Industry Background:
Aerospace engineering deals with the development and maintenance of aircraft and spacecraft. Various engineering disciplines such as aerodynamics, propulsion, structural analysis, and manufacturing together make up to aerospace engineering. Growing technical advancement fueled by innovations is driving the very market. Developed nations have seen phenomenal growth in the industry as the United States and France together account for over 50 % of share in the market. The recent push in defense activities in emerging countries owing to rise in military budgets offers a lucrative opportunity for service providers to flourish in the market.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Billion) |
Key Companies Profiled | Saab Group [Sweden], WS Atkins Plc [United Kingdom], Bombardier, Inc [Canada], Lockheed Martin [United States], Elbit Systems Ltd [Israel], Leonardo DRS [United States], Safran System Aerostructures [France], Sonaca Group [Belgium], Strata Manufacturing PJSC [United Arab Emirates], UTC Aerospace Systems [United States] and General Dynamics Corporation [United States] |
According to AMA, the market for Aerospace Engineering is expected to register a CAGR of 4.2% during the forecast period to 2028. This growth is primarily driven by Increasing Air Traffic Owing to Influx in Air Passenger and Increasing Demand for Quality Improvement in Aerospace Vehicles.
Globally, a noticeable market trend is evident Introduction of Lightweight Aircraft Components
The Aerospace & Defense sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Saab Group [Sweden], WS Atkins Plc [United Kingdom], Bombardier, Inc [Canada], Lockheed Martin [United States], Elbit Systems Ltd [Israel], Leonardo DRS [United States], Safran System Aerostructures [France], Sonaca Group [Belgium], Strata Manufacturing PJSC [United Arab Emirates], UTC Aerospace Systems [United States] and General Dynamics Corporation [United States], etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The leading aircraft original equipment manufacturers and suppliers are altering the aerospace business. Recently, Boeing in collaboration with Embraer expanded its position in narrow body aircraft category. Additionally, Airbus tie up with Bombardier on c series was significant as it got control of C-series aircraft without making cash investment.
Key Developments in the Market:
Key players and research institutes are focusing on developing hybrid-electric aircraft. Of late, in November 2018, University of Illinois aerospace engineers are testing a more sustainable alternative to fossil fuels to power airplanes.
Regulatory Insights:
Aerospace industry is subjected to stringent regulatory guidelines as air-safety is paramount. Global regulatory bodies such as European Aviation Safety Agency (EASA) makes the regulatory framework in this regard. EASA emphasizes on certification of all stake holders. Recently, EASA suspends certification of GMR Aero Technic, which provides maintenance overhaul services for aircraft. The regulatory body did not specify the proper reason for suspension, but said that re-approval would depend on progress made
Influencing Trend:
Introduction of Lightweight Aircraft Components, Use of Advance Materials and Incorporation of 3D Printing Technology
Market Growth Drivers:
Increasing Air Traffic Owing to Influx in Air Passenger and Increasing Demand for Quality Improvement in Aerospace Vehicles
Challenges:
Cylindrical Nature of Sale in the Industry, Proper Management of Supply Chain and Cyber Threat Owing to Increased Digitization
Restraints:
Volatile Geopolitical and Economic Environment and High Cost of Raw Materials
Opportunities:
Product Up-gradation and Technological Innovation, GDP growth in Emerging Economies and Adopting Smart Automation and Block-chain Technologies
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Aerospace Engineering Market
- Analysis about New Entrants in Aerospace Engineering Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Aerospace Engineering Study Sheds Light on
The Aerospace Engineering Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Aerospace Engineering industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Aerospace Engineering industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.