Global Aerospace Engineering Services Outsourcing Market
Aerospace and Defense

5 Key Takeaways From The Aerospace Engineering Services Outsourcing Market Report 2024

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

As per The Business Research Company’s Aerospace Engineering Services Outsourcing Global Market Report 2024, the aerospace engineering services outsourcing market is expected to show significant growth in the forecast period.


Rapid Growth in Market Size

  • 2023 to 2024 Growth: The aerospace engineering services outsourcing market has shown impressive growth, rising from $77.51 billion in 2023 to $93.08 billion in 2024, with a compound annual growth rate (CAGR) of 20.1%.
  • Historic Growth Drivers:
    • Commercial Aviation Expansion: Increased demand for commercial flights.
    • Radar Technology Evolution: Advancements in radar technology for aviation safety.
    • Globalization of Air Travel: More international routes and air traffic.
    • Air Traffic Management: Enhanced emphasis on managing air traffic efficiently.


Future Market Projections

  • 2028 Forecast: The market is projected to grow to $195.0 billion by 2028, with a CAGR of 20.3%.
  • Future Growth Drivers:
    • Passenger Expectations: Increased demand for high-speed internet on flights.
    • Aircraft Deliveries: Rising number of new aircraft deliveries.
    • Safety Regulations: Stricter regulations requiring advanced safety systems.
    • UAV Utilization: Growing use of unmanned aerial vehicles.
    • Fuel-Efficient Aircraft Designs: Innovations in fuel-efficient designs.


View More On The Aerospace Engineering Services Outsourcing Market Report 2024 –
https://www.thebusinessresearchcompany.com/report/aerospace-engineering-services-outsourcing-global-market-report

 

Key Trends in the Forecast Period

  • On-Shore Outsourcing: Increasing demand for on-shore outsourcing services.
  • Software-Based Services: Higher demand for software solutions.
  • OEM Partnerships: Growing collaborations between original equipment manufacturers and service providers.
  • Specialized Engineering Services: Focus on specialized engineering services for niche markets.


Impact of Travel and Tourism Expansion

  • Industry Influence: The growth of the travel and tourism industries significantly impacts the aerospace engineering services outsourcing market.
    • Market Adaptability: Companies leverage outsourcing to adapt to market changes and meet regulatory standards.
    • Tourism Growth: According to the World Tourism Organization, international tourism hit a $1 trillion milestone in 2022, driving market growth.


Leading Companies in the Market

  • Notable Players: General Dynamics Mission Systems Inc., Honeywell International Inc., Collins Aerospace Inc., L3Harris Technologies Inc., and more.
  • Innovative Solutions: Companies focus on developing advanced technologies and platforms to stay competitive.


Collins Aerospace’s Izon Platform

  • Platform Launch: In May 2022, Collins Aerospace launched the Izon platform in Europe.
  • Platform Features:
    • Integrated Services: Combines flight planning, weather, fleet operations, and more.
    • Data Analytics and AI: Uses advanced analytics and artificial intelligence for optimization.
    • Operational Efficiency: Improves fuel efficiency, predicts maintenance needs, and enhances safety.


Accenture Plc’s Strategic Acquisition

  • Acquisition of umlaut: In October 2021, Accenture acquired umlaut’s Engineering and Consulting Services.
  • Purpose:
    • Enhancing Industry X Services: Combines digital technologies with traditional engineering.
    • Driving Innovation: Boosts digital engineering innovation across various industries.
  • Company Profile: umlaut is known for providing aerospace engineering outsourcing services.


Market Segmentation

  • By Component: Software, Hardware
  • By Service: Design and Engineering, Manufacturing Support, Security and Certification, After-Market Services
  • By Location: Onshore, Offshore
  • By Function: Maintenance Process, Production Process, Design, Simulation and Digital Validation


Regional Insights

  • North America: The largest region in the aerospace engineering services outsourcing market in 2023.
  • Asia-Pacific: Expected to be the fastest-growing region during the forecast period.

The aerospace engineering services outsourcing market is poised for substantial growth, driven by advancements in aviation technology, regulatory demands, and the expanding travel and tourism industry. With key players like Collins Aerospace and Accenture leading the way through innovation and strategic acquisitions, the market is set to reach new heights in the coming years.


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The Aerospace Engineering Services Outsourcing Global Market Report 2024  provides an in-depth analysis on the aerospace engineering services outsourcing market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the aerospace engineering services outsourcing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.


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