The global aircraft manufacturing market will grow at an annual rate of 9.5% to 2021, according to a new report from The Business Research Company. Driving the market is the increasing use of drones together with the rising demand for turboprops.
Legal authorities have been allowing the extensive use of drone technology for commercial use. For example, in August 2016 the US Federal Aviation Authority issued a rule allowing the use of drones for commercial purposes under certain conditions without a special waiver that was expensive and time-consuming to obtain and severely restricted their use.
The Business Research Company’s report shows that the civil and military drones manufacturing market segment will grow at an annual rate of more than 16% to 2021, the highest of all segments of the aircraft manufacturing industry.
The demand for turboprops has also been increasing over the last few years as they are more fuel-efficient than other aircraft. What is a turboprop? Turboprop aircraft have one or more gas turbine engines connected to a gearbox that turns the propeller. They have lower operating costs than jets as they burn less fuel.
Technology is another factor driving turboprop resurgence. Major turboprop manufacturers such as Beechcraft, Cessna, Daher-Socara and Piaggio have all introduced turboprop models with significantly improved technology that cuts noise, takeoff distances, climb times and increases fuel efficiency, payload, range and speed.
The sales of turboprops declined steadily after 2008, but in 2013, global shipments of turboprops bounced back strongly to a record 645 units. Textron Aviation has introduced a new Single Engine Turboprop (SETP) aircraft, and planned to begin its testing in 2018. From 2007 to 2016, the average price of turboprops declined from $3.5 million to $2.9 million, resulting in a surge in sales of these aircraft.
Regional Variations in the Aircraft Manufacturing Industry
North America had the highest market share in the global aircraft and aircraft parts manufacturing and repair & maintenance market in 2017, at about 40% of the global total, followed by Asia Pacific at nearly 21%. This was due to the strong air travel market in North America in countries such as the USA and Canada, and the presence of major aircraft manufacturers such as Boeing, Lockheed Martin and Textron Inc. As of 2017, 305 turboprop aircraft were delivered to customers in North America, and in 2016 the government of the USA had 7,000 aerial drones.
In Asia Pacific, there is a large number of airlines that are expanding in the market, supported by the strong influx of air passengers from middle-class populations in China and India. As of 2017, 563 turboprop aircraft were delivered to customers in Asia-Pacific, and the government of China had 17 drone aircraft.
Key Market Segments to Watch
Aircraft manufacturing was the largest segment of the global aircraft and aircraft parts manufacturing and repair & maintenance market in 2017, worth about $297 billion, followed by aircraft parts manufacturing, and aircraft and aircraft parts repair & maintenance market segment, worth about $184 billion.
The aircraft manufacturing market segment is further sub-segmented into civil airplanes, military airplanes manufacturing, civil and military helicopters manufacturing, civil and military drones manufacturing, and civil and military gliders manufacturing, of which civil airplanes accounted for the largest market share in 2017, at nearly 50%.
The aircraft parts manufacturing and repair & maintenance market is split into civil repair, maintenance & overhaul, engine & engine parts manufacturing, military repair, maintenance & overhaul and other aircraft parts manufacturing, of which the civil repair, maintenance & overhaul market segment is the largest, at about 38% of the market.
Where to Learn More
Aircraft and Aircraft Components Manufacturing and Repair Services Global Market Opportunities and Strategies from The Business Research Company is one of a new series of industry reports.
The report includes:
- An aircraft and components manufacturing and repair services industry analysis
- An aircraft and components manufacturing and repair services market overview
- Analysis and forecasts of market size and industry statistics
- Aircraft and components manufacturing and repair services market growth rates
- Market trends, market drivers, market restraints, market revenues
- Aircraft and components manufacturing and repair services market shares
- Company profiles of the leading competitors
Extensive secondary research is augmented with exclusive insights and quotations from industry leaders obtained through interviews. Market analysis and forecasts are provided by a highly experienced and expert team of analysts and modelers. A range of strategies for the aircraft and components manufacturing and repair services market are explained and opportunities identified.
About The Business Research Company
The Business Research Company is a market research and intelligence firm that excels in company, market, and consumer research. It has research professionals at its offices in the U.K., India, and the U.S. as well as a network of trained researchers globally. It has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, and technology.
The Business Research Company’s management team has more than 20 years of varied business research experience. They have delivered hundreds of research projects to the senior management of some of the world’s largest organizations. The Business Research Company’s consultants have master’s qualifications from top institutes and include MBAs, MSCs, CFAs, and CAs. The Business Research Company’s consultants gain training and qualifications from the Market Research Society and are trained in advanced research practices, techniques, and ethics.