Aircraft Nacelle Components Market will grow owing to increasing demand of engines in new deliveries of next generation airplanes. Advancement in nacelle engine technology with fuel-efficient engines drives demand of aircraft nacelle components market.
Manufacturers focusing on reducing overall weight of the product drives the demand for high strength, reduced weight components. Aircraft nacelle holds engine propulsion system and help in reducing engine vibration, deicing, noise. It also manages external and internal temperature difference. Need for high strength components will stimulate the demand for aircraft nacelle components market.
Increasing use of air transport for passenger and good transportation creates need to increase air fleet across the globe. In 2016, aviation industry accounted for about 3.8 billion passenger transports and 54.9 million tons of goods were delivered. Airline traffic increased by 4.8% worldwide and airplane fleet size increased by 3.6%. Airline companies expanding their fleet size will drive the demand for aircraft nacelle components market.
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However, high cost of composite material used for product manufacturing and increasing airplane backlog for Boeing and Airbus may limit the industry growth.
Manufacturers possess the growth opportunity owing to increasing demand of commercial airplanes to cater to rising air travel and goods transportation industry. For instance, in June 2017, the Commercial Aircraft Corporation of China (COMAC) and United Aircraft Corporation in Russia finalized agreement on full scale development of wide body airline of capacity of 280 passengers.
Based on component, aircraft nacelle components market is categorized in to thrust reverser, fan cowl, inlet cowl, exhaust component, engine & system parts. Increasing demand for efficient engine components and thrust reverser for better operation will increase the revenue during the forecast period.
Based on engine, the industry is categorized in to turboprop and turbofan. Increasing usage of turbofan in for speed range of 310 to 620 mph will drive the demand for turbofan. Growth of turboprop is attributed to its application in small commuter planes for greater power and reliability.
Based on material, the industry is segmented in to composites, nickel alloy and titanium. Composites will contribute major share owing to its high strength to weight ratio. Titanium will exhibit highest growth rate supported by its extensive usage in exhaust systems.
By manufacturing process, the industry is classified as hand layup, AFP/ATL, resin infusion and forming.
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Based on application, the market is categorized in to narrow body, wide body, very large body, regional and military airplanes. Narrow body will drive the industry demand supported by fuel efficient airplanes such as B737 max and A320 neo. Increasing demand for wide body planes in commercial and business purpose will drive the industry during forecast period. Growth in military is credited to increasing military spending for fleet upgradation.
On the basis of end user, aircraft nacelle components market is divided in to OEM, MRO and aftermarket. Increasing MRO industry in across the region will drive the demand during the study period. In 2016, MRO demand from engine & components accounted for more than 50% of the total market. High demand for MRO in Asia Pacific will support the industry growth.
North America dominates the overall aircraft nacelle components market and will continue its dominance during the forecast period. The growth is attributed to established airplane parts manufacturing industry, technological advancements and increasing usage of composites to achieve weight reduction of the plane.
Asia Pacific will exhibit highest growth rate owing to high airline traffic supported by increasing travel & tourism. Increasing consumer preference for air travel and rise in international travel in countries China, India, Vietnam and Indonesia will support the industry growth. Moreover, rising defense budget for military airplane procurement and upcoming indigenous commercial and regional jets will contribute to the regional growth.
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Some of manufacturers are Safran, Pratt & Whitney, Shell Aviation, GE Aviation, UTC aerospace system, Spirit Aerosystems, FACC, Bombardier, Engine Alliance, GKN Aerospace, CFM International, Leonardo S.p.A., International Aero Engines, and Lockheed Martin. Companies are engaged in developing light product, M&A activities and regional expansion for business growth.
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