Aerospace Global Market To Reach Value Of About $431 Billion In 2025
5 May, 2021
The aerospace market consists of sales of aerospace equipment (including aircraft) by entities (organizations, sole traders and partnerships) that produce commercial aircraft, undertake aircraft maintenance, repair and overhauling services, and produce support and auxiliary equipment, such as radar, air traffic control towers and satellites for civilian purpose. The aerospace industry consists of companies involved in developing prototypes and the manufacturing or assembling of complete aircraft and aircraft parts for commercial purposes. This industry also includes companies that provide modifications or conversions, repair, parts replacing, and complete overhauling and rebuilding of commercial aircraft. The types of aircraft manufactured by companies in this industry include gliders, helicopters, drones, ultra-light aircraft, passenger aircraft and private jets.
Global Aerospace Market Size And Drivers:
The global aerospace market is expected to grow from $298.01 billion in 2020 to $327.96 billion in 2021 at a compound annual growth rate (CAGR) of 10%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $430.87 billion in 2025 at a CAGR of 7%. Stable economic growth is expected to increase investments for nation’s security, thereby driving the aerospace market during forecast period.
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Trends In The Global Aerospace Market
Aircraft manufacturers are using machine-learning techniques such as artificial intelligence (AI) to improve aircraft safety and quality, and to improve manufacturing productivity. Machine learning algorithms collect data from machine-to-machine and machine-to-human interfaces and use data analytics to drive effective decision making. These technologies optimize manufacturing operations and lower costs. For example, GE Aviation uses machine learning and data analytics to identify faults in engines, which increases components’ lives and reduces maintenance costs. Boeing has successfully built machine-learning algorithms to design aircraft and automate factory operations.
Helicopter manufacturing companies are increasingly using parts produced with carbon fiber reinforced plastics composite (CFRP) material as this material provides higher strength to helicopter parts than conventional metal parts. CFRP materials enhance strength and lower weight of helicopters and offer higher corrosion resistance. These properties enable helicopters to handle higher loads. Major helicopter manufacturers using CFRP materials include Airbus, Boeing and Sikorsky.
Global Aerospace Market Segments:
The global aerospace market is further segmented based on type and geography.
By Type: Commercial Aircraft, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support and Auxiliary Equipment
By Size: Wide-Body, Narrow-Body, Regional, Others
By End-User: Government, Private Sector
By Operation: Autonomous Aircraft, Manual
Subsegments Covered: Passenger Aircrafts, Commercial Helicopters, Commercial Gliders and Drones, Aircraft Turbines, Aircraft Engines, Rocket Engines, Commercial Aircrafts MRO Services, Commercial Helicopters MRO Services, Commercial Gliders and Drones MRO Services, Aircraft Turbines MRO Services, Aircraft Engines MRO Services, Rocket Engines MRO Services, Commercial Radars, Satellites
By Geography: The global aerospace market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America aerospace market accounts for the largest share in the global aerospace market.
Read More On The Report For The Global Aerospace Market At:https://www.thebusinessresearchcompany.com/report/aerospace-global-market-report
Aerospace Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides aerospace market overviews, analyzes and forecasts market size and growth for the global aerospace market, aerospace market share, aerospace market players, aerospace market segments and geographies, aerospace market’s leading competitors’ revenues, profiles and market shares. The aerospace market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.