Aerospace Market Characteristics
The aerospace market consists of sales of aerospace equipment by entities (organizations, sole traders and partnerships) that produce commercial aircraft, undertake aircraft maintenance, repair and overhauling services, produce support and auxiliary equipment, such as radar, air traffic control towers and satellites, or produce sea-based defense equipment.
Competitive Landscape of the Aerospace Market
Major players in the global aerospace market include The Boeing Company, Airbus, Lockheed Martin Corporation, General Dynamics Corporation, Northrop Grumman Corporation.
Aerospace Market Size
The aerospace market size is expected to reach a higher value by 2022, significantly growing at a steady CAGR during the forecast period. The growth in the aerospace market is due to increased global economic activity, increased demand from developing nations is expected to drive the market in the future.
However, the market for aerospace is expected to face certain restraints from several factors such as regulations surrounding carbon emissions, change in government policies.
Aerospace Market Segmentation
The global aerospace market is further segmented based on type and geography.
By Type - The aerospace market is segmented into Commercial Aircraft Manufacturing, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support and Auxiliary Equipment Manufacturing , Commercial 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 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 the largest share in the global Aerospace market.
Trends in the Aerospace Market
Aircraft manufacturers are using machine-learning techniques such as artificial intelligence (AI) to improve safety, productivity and quality of aircrafts, the major trends witnessed in the global aerospace market.
Potential Opportunities in the Aerospace Market
With greater stability in the oil and gas industry, improving economic growth, the scope and potential for the global aerospace market is expected to significantly rise in the forecast period.