Pune, India, April 07, 2021 (GLOBE NEWSWIRE) — The global aero wing market size is projected to reach USD 20.35 billion by 2028, exhibiting a CAGR of 8.98% during the forecast period. This information is shared by Fortune Business Insights in its report, titled “Aero Wing Market, 2021-2028”. As per the report, the market value was estimated to stand at USD 12.52 billion in 2020.
Development of Aircraft Wings Using Next-Gen Technologies to Boost the Market
An aero wing is the defining feature of an aircraft, playing critical roles in every stage of the flight operation. Over the past few years, airplane manufacturers have been employing novel tools, technologies, and materials to manufacture different aircraft components, including wings. For example, in May 2019, engineers from the Massachusetts Institute of Technology (MIT) and NASA built a new type of airplane wing by incorporating a mix of flexible and stiff materials in its structure. This blend of materials will allow the wing to change shape to control the plane’s flight. Similarly, Airbus has been utilizing 3D printing to manufacture different parts for its A350, including aircraft wings. The increasing deployment of such new-age methods will, therefore, accelerate the growth of this market.
List of the Leading Companies Profiled in the Global Aero Wing Market are:
- Sonaca Group (Belgium)
- Triumph Group (The U.S.)
- GKN Aerospace Services Limited (The U.K.)
- Airbus UK (The U.K.)
- Spirit AeroSystems, Inc. (The U.S.)
- Mitsubishi Heavy Industries (Japan)
- AVIC XCAC (China)
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The COVID-19 pandemic has had devastating consequences for the aviation industry as travel bans and supply disruptions have created widespread upheavals in this industry. Moreover, a steep decline in air travel demand has worsened the impact of the coronavirus. According to the data compiled by the International Civil Aviation Organization (ICAO), there was an overall reduction of 1,376 million international air passengers in 2020 and the revenue losses faced by airline companies stood totaled to approximately USD 371 billion. With investments shrinking, the aero wing market growth is also slated to experience adverse impacts. In 2021, the market will decline by -17.95% and reach a value of USD 11.14 billion.
Key Market Segments
Based on the platform, the market has been segmented into commercial and military. By type of build, the market has been segregated into conventional skin fabrication and composite skin fabrication. On the basis of material, the market has been divided into alloys, metals, and composites. By region, the market has been grouped into North America, Europe, Asia Pacific, and the Rest of the World.
What Does the Report Offer?
This report contains actionable insights into the factors driving and restraining the market. It also offers a detailed examination of the market segments, as well as a granular study of the regional dynamics shaping the market. In addition, the report also provides a thorough evaluation of the key market players and their dominant strategies.
Browse Detailed Summary of Research Report with TOC:
Introduction of Innovative Flight Solutions by Startups to Fuel the Market
The emergence of startups has heralded a new era of progress in the aerospace industry. These entities are specializing in niche aviation domains, innovating novel products and introducing breakthrough flight technologies, especially those associated with aero wings. For example, Aliptera, a Canada-based startup, offers a small personal vertical takeoff and landing (VTOL) aircraft, developed using the Lipwing technology and operated through a computerized flight controller for landing, take-off, and mobility. The US-based startup, Airspace Experience Technologies, has developed a VTOL aircraft called MOBi-ONE, combining electric capabilities, automation, and lightweight materials. Its most significant feature is the tiltable wing system that can be operated both manually and automatically. The broadening portfolios of these startups are opening up new avenues of growth and expansion for this market.
North America to Showcase Tremendous Growth; Europe to Generate Lucrative Opportunities
North America is expected to chart an incredible growth trajectory and lead the aero wing market share during the forecast period as the region is home to a large number of aviation giants such as Lockheed Martin and Raytheon. These behemoths have been investing heavily in advanced wing technologies, which have aided the growth of the regional market. In 2020, the region’s market size stood at USD 3.95 billion.
An increasing number of collaborations between aerospace companies, such as the partnership between Saab and Aerostructures Assemblies India in 2019, will drive the market in Europe. Meanwhile, in Asia Pacific, skyrocketing demand for air travel in China and India will augment the regional demand for aero wing solutions.
Joint Venture between Participants to Animate Market Competition
The most prominent strategy being adopted by key players in this market is that of joint ventures. The forging of such partnerships is enabling companies to rapidly expand their market footprint, whilst widening their portfolios. More importantly, these ventures are allowing companies to bolster their regional and international market presence.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Aero Wing Market
- Impact of COVID-19 Pandemic on Global Aero Wing Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
- Global Aero Wing Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Platform
- Market Analysis, Insights and Forecast – By Type of Build
- Conventional Skin Fabrication
- Composite Skin Fabrication
- Market Analysis, Insights and Forecast – By Material
- Market Analysis, Insights and Forecast – By Region
- North America
- Rest of the world
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Key Industry Development:
- December 2020: Xeriant, Inc. announced that it has entered into a joint venture with CoFlow Jet, LLC. The venture is aimed at developing and commercializing CoFLow’s airfoil technology, designed to improve the lift capability and cruise efficiency of fixed aero wing aircraft.
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