in manned aircraft.
The key factor responsible for North America leading the Aerostructures market is the high demand for new aircraft in the region. The growing demand for aircraft for commercial applications and their increasing utility in the defense sector to carry out transport and surveillance activities are additional factors influencing the growth of the North American Aerostructures market.