The aerospace manufacturing sector is constantly evolving – and this year is expected to bring significant advancements. This sector plays a crucial role in technological advancements and space exploration while also contributing significantly to the global economy. In 2020 alone, it generated $838 billion in revenue.
New Materials and Electric Propulsion
A major transformation in materials technology is underway, with a shift towards more innovative materials that will reduce aircraft weight and improve fuel efficiency. According to a Grand View Research report, the aerospace materials market is projected to reach USD 25.41 billion by 2027, with a CAGR of 6.9% during the forecast period. Electric propulsion is also gaining prominence in the aerospace industry due to the need to reduce carbon emissions. According to Marc Ausman, President of Boeing NeXt, “electric propulsion is one of the key technologies that will help make transportation revolution possible.” Allied Market Research predicts that the electric propulsion market will reach $15.54 billion by 2027, with a CAGR of 16.7% from 2020 to 2027.
Greater Accuracy Achieved With Autonomous Conveyor Systems
Autonomous systems are becoming increasingly prevalent – as MarketsandMarkets recently reported, the autonomous aircraft market is expected to grow from $3.6 billion in 2020 to $34.9 billion by 2030, at a CAGR of 24.8%. Another study by Grand View Research notes that the global conveyor systems market is expected to reach $9.9 billion by 2025. Industry professionals say that this innovative strategy is a must-have for any business looking to improve their manufacturing process. It goes without saying that conveyor systems are an important aspect of any manufacturing process – including aerospace parts manufacturing. But why exactly are they so helpful? Conveyor systems can increase the efficiency of the manufacturing process by reducing the time required to move materials and products between workstations. This results in a faster production cycle which leads to lower costs and (significantly) higher profits. Conveyor systems can also be automated – this allows for greater accuracy and consistency in the movement of materials. As you can imagine, this in turn minimizes the risk of human error and increases the quality of the finished products; this detail is extremely important in the aerospace industry. By implementing conveyor systems, businesses can streamline their manufacturing process and drastically reduce labor costs – and they improve overall efficiency in a very short amount of time.
The aerospace manufacturing sector is set to witness significant advancements in 2023; innovative materials, electric propulsion and autonomous systems will play crucial roles in the sector’s sustainable future, reducing aircraft weight, improving fuel efficiency, and increasing safety and efficiency.