Selbyville, Delaware According to Market Study Report, Aircraft Fairings Market offers thorough analysis of the key trends and predicts the future amplitude for expansion of this business space. It highlights the major growth drivers, restraints as well as opportunities and associated challenges in this industry vertical.
With rapidly rising global trade and increasing defense budgets, the aircraft fairings market is slated to register a period of remunerative growth over the forthcoming years. Additionally, increasing business travel and the projected rise of global tourism sector is also likely to compliment the industry revenue growth.
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While the ongoing COVID-19 pandemic has dampened the aviation sector with regional lockdowns essentially grounding aircraft fleets across the globe, the industry is expected to foresee tremendous growth from maintenance, repair and overhaul (MRO) activities. Airlines are increasingly focusing on keeping their fleets airworthy to meet the slowly growing demand for air travel, especially in countries that have the pandemic under control and are coming out of their lockdowns.
The overall aircraft fairings market is categorized into different segments on the basis of aircraft, material, application, and regional landscape.
When it comes to aircraft, the market is further divided into commercial jets, regional jets, business jets, military, and helicopters. The regional jets segment is forecast to record a lucrative growth at a respectable rate of 2.7% due to the growing rise in regional as well as budget airlines.
The business jets segment is slated to witness momentous growth over the coming years owing to the rapidly increasing economic growth and rising focus on luxury travel, especially across developed economies. The rising demand for business jets is expected to propel the demand for jets fairings over the coming years. This segment is expected to grow at 2.7% CAGR over projected timeframe.
The aircraft fairings industry is slated to experience significant growth over the coming years as a number of global economies are focusing on increasing their military expenditure and growing their respective aircraft fleets, driving fairings demand in the segment further. Recently, the Indian Air Force received five new Rafale fighter jets as part of a 2016 deal the Indian Government signed with France for 36 warplanes. This industry growth is also expected to be driven by the rising demand from developed nations such as China and U.S.
The helicopters segment is also likely to experience lucrative growth as the mobility and flexibility of helicopters is impelling their demand among regional airlines and for business travel, leading to a rise in sales of fairings. The segment is expected to witness growth rate of 1.4%.
With respect to material, the market is classified into GFRP, CFRP, metal & alloys, and others. The other materials include aramid fiber based composites, and hybrid composites among others. Growing demand for fuel efficient and lightweight aircraft is further expected to accelerate the segment share of other materials.
In terms of application, the industry is further segmented into wings, engine, fuselage, landing gear, and empennage. Among these, the landing gear segment is expected to record considerable growth through the analysis period. Wheel based fairings are likely to experience increasing demand owing to the rising need for sound dampening technique in landing operations.
The empennage segment is projected to experience a distinguished growth rate of approximately 3.0% owing to increasing need of enhancing wingtail efficiency and reducing drag.
From a regional perspective, the LATAM aircraft fairings industry is anticipated to go through a remunerative growth phase due to the growing domestic tourism and booming economy.
The MEA aircraft fairings market is expected to record a notable CAGR over the projected time period owing to growing economy and improving standard of living.
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