Aerodynamic wing market size will reach $20.35 billion by 2028

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Pune, India, Sept. 06, 2022 (GLOBE NEWSWIRE) — The world aircraft wings market the size is expected to reach USD 20.35 billion by 2028, posting a CAGR of 8.98% during the forecast period. This information is shared by Fortune Business Insights in its report, titled “Aerodynamic Wings Market, 2021-2028”. According to the report, the market value was estimated at USD 12.52 billion in 2020.

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List of Major Companies Profiled in the Global Aero Wings Market are:

  • Sonaca Group (Belgium)
  • Triumph Group (USA)
  • GKN Aerospace Services Limited (UK)
  • Airbus UK (UK)
  • Spirit AeroSystems, Inc. (USA)
  • Mitsubishi Heavy Industries (Japan)
  • AVIC XCAC (China)

Report Scope and Segmentation:

Report cover Details
Forecast period 2021-2028
Forecast CAGR 8.98%
2028 value projection $20.35 billion
Year of reference 2020
Historical data 2017-2019
Number of pages 200
Segments Covered By platform, by construction type, by material
Aerodynamic Wings Market Growth Drivers Introduction of innovative flight solutions by startups to fuel the market

Browse Detailed Abstract of Research Report with TOC:

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Impact of COVID-19

The COVID-19 pandemic has had devastating consequences for the aviation industry, as travel bans and supply disruptions have created widespread disruption in this industry. Additionally, a sharp decline in demand for air travel has compounded the impact of the coronavirus. According to data compiled by the International Civil Aviation Organization (ICAO), there was an overall reduction of 1,376 million international air passengers in 2020 and airline revenue losses amounted to approximately $371 billion. With the decrease in investments, the growth of the aerodynamic wing market is also expected to suffer negative impacts. In 2021, the market will fall by -17.95% and reach a value of $11.14 billion.

Key market segments

Based on platform, the market has been segmented into commercial and military. By construction type, the market has been segregated into conventional skin fabrication and composite skin fabrication. On the basis of materials, the market has been divided into alloys, metals and composites. By region, the market has been grouped into North America, Europe, Asia Pacific and 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 market segments, along with a granular study of regional dynamics shaping the market. Additionally, the report also provides an in-depth assessment of key market players and their dominant strategies.

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Driving factor

Introduction of innovative flight solutions by startups to fuel the market

The emergence of startups heralded a new era of progress in the aerospace industry. These entities specialize in niche aeronautical fields, innovate new products and introduce revolutionary flight technologies, particularly those associated with aerodynamic wings. For example, Aliptera, a startup based in Canada, offers a small vertical take-off and landing (VTOL) personal aircraft, developed using Lipwing technology and operated via a computerized flight controller for landing, take-off and mobility. The American startup Airspace Experience Technologies has developed a VTOL aircraft called MOBi-ONE, combining electrical capabilities, automation and lightweight materials. Its most important feature is the tilting wing system which can be operated manually and automatically. Expanding the portfolios of these startups opens up new avenues of growth and expansion for this market.

Regional outlook

North America will show phenomenal growth; Europe to generate lucrative opportunities

North America is expected to chart an incredible growth trajectory and dominate the aero wing market share over the forecast period as the region is home to a large number of aviation giants such as Lockheed Martin and Raytheon. These giants have invested heavily in advanced wing technologies which has helped in the growth of the regional market. In 2020, the region’s market size was $3.95 billion.

A growing 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, soaring demand for air travel in China and India will increase regional demand for aero wing solutions.

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Competitive landscape

Joint venture among participants to drive market competition

The most important strategy adopted by the major players in this market is that of joint ventures. Establishing such partnerships allows companies to quickly expand their market presence, while expanding their portfolios. More importantly, these ventures allow companies to strengthen their presence in regional and international markets.

Detailed Table of Contents:

  • Introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
  • key ideas
    • Major Industry Developments – Major Contracts and Agreements, Mergers, Acquisitions and Partnerships
    • Latest technological advances
    • Analysis of the five forces of carriers
    • Supply chain analysis
  • Quantitative Insights – Impact of COVID-19 Pandemic on Global Aircraft Wings Market
    • Impact of the COVID-19 pandemic on the global aerodynamic wings market
    • Measures taken by industry/business/government to overcome the impact
    • Key development in the industry in response to the COVID-19 pandemic
    • Potential opportunities due to the COVID-19 outbreak
  • Global Aerodynamic Wings Market Analysis, Outlook and Forecast, 2017 – 2028
    • Main results/summary
    • Market Analysis, Insights & Forecasts – By Platform
    • Market Analysis, Outlook and Forecast – By Construction Type
      • Conventional skin fabrication
      • Manufacture of composite skin
    • Market Analysis, Outlook and Forecast – By Material
    • Market Analysis, Outlook and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Rest of the world

TOC Continued…!

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Industry key development:

  • December 2020: Xeriant, Inc. announced that it has entered into a joint venture with CoFlow Jet, LLC. The company aims to develop and commercialize CoFlow’s airfoil technology, designed to improve the lift capacity and cruise efficiency of fixed-wing aircraft.

Take a look at related research information:

Aerostructures market Size, Share | Global Analysis Report, 2028

Business jet market Size, share, growth | Industry trends [2029

Aerospace Fasteners Market Size & Growth | Forecast [2029]

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