LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global commercial aircraft wing market size is projected to reach USD 43.69 billion by 2021, growing at a CAGR of close to 8% over the forecast period.
This research report titled ‘Global Commercial Aircraft Wing Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Aircraft wings generate the upward aerodynamic force, which is caused by the aircraft's forward airspeed and depends on the shape of the wings. The growing use of composite materials to cater to the demand for ultralight parts with high structural integrity is one of the key driving factors of the commercial aircraft wing market.
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Based on aircraft type, the report categorizes the global commercial aircraft wing market into the following segments:
- Regional jets
“Narrowbodies constitute the leading aircraft type for aircraft wings, generating over 50% of the overall market share. Additionally, the widespread use of advanced, high-speed computational devices has yielded wing designs with more refined aerodynamics and enhanced machine control in narrow-body wings,” says Avimanyu Basu, one of the lead analysts at Technavio for aerospace components research.
The rising demand from aircraft operators for small aircraft rather than the large size is driving new developments to enhance aircraft safety while providing effective aircraft operations. For instance, the PRANDTL-D wing developed by NASA is expected to drive the commercial narrow-body aircraft market.
Analysts at Technavio expect the number of widebody airplanes in operation to almost triple in the next 20 years. Aircraft replacement, maintenance requirements, the economies of scale, and the overall market environment is driving this impressive increase in the number of widebodies. This growing number of aircraft and rise in replacement of old aircraft with efficient components along with flight control surfaces are expected to drive the market. Additionally, the growing advancements in super-sized aircraft wing designs will further drive the market.
“The regional jets segment of the commercial aircraft wing market is a small but steadily growing sector of the global market. Over the years, the major portion of demand for regional aircraft fleets have been from North America and Europe, which contribute to nearly 65% of the market,” says Avimanyu.
Analysts at Technavio expect an increase in demand for regional jets of both western and Russian-built due to the growth in the intra-CIS region. Hence, the growing number of aircraft deliveries will drive the global commercial aircraft wing market for regional jets.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Mitsubishi Aircraft
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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