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Market Size

Report ID: GMI11066
Published Date: Aug 2024
Report Format: PDF

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Crane Aerospace Aftermarket Size

Crane Aerospace Aftermarket was valued at USD 373.77 million in 2023 and is estimated to register a CAGR of over 5.5% between 2024 and 2032, driven by rising focus on defense aviation, supported by the company’s strategic investments in maintaining and upgrading its military fleet.

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Additionally, the retirement or repair of older aircraft increases the demand for aftermarket components as airlines work to extend their operational lifespan. This growth drives a continuous need for various aftermarket products and services, including new and refurbished parts, maintenance tools, and support services. A larger fleet not only raises the volume of parts needed but also enables aftermarket service providers to offer customized solutions, enhancing the overall efficiency and reliability of the aviation industry. Companies in the market are recognizing the impact of rising investments in commercial aircraft MRO infrastructure.

Crane Aerospace Aftermarket Report Attributes
Report Attribute	Details
Base Year:	2023
Crane Aerospace Aftermarket Size in 2023:	USD 373.77 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.5%
2032 Value Projection:	USD 630 Million
Historical Data for:	2021 - 2023
No. of Pages:	290
Tables, Charts & Figures:	320
Segments covered:	Product, Crane, Sales Channel, Application
Growth Drivers:	Increasing the demand for replacement parts and maintenance Technological advancements in aerospace systems Stringent safety regulations necessitating regular inspections and part replacements Expansion of air travel in emerging markets
Pitfalls & Challenges:	Cost management Increasing market competition

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The crane aerospace aftermarket faces numerous challenges including cost management and increasing market competition. Balancing cost-efficiency with investments in advanced technologies and skilled personnel can strain finances. Organizations must invest in cutting-edge equipment and technology to meet the latest safety and performance standards. This often requires significant upfront costs and ongoing maintenance expenses. Additionally, the aerospace aftermarket is highly competitive, with many companies offering similar services, making differentiation crucial, thus hindering market growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The crane aerospace aftermarket was worth over USD 373.77 million in 2023 and is estimated to register over 5.5% CAGR between 2024 and 2032, driven by rising focus on defense aviation.

The commercial aviation segment in the crane aerospace aftermarket is anticipated to register over 4.5% CAGR from 2024 to 2032, backed by offering equipment and services that are necessary to maintain aircraft.

North America crane aerospace aftermarket held over 35% revenue share in 2023 favored by the extensive military and commercial aviation sectors.

Columbus McKinnon Corporation, Crane Aerospace & Electronics, Demag Cranes & Components GmbH, Eilbeck Cranes Pty Ltd, GH Cranes & Components S.A., Liebherr-International Deutschland GmbH, Shannahan Crane & Hoist Inc., and Street Crane Company Ltd, among others.