PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1584084
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1584084
Aerospace Riveting Equipment Market size was valued at USD 112.90 Million in 2023, expanding at a CAGR of 4.90% from 2024 to 2032.
Aerospace riveting equipment is essential for the assembly and production of aircraft, spacecraft, and various aerospace components. The riveting process is vital within the aerospace sector, as it provides robust, durable, and lightweight connections capable of enduring significant stresses and harsh environmental conditions. This equipment is integral to both the assembly and upkeep of aircraft and other aerospace elements. With the evolution of automation, precision engineering, and the incorporation of lightweight materials, contemporary riveting tools and systems remain indispensable for maintaining the strength, durability, and reliability of aerospace structures.
Aerospace Riveting Equipment Market- Market Dynamics
Increasing Aircraft Production is projected to drive the growth of the market
As the production of aircraft escalates, there is a corresponding rise in the demand for riveting equipment utilized in the assembly of fuselages, wings, and various structural components, thereby enhancing the market for aerospace riveting equipment. The airplane manufacturing sector is a segment of the broader airline industry. According to Investopedia, the estimated value of the global market exceeded USD 424 billion in 2024 and is projected to surpass half a trillion dollars by 2032. Additionally, advancements in riveting technology may present growth opportunities for the market. However, the high initial investment and equipment costs could pose challenges to market expansion.
Aerospace Riveting Equipment Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.90% over the forecast period (2024-2032)
Based on Equipment segmentation, Hydraulic Riveting Equipment was predicted to show maximum market share in the year 2023
Based on Rivet Type segmentation, Blind Rivet was the leading type in 2023
Based on Technology segmentation, Automated Riveting Equipment was the leading type in 2023
Based on end-user segmentation, Original Equipment Manufacturers (OEM) were the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Aerospace Riveting Equipment Market is segmented on the basis of Equipment, Rivet Type, Technology, Platform, End User, and Region.
The market is segmented into three categories according to the type of equipment: Hydraulic Riveting Equipment, Pneumatic Riveting Equipment, Electric Riveting Equipment, and Others. Hydraulic Riveting Equipment leads in market growth. This category is particularly significant within the aerospace riveting equipment sector, especially for demanding applications that necessitate high force and precision.
The market is categorized into two segments according to Rivet Type: Blind Rivet, Semi-Tubular Rivet, Solid Rivet, and Other. Blind Rivets hold a dominant position in the market. In aerospace applications, the advantages of blind rivets are especially significant, as they offer ease of use, rapid installation, and the capability to form strong, dependable joints.
The market is classified into two segments according to technology: Manual Riveting Equipment and Automated Riveting Equipment. The Automated Riveting Equipment holds a dominant position within the market. A substantial portion of this sector is comprised of automated riveting equipment, which significantly improves production speed, accuracy, and overall quality in aerospace manufacturing.
The market is segmented into three categories according to the platform: Commercial Aircraft, Military Aircraft, Satellite Launch Vehicles, and Others. This classification is essential for maintaining the structural integrity and safety of both aircraft and spacecraft.
The market is classified into two segments according to the End-User: Original Equipment Manufacturers (OEM) and Maintenance, Repair, and Overhaul (MRO). The Original Equipment Manufacturers (OEM) segment holds a dominant position in the market. As OEMs persist in their innovation and development of advanced aircraft utilizing new materials and structures, there is a growing demand for specialized riveting equipment capable of supporting these designs.
Aerospace Riveting Equipment Market- Geographical Insights
This market is geographically extensive, encompassing North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These areas are further categorized based on the countries contributing to business activities. North America leads the market, driven by increasing investments in aerospace infrastructure. The region's well-established aerospace framework, which features comprehensive assembly lines, research facilities, and production sites, creates a strong demand for riveting equipment. Additionally, aircraft manufacturing represents a significant industry. The United States stands as the largest global exporter of aircraft equipment, with exports amounting to USD 12 billion in 2021, as reported by the Council on Foreign Relations. Europe ranks as the second-largest region for market growth, attributed to substantial investments in research and development.
The Aerospace Riveting Equipment Market exhibits considerable competition among a range of manufacturers and suppliers. The increasing need for efficient, accurate, and dependable riveting solutions within the aerospace industry has drawn interest from both established companies and new market entrants. Organizations possessing a robust global distribution network are better equipped to cater to international clients and explore emerging markets. Those companies that can adeptly utilize these advantages while responding to market trends will be strategically positioned for success in this ever-evolving environment. As the aerospace sector progresses, competition is expected to remain intense, with both established firms and newcomers vying for market share and striving to fulfill the escalating requirements of aerospace manufacturers.
On June 7, 2024, SIA Engineering Company Limited, a company listed on the Mainboard, and Eaton established a joint venture named Eaton Aerospace Component Services Asia Sdn Bhd in Malaysia. SIAEC possesses a 49% equity interest in the venture, while Eaton retains the remaining 51%. The initial issued share capital amounts to RM470 (approximately USD100), with plans to increase it to around RM75 million (approximately USD16 million) in the future.