What is Aerospace Engineering Services Market?
Aerospace engineering is the field of engineering concerned with the design, development, construction, testing and operation of vehicles operating in the earth’s atmosphere or in outer space. Increasing demand for new aircraft in order to meet the rising air travel, numerous leading aircraft manufacturers have been engaged in the procurement of various aircraft components and services.
Highlights from Aerospace Engineering Services Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Honeywell International Inc. (United States), LISI Group (France), Altran Technologies, SA (France), Bertrandt (Germany), Akka Technologies (Belgium), Altair Engineering, Inc. (United States), Alten Group (France), L&T Technology Services Limited (India), Safran (France) and QuEST Global Services Pte. Ltd. (Singapore) |
Aerospace Engineering Services is a fragmented market due to the presence of a large number of established competitors. The key players focus on developing and innovating new strategies to maintain their market position and customer base. The companies are also planning strategic activities like partnerships, collaboration, mergers, and acquisitions to help them sustain themselves in the market and maintain their competitive edge. Research Analyst at AMA predicts that Global Manufacturers will contribute to the maximum growth of Global Aerospace Engineering Services market throughout the forecasted period.
Honeywell International Inc. (United States), LISI Group (France), Altran Technologies, SA (France), Bertrandt (Germany), Akka Technologies (Belgium), Altair Engineering, Inc. (United States), Alten Group (France), L&T Technology Services Limited (India), Safran (France) and QuEST Global Services Pte. Ltd. (Singapore) are some of the key players profiled in the study. Aerospace Engineering Services Market Segmentation:
Scope | Sub-Segments |
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Services | Design & Engineering,Manufacturing Support,Security & Certification,After-market Services |
Component | Hardware,Software |
Location | On-shore,Off-shore |
On the basis of geography, the market of Aerospace Engineering Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased Use of Innovative Technologies
Market Growth Drivers:
Increase in Number of Air Travelers and Adoption of IoT to Reduce the Cost
Challenges:
Increasing Demand for Aircrafts Worldwide
Restraints:
Cost Associated With Aerospace Engineering Services
Opportunities:
Increasing Demand for Aircrafts Worldwide
Key Target Audience
Aerospace Engineering Service Providers, Research Professionals, Emerging Companies, Government Body & Associations and End-user
Market Leaders & Development Strategies
In December 2021, Honeywell acquired privately held US Digital Designs, Inc., headquartered in Tempe, Arizona, for a purchase multiple of up to 14X EBITDA in an all-cash transaction. The company provides alert and dispatch communications solutions to increase first responder efficiency and reduce emergency response times.
In March 2023, Bertrandt launches a new brand identity: Modern, Innovation, and Bold. Influenced by the founding history, self-image, and business idea, but above all by the employees, the brand identity was defined as a company-wide integrated process to ensure greater accuracy and visibility.