A Look at Aerospace Products and Parts Manufacturing
The global aerospace is a high technology industry that contributes hundreds of billions of dollars to the world economy. Statistics show that the global aerospace manufacturing industry generates more than $700 billion in annual revenue. As for the United States, its aerospace products and parts manufacturing industry comprises of around 1,300 companies with combined annual revenue of about $175 billion. Define Aerospace Products and Parts Manufacturing Aerospace products and parts manufacturing broadly refer to the design, production, research, and service of aircrafts and spacecrafts. The Aerospace industry mainly comprises of companies producing aircraft, aircraft engines, space vehicles, guided missiles, propulsion units, and related parts. It also includes aircraft overhaul, rebuilding, and conversion. That means the companies in the aerospace industry mostly undertake one or more of the following. * Developing aerospace engines, auxiliary equipment, propulsion units, or parts * Developing complete aircraft, missiles, or space vehicles * Developing and making prototypes of aerospace products * Converting aircraft or aircraft conversion (i.e., major modifications to systems) and * Overhaul and rebuilding of complete aircraft or propulsion systems (i.e., periodic restoration of aircraft to original design specifications) The aerospace industry mainly comprises of companies involved in manufacturing airframe, system, engine, and components. Let’s understand what each of these mean. Airframe manufacturers focus on the design and manufacturing aspects of aircrafts, space vehicles, and space capsules. System manufacturers are involved in the design and manufacture of aircraft electronics, fuel systems, guided missiles, lighting systems, air management systems, hydraulic systems, control systems, and other integrated systems. Engine manufacturers specialize in the design and manufacture of jet engines, aircraft engines, and propulsion units. Components manufacturers design and manufacture aircraft interiors, aircraft seats, castings, aerospace brakes, ground equipment, machined parts, and related parts. Today the aerospace industry is facing the consequences of ongoing global economic challenges, revenue gaps and cost pressures including labor costs and price fluctuations in raw materials such as aluminum, boron, titanium, and carbon composites. Hence, today there is increased collaboration between OEMs and suppliers in order to minimize risks and increase benefits. Besides that, many companies have realized the benefits of aerospace engineering services outsourcing and therefore have outsourced many of the services as a means to increase productivity and improve operations.
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