According to the latest report by Global Market Insights, the market valuation of aerospace and defense C-class parts will cross the U.S. $15.8-billion mark by 2027. Commercial and military activities are significantly increasing in the aircraft industry, supporting the market growth during the forecasted timeframe.
The aerospace and defense C-class parts market size was valued at over U.S.$11.67 billion in 2020 and is estimated to exhibit a CAGR of more than 4.7% from 2021 to 2027.
The rapidly growing demand for airframe due to the replacement of old aircraft in the commercial and defense aviation sector is anticipated to drive aerospace and defense C-class parts demand during the forecasted timeframe. Additionally, an increased demand for fuel-efficient aircraft for major airlines across the globe is likely to propel product demand in the aerospace and defense sector.
C-class parts are lower-value parts that are typically replaced rather than repaired when damaged. They’re small in size but are the most critical components used in aircraft fabrication. They’re situated in the aircraft’s fuselage, landing-gear fittings, wings, flight-control actuating systems, control surfaces, and air-intake areas near the engine.
Stringent regulations of safety and efficient aircraft operations allow aircraft leaders to offer standard maintenance, supporting the market expansion. In addition, the rising demand for fuel-efficient commercial aircraft and rising air traffic will support ongoing market progression.
According to the new report, the fasteners segment will dominate more than 50% of the market share by 2027 on account of it plays a critical role in defining longevity, structural integrity, and design in the aerospace industry.
Different types of fasteners — including bolts, nuts, rivets, screws, springs, valves, and washers — are slated to form the basic requirement for aircraft production, broadly contributing to the largest revenue share over the forecast period.
To introduce powerful and energy-efficient products in the aerospace defense segment, the demand for aerospace fasteners will be evolved to meet the stringent industrial standards and performance quality. The standard fasteners in aerospace & defense C-class parts will observe a strong demand in the range of applications in commercial, shipping, military, business, etc.
The COVID-19 pandemic has severely impacted the aerospace & defense C-class parts market landscape. It reduced production by disrupting the supply and demand of raw materials, globally, affecting production activities worldwide.
The disruption has already resulted in a reduced output either from international or local players in the market. For instance, the transportation cost has increased, and shipping has been delayed attributed to countrywide lockdown. Due to the lower number of flights and closure of international borders, the market has witnessed several challenges. The current market disruption will impact the industry adversely as developing countries are facing many challenges owing to the shortage of supply.
The bearing segment
The bearing segment in the aerospace and defense C-class parts market will witness more than a five percent growth rate through 2027 on account of its increasing utility over a wide range of aerospace applications. This includes landing gear, flight controls and engines, passenger seating, and other made-to-measure applications. Long-haul air travel needs a wide-body aircraft, which influences the sales of aerospace bearings.
New technologies, including robotics/autonomous systems, artificial intelligence (AI), and sensor technologies, will push the industry toward the adoption of digital innovation, leading to an increased demand for c-class parts in aircraft systems, which is expected to reach more than U.S. $2.8 billion by the end of 2027.
Military and spacecraft systems are complex. These systems include flight controls, bleed systems, landing gear, hydraulics, and avionics, which are likely to foster the industry growth in the coming years.
Learn more here.