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. According to a new Fortune Business Insights™ in its report, titled “Aero Wing Market, 2021-2028”, the market value was USD 12.52 billion in 2020.
The outbreak of the COVID-19 pandemic has triggered unprecedented upheavals for the aerospace industry, with supply chain uncertainties and trade & travel restrictions choking manufacturing operations in this industry. The aero wing market growth has gotten disrupted as well, registering a CAGR -17.95% and hitting a value of USD 11.14 billion in 2021, as a result of the upheavals created by the pandemic.
CPI Aerostructures Bags $8.1 Million Wing Contract from Northrop Grumman
In February 2019, US-based CPI Aerostructures announced that it has secured a huge contract worth USD 8.1 million from the aerospace giant Northrop Grumman. Under the contract, CPI will supply outer aero wing panel kits to Northrop for the latter to manufacture complete wings for its E-2D Advanced Hawkeye. The contract will be a continuation of the company’s long-standing partnership with the US Navy, which uses the Hawkeye as carrier-based airborne early warning and control aircraft. This deal will further strengthen CPI’s position as a leading provider of aircraft structural assemblies in the US.
Rising Procurement of Fighter Jets by Developing Economies to Promote Growth
National security concerns and a fierce ambition to enhance their defense capabilities have pushed developing nations such as India and China to aggressively expand their aircraft fleets. In September 2020, for example, India formally inducted five Rafale fighter jets, delivered by France to the Indian Air Force. Similarly, in November 2020, Airbus announced that it had delivered 39 jets to China in the first nine months of 2020. This growing demand for jets by these rapidly developing economies has, in turn, fueled the adoption of aero wings. Supporting this trend is the heightening military expenditures of India and China, who emerged as two of the top five largest defense spenders in 2019, according to data released by the Stockholm International Peace Research Institute (SIPRI).
Commercial Segment to Headline the Market till 2028
By platform, the market has been segmented into commercial and military. Among these, the commercial segment dominated the market for aero wings in 2020 and is expected to retain its apex position during the forecast period. This is mainly attributable to the speedily expanding utilization of commercial aircraft by low-cost carriers in India and China.