The rise in air traffic across the region is leading to an increase in demand for commercial aircraft. Aircraft manufacturers have increased their rate of production of commercial aircraft and helicopters over the years. Rise in the manufacturing of aircraft is directly magnifying the demand for aircraft engines over years. Additionally, airlines, aircraft operators, armed forces, and charter operators are likely to boost the demand for new engines as part of their fleet modernization and growth plans. The growing need for a new generation of engines with low emissions and weight, which would improve airplane fuel efficiency, is also contributing to the aircraft engine forging market proliferation. Companies are investing in the research and development of new engine models by employing cutting-edge technologies such as additive manufacturing and composite technologies. Thus, the rise in aircraft engine production worldwide is boosting the aircraft engine forging market.
The US has witnessed the most severe impact of COVID-19 in 2020 and 2021. The aircraft engine manufacturers and engine component manufacturers in the country were affected due to nationwide lockdowns and travel restrictions, shut down of production facilities, and shortage of employees. The massive outbreak of the virus has created both a health crisis and an economic crisis in the US. It has led to major disruptions in the aerospace industry, impacting everything from supply chain and manufacturing to product sales. The pandemic has directly and indirectly impacted the industry’s short term and long term strategies. The pandemic has reached an unprecedented level for the airline industry in North America with increasing net losses and delays in recovery. The presence of several aircraft engine manufacturers and engine forging manufactures is anticipated to drive the improvement of aircraft engine forging market in the forthcoming years. The region is expecting market recovery from the economic disruption between 2023 - 2025. Recovery in passenger volume, cargo and military aircraft fleet and government stimulus is anticipated to boost manufacturing and sales of the aircraft engines, which is expected to highlight recovery of aircraft engine forging markets.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the aircraft engine forging market. The North America aircraft engine forging market is expected to grow at a good CAGR during the forecast period.
North America Aircraft Engine Forging Market Segmentation
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 748.07 Million |
| Market Size by 2028 | US$ 1,147.20 Million |
| CAGR (2021 - 2028) | 6.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Forging Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Aircraft Engine Forging Market is valued at US$ 748.07 Million in 2021, it is projected to reach US$ 1,147.20 Million by 2028.
As per our report North America Aircraft Engine Forging Market, the market size is valued at US$ 748.07 Million in 2021, projecting it to reach US$ 1,147.20 Million by 2028. This translates to a CAGR of approximately 6.3% during the forecast period.
The North America Aircraft Engine Forging Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Aircraft Engine Forging Market report:
The North America Aircraft Engine Forging Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Aircraft Engine Forging Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Aircraft Engine Forging Market value chain can benefit from the information contained in a comprehensive market report.
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