Which service Component of Aerospace Engineering dominate the market?
Airlines engage in software engineering, which entails creating, changing, and maintaining software for sophisticated aircraft systems. A software engineer's responsibilities include organising, managing, and supervising the creation of technical computer programmes for aeroplanes. Both standalone and embedded software services are included in this area. The practise of using software engineering to operate diverse devices, such as embedded systems that are distinct from normal computers, is known as embedded software services. Any sort of hardware or operating system, including Linux or MacOS, may execute an independent piece of software. A self-employed software service provider creates and sells software solutions that can function on a variety of computer platforms or operating systems.
What is the Market Size of Aerospace Engineering in term of value?
Global Aerospace Engineering Market is projected to increase at a significant CAGR of 6.90% in the coming years. In 2021, the global aerospace engineering market was valued at USD 45.7 Billion and is projected to reach at value of USD 68.199 million by 2028. The demand for aerospace engineering is projected to increase substantially in the coming years and is presumed to generate revenue opportunity for the key industry players that worth USD 22.499 million during the forecast period between 2022 and 2028.
Interesting Facts about Aerospace Engineering Industry
The utilisation of cutting-edge technology and electronic gadgets in the aircraft sector has substantially advanced over time.
In order to lower their operational costs, among other things, aerospace businesses are anticipated to outsource a growing quantity and volume of designing and manufacturing-related activities. Over the projection term, aerospace ESO operations are anticipated to see a noticeable increase because to the rising demand for aircraft and their shorter half-lives.
The global aerospace engineering business has seen increasing levels of investment in recent years due to the rise in air travel and the growing requirement to maintain safe and secure aircrafts.
North America region had a major share in terms of volume as well as value in the Global Aerospace Engineering market in 2021 and is projected to continue its dominance over the forecast period.
Due to the sharp increase in demand for aircraft and component parts, the Indian aerospace sector is on the verge of taking off on a worldwide scale. The nation benefits from a number of factors, including low labour costs, a large pool of skilled engineers, designers, and other technical workers, markets with strong development potential, and active support for the government's new policies.
Who are the Top 10 players/companies in aerospace engineering market in term of value?
The key players in the global aerospace engineering market in terms of value include WS Atkins Plc; Bombardier, Inc; Cyient Ltd; Elbit Systems Ltd; Leonardo DRS; Saab Group; Safran System Aerostructures; Sonaca Group; Strata Manufacturing PJSC; UTC Aerospace Systems and General Dynamics Corporation. In March, 2019 Swiss International Air Lines AG and Thompson agreed to a deal for Thompson to provide new first class and business class seats for the airline's Airbus A340 aircraft. In May, 2017 A two-year agreement for engineering services for Croatia Airlines' aircraft was inked by TCS and Lufthansa Technik AG. In June, 2016 A ten-year, $300 million technology services contract between Emirates Airline and IBM Corporation was struck. The airline will be able to increase the effectiveness of its passenger assistance systems and operations thanks to the delivery of IT infrastructure as a service.
Who are the Top 10 Countries in the Aerospace Engineering Market?
In the Global Aerospace Engineeringmarket, the major countries are the U.S., Canada, China, India, Germany, France, Russia, Belgium, Netherlands, and Norway. Increased demand for air travel, technical advancements, growing economies, alterations in social behaviour, and cheap loan rates are all growth factors in the historical period. High exchange rate volatility, political unpredictability, erratic raw material costs, and plane groundings were factors that hampered progress throughout the historical period. Future trends include an increase in the demand for drones for commercial usage, expanding economies, and quick technological progress. Future aircraft industry development may be hampered by factors such as the insolvency of low-cost airlines, order cancellations, increasing cyberattacks, climate change, inadequate aviation infrastructure, geopolitical tensions, a global economic downturn, and a coronavirus pandemic.
Which is the Key End-user Area in the Aerospace Engineering Market?
The key End-users of aerospace engineering include Aircraft, and Spacecraft. The market for aerospace engineering includes a range of aerospace components and engineering services that help aircraft producers effectively assemble and build aircraft for different uses. Fuselage, wings, empennage, vertical stabiliser, control surfaces and rudder, lift control devices, engine, flap, propeller, propulsion devices, landing gear, nose gear, cockpit, controls, systems, and hydraulics are a few of the main parts utilised in the air assembly process. Aerospace engineering also includes a wide range of engineering services, including research, design and development, and assembly operations, among others. Although the ongoing COVID-19 epidemic has severely hurt the commercial aviation industry, other uses including military jets, transport planes, and unmanned aerial vehicles are anticipated to continue growing. As a result, the total aircraft market is anticipated to expand over the projected period at a sustainable rate.
What are the Major Driving Factors for Aerospace Engineering Market?
Over the past ten years, there has been an increase in the demand for specialist IT and core engineering services. As a result, service providers are concentrating on various capabilities in addition to typical engineering skills like drawing, modelling, and MRO of aeroplane components, such as designing, prototyping, simulation, testing, and system engineering for aero structures and avionics. Soon, the tendency is probably going to continue to be strong.
Due to rising air travel in emerging nations and increased emphasis on military spending, it is projected that growth in the military and civil aviation sectors would propel the aerospace industry. The need for aeronautical engineering is being driven by supportive government efforts and expenditures in R&D activity in this industry.
What are the Major Restraints for Aerospace Engineering Market?
The key restraint of the Global Aerospace Engineering market which is projected to hamper the market growth, before releasing a new product on the market, makers of aerospace systems and components are needed to get certification. To obtain the maximum degree of safety, producers must conduct a number of tests and iterations, which requires lengthy approval processes that further delay manufacturing. For instance, according to one of the major respondents, it may take three years for any product-related certifications from the Federal Aviation Administration (FAA), which certifies regions like North America. The expansion of the aerospace and defence telemetry market may be constrained by these regulatory authority certification procedure delays, such as those from the FAA.
Which Region Dominated the World Aerospace Engineering Market?
In terms of sales share in 2021, the aerospace ESO regional market in North America dominated. Most reputable market participants are situated in North America, including Honeywell International Inc. and Altair Engineering Inc. The early adoption of new technology has also resulted in a bigger revenue share for the regional aerospace ESO market. Due to ongoing innovations in the IT industry and an expansion of IT services, data centre systems, corporate software, and communication systems in the area, the U.S. has a sizable portion of the global software market.
Over the projected period, it is expected that demand for outsourcing aerospace engineering services in European nations would be muted. Market saturation, intense rivalry, and difficult economic circumstances are to blame for this poor rate of development. Germany is anticipated to see significant growth within Europe. Due to an increase in OEM and service provider partnerships, the Asia Pacific region's aerospace ESO market is predicted to develop at the quickest rate throughout the forecast period. Due to the region's extensive supply of low-cost, highly trained labour, the number of such collaborations is projected to increase significantly in the near future.
Segmentation of Global Aerospace Engineering Market-
Global Aerospace Engineering Market – By Component
Aero structures
Engineering Services
Global Aerospace Engineering Market – By End Use
Aircrafts
Spacecraft
Frequently asked questions about Global Aerospace Engineering industry
The emphasis on reducing carbon footprint via aircraft weight reduction is foreseen to benefit the market in the long term.
North America accounted for the highest share in the Global Aerospace Engineering market in terms of value as well as volume.
The rise in passenger traffic, which will lead to a need for new aircraft, as well as an emphasis on lowering aircraft weight to reduce carbon footprint. Over the past several years, there has been a noticeable increase in air passenger travel on a global scale are the major factors driving the growth of the market.
The Global Aerospace Fasteners Market is segmented on the basis of Component, End-user and Geography.
Aircraft industry had a major share in the global market in 2021 and is projected to continue its dominance over the forecast period.
