Dublin, July 27, 2021 (GLOBE NEWSWIRE) — The “Aerospace Global Market Report 2021: COVID-19 Impact and Recovery to 2030” report has been added to ResearchAndMarkets.com’s offering.
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%.
Major companies in the aerospace market include The Boeing Company; Airbus; Lockheed Martin Corporation; General Dynamics Corporation and Northrop Grumman Corporation.
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. The aerospace market is segmented into commercial aircraft; aircraft maintenance, repair and overhauling services and aerospace support and auxiliary equipment.
North America was the largest region in the global aerospace market, accounting for 50% of the market in 2020. Asia Pacific was the second largest region accounting for 22% of the global aerospace market. Eastern Europe was the smallest region in the global aerospace market.
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.
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.
The overall economic growth of the emerging economies is expected to positively impact the commercial aircraft manufacturing market. Rising disposable income, a result of the economic growth, in emerging markets had a positive impact on the demand for air travel. The International Monetary Fund (IMF) predicts that the global GDP growth will be 5.4% in 2021.
Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments for nation’s security, thereby driving the aerospace market during forecast period.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Aerospace Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Aerospace Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Aerospace Market Supply Chain
5.1. Supply Chain
5.3. End Customers
6. Aerospace Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Aerospace Market Trends And Strategies
8. Impact Of COVID-19 On Aerospace
9. Aerospace Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market
10. Aerospace Market Regional Analysis
10.1. Global Aerospace Market, 2020, By Region, Value ($ Billion)
10.2. Global Aerospace Market, 2015-2020, 2020-2025F, 2030F, Historic And Forecast, By Region
10.3. Global Aerospace Market, Growth And Market Share Comparison, By Region
11. Aerospace Market Segmentation
11.1. Global Aerospace Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Commercial Aircraft
- Aircraft Maintenance, Repair and Overhauling Services
- Aerospace Support and Auxiliary Equipment
11.2. Global Aerospace Market, Segmentation By Size, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
11.3. Global Aerospace Market, Segmentation By End-User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Private Sector
11.4. Global Aerospace Market, Segmentation By Operation, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Autonomous Aircraft
12. Aerospace Market Segments
12.1. Global Commercial Aircraft Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion) – Passenger Aircrafts; Commercial Helicopters; Commercial Gliders and Drones; Aircraft Turbines; Aircraft Engines; Rocket Engines
12.2. Global Aircraft Maintenance, Repair and Overhauling Services Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion) – 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
12.3. Global Aerospace Support and Auxiliary Equipment Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion) – Commercial Radars; Satellites
13. Aerospace Market Metrics
13.1. Aerospace Market Size, Percentage Of GDP, 2015-2025, Global
13.2. Per Capita Average Aerospace Market Expenditure, 2015-2025, Global
- The Boeing Company
- Lockheed Martin Corporation
- General Dynamics Corporation
- Northrop Grumman Corporation
For more information about this report visit https://www.researchandmarkets.com/r/eybrcu