Selbyville, DE -- (SBWIRE) -- 05/17/2019 -- The Aerospace & Defense C-Class Parts Market study focuses major leading industry players with information such as company profiles, product picture and specification, capacity, production, price, cost, revenue and contact information. It provides information on trends and developments, and focuses on markets and materials, capacities and technologies, and on the changing structure.
Aerospace & Defense C-Class Parts Market will grow at an exponential CAGR over the projected timeframe due to increasing air passenger traffic coupled with component replacements for ageing aircraft fleet. According to the Boeing Commercial Market Outlook, more than 500 aircrafts are expected to reach around 25 years of age by 2020, that will require extensive MRO for maintaining their airworthiness.
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Based on products, aerospace & defense c-class parts market place is categorized into hardware, electronic components, bearing, and machined components. Hardware components include fasteners, bolts, nuts, rivets, screws, springs, valves, and washers, are expected to form the basic requirement for aircrafts production, contributing the largest market share over the forecast period. Industry players are offering a wide range of innovative products to aircraft manufacturers for reducing production time thereby lowering overall aircraft backlogs. For instance, Precision Castparts Corp. offers a wide range of innovative products including blind tracking rivet that enables aircraft manufacturers to automate their production process and reduce human involvement by over 50%.
Aerospace & defense c-class parts market place based on distribution channel, is bifurcated into OEM and MRO. OEM segment is expected to account for a significant share over the forecast timeframe. This share is primarily attributed to the prevalence of mergers and acquisition strategies among component manufacturers and aircraft manufacturers for continuous components supply. For instance, in July 2015 Precision Castparts Corp. announced acquisition of Noranco. This strategy enabled the company to expand its product portfolio offerings and expand their market share.
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Electronic components are projected to witness significant growth rate over the forecast timeframe. Increasing usage of electronic components in avionics, cabin lighting, air frame, engine, hydraulic systems, and electrical interconnect harness with minimum energy consumption will support aerospace & defense c-class parts market growth. Further, advancements in relays, circuit breakers, connectors, and switches along with improving system efficiency will provide a positive outlook for the industry expansion.
Asia Pacific will witness significant growth rate in the aerospace & defense c-class parts market place. Increasing air traffic in conjunction with periodic maintenance, repair and overhaul requirements across countries including China, India, and South-east Asia will fuel the regional demand. Additionally, lower labor cost and easier availability of raw materials will catapult the aerospace & defense c-class parts market over the projected timeframe.
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North America is expected to account for a considerable share in the aerospace & defense c-class parts market place. Strong presence of major aircraft manufacturers across the region including Lockheed Martin and Boeing, along with pending backlogs are expected to provide strong growth prospects. Moreover, manufacturers are introducing innovative and efficient solutions for catering to increasing aircraft traffic demand.
Additionally, proliferating defense spending coupled with growing demand for light weight aircrafts will further positively support the aerospace & defense c-class parts industry growth over the forecast timeframe.
Few aerospace & defense c-class parts market participants include Precision Castparts Corp, Arconic, RBC Bearings Incorporated, Eaton Corp., and Stanley Black & Decker, Inc. Industry participants are engaged in mergers & acquisitions along with collaborations with aircraft OEMs to strengthen their industry foothold. For instance, in July 2015 Precision Castparts Corp. announced the acquisition of Noranco. This strategy enabled the company to expand their product portfolio offering for catering to a wide customer base.
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