Global Aerospace Market Size, Drivers, Trends, Opportunities And Strategies – Includes Aerospace Market Growth
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The overall economic growth of the emerging economies are expected to drive innovation in aerospace manufacturing, thus driving the market during the forecast period.
The global aerospace market is expected to grow from $261.12 billion in 2022 to $278.43 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The aerospace market is expected to grow to $358.44 billion in 2027 at a CAGR of 6.5%.
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Global Aerospace Market Segments Include:
- By Type: Commercial Aircraft, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support and Auxiliary Equipment
- By Size: Wide-Body, Narrow-Body, Regional, Others
- By End-User: Government, Private Sector
- By Operation: Autonomous Aircraft, Manual
- Subsegments Covered: Passenger 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 market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global aerospace market in 2021.
Major Market Players in the aerospace market include Airbus Group SE, Raytheon Technologies Corporation, The Boeing Company, General Electric Company, Safran SA, General Dynamics.
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 component life and reduces maintenance costs. Boeing has successfully built machine-learning algorithms to design aircraft and automate factory operations.
The Aerospace Global Market Report 2023 provides a aerospace market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The aerospace market forecast analyzes aerospace market size, aerospace market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The aerospace refers to a range of activities including production of commercial aircraft, aircraft maintenance, repair, and overhaul services, and product support and auxiliary equipment, such as radar, air traffic control towers, and satellites for civilian and commercial purposes. The aerospace industry consists of companies involved in developing prototypes and the manufacturing or assembling of complete aircraft and aircraft parts for commercial purposes.
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