What are the Historical Developments and Current Growth Metrics of the Aerospace Engineering Services Outsourcing Market?
The aerospace engineering services outsourcing market has seen considerable growth due to a variety of factors.
• The aerospace engineering services outsourcing market is expected to grow from $93.08 billion in 2024 to $112.23 billion in 2025 at a CAGR of 20.6%.
The growth is driven by the expansion of commercial aviation, advancements in radar technology, globalization of air travel, the growth of international routes, and a focus on air traffic management.
What is the Forecasted Market Size and CAGR for the Aerospace Engineering Services Outsourcing Market By 2029?
The aerospace engineering services outsourcing market is expected to maintain its strong growth trajectory in upcoming years.
• The aerospace engineering services outsourcing market is forecast to grow to $234.14 billion by 2029, at a CAGR of 20.2%.
The growth is attributed to growing demand for high-speed internet in aircraft, rising aircraft deliveries, stricter safety regulations, UAVs, and fuel-efficient designs. Key trends include on-shore outsourcing, demand for software-based services, OEM-service provider partnerships, and specialized engineering services.
What Main Forces Are Fueling Expansion In The Aerospace Engineering Services Outsourcing Market?
The growing travel and tourism industries are expected to propel the growth of the aerospace engineering services outsourcing market. The travel and tourism sectors are expanding due to factors like millennial travelers, health and wellness tourism, and leisure activities. Outsourcing aerospace engineering services enables companies in this space to reduce costs, access specialized expertise, and stay adaptable to changing market conditions. For example, in May 2023, the World Tourism Organization reported that international tourism surpassed $1 trillion in 2022. This expansion in travel and tourism is driving the growth of aerospace engineering services outsourcing.
What Are The Market Segments In The Aerospace Engineering Services Outsourcing Market?
The aerospace engineering services outsourcing market covered in this report is segmented –
1) By Component: Software, Hardware
2) By Service: Design And Engineering, Manufacturing Support, Security And Certification, After-Market Services
3) By Location: Onshore, Offshore
4) By Function: Maintenance Process, Production Process, Design, Simulation And Digital Validation
Subsegments:
1) By Software: Simulation And Modelling Software, Flight Management Software, Aircraft Design Software, Maintenance And Diagnostic Software
2) By Hardware: Avionics Components, Structural Parts And Materials, Propulsion System Components, Control And Navigation Systems
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What Trends Are Shaping The Aerospace Engineering Services Outsourcing Market?
Companies in the aerospace engineering services outsourcing market are focusing on technological innovations like flight operation planning platforms to optimize flight operations and reduce costs. For instance, in May 2022, Collins Aerospace, a U.S.-based aerospace company, launched Izon, a platform that integrates flight planning, weather, and fleet management. Using data analytics and AI, Izon helps airlines optimize flight paths, enhance fuel efficiency, and predict maintenance needs, improving operational efficiency and safety.
Who Are the Key Players In The Aerospace Engineering Services Outsourcing Market?
Major companies operating in the aerospace engineering services outsourcing market are:
• General Dynamics Mission Systems Inc.
• Honeywell International Inc.
• Collins Aerospace Inc.
• L3Harris Technologies Inc.
• Meggitt PLC
• Ball Corporation
• Kyocera Corporation
• Hexagon AB
• Carlisle Interconnect Technologies Inc.
• The Boeing Company
• Rohde And Schwarz GmbH & Co. KG
• Cobham plc
• Esterline Technologies Corporation
• R.A. Miller Industries Inc.
• Astronics Corporation
• TECOM IndustriesInc.
• AeroVironmentInc.
• CMC Electronics Inc.
• Dayton-Granger Inc.
• HR Smith Group
• Chelton Limited
• Haigh-Farr Inc.
• Antcom Corporation
• PIDSO Propagation Ideas And Solutions GmbH
• Advanced Aircraft Electronics Inc
What Are The Regional Insights Into The Aerospace Engineering Services Outsourcing Market?
North America was the largest region in the aerospace engineering services outsourcing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aerospace engineering services outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
