Major companies in the aerospace market include The Boeing Company; Airbus; Lockheed Martin Corporation; General Dynamics Corporation and Northrop Grumman Corporation. The global aerospace market is expected to grow from $298.
New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aerospace Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018925/?utm_source=GNW
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%.
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.
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