Use of 3D printing and, block chain for aircraft parts manufacturing are two of the major trends in the aerospace and defense market. The aerospace & defense market expected to reach a value of nearly $1 trillion by 2022, significantly growing at a growth rate of around 7% during the forecast period. The growth in the aerospace & defense market is due to increased passenger air travel driven by need for faster transportation supported by globalization.
However, the market for aerospace & defense is expected to face certain restraints from several factors such as weak wage growth in developed economies, increased costs and decline in margins and political instability to shape aircraft manufacturing and aircraft health monitoring system (AHMS) for faster processes and lesser maintenance are the major trends witnessed in the global aerospace & defense market.
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The global aerospace & defense market is further segmented based on type and geography:
By Type – The aerospace & defense market is segmented into aircrafts, aircraft components manufacturing and repair services, radars and weapons and guided missile, space vehicle and military ground vehicles. Among these segments, the aircrafts, aircraft components manufacturing and repair services market accounts for the largest share in the global aerospace & defense market.
By Geography – The global aerospace & defense is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America aerospace & defense market accounts the largest share in the global aerospace & defense market.
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The aerospace & defense market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast growth by geography.
The aerospace and defense manufacturing market consists of sales of aircraft, aircraft components, weapons, artillery tanks, radar and other military equipment by entities (organizations, sole traders or partnerships) that produce aircraft, aircraft components, weapons, artillery tanks, radar and other military equipment for aerospace and defense purposes.