2017 Global Aerospace Industry - USD838 Billion
Figure 1: Malaysia’s standing in the global aerospace industry for the year 2017
is largely dependent on military needs, i.e. military
weapons and systems designed to operate on
land, sea, in the air and in space. Also included in
this industry is the production of general aircraft
(mostly for business use) and space vehicles,
usually satellites, for both military and commercial
use. In an analysis conducted by the Aerodynamic
Advisory and Teal Group Corp (2018), it was
estimated that in 2017 the aerospace industry was
worth USD838 billion globally. Expansion of the
aerospace industry is closely related to defence
spending. Defence spending around the world has
also increased by 2.6% between 2017 and 2018
to hit a total of USD1.82 trillion, according to new
research from the Stockholm International Peace
Research Institute. USA and China are the two
countries that are leading as the world’s biggest
military spenders. The USA remains by far the
largest spender in the world, and spends almost
as much on its military in 2018 as the next eight
largest-spending countries combined.
According to the Boeing Market Outlook
(BMO), a strong commercial aviation industry,
stable defence spending and the need to service
all platforms throughout their lifecycle are driving
an ever growing aerospace and defence market.
BMO values the aerospace and defence market
at USD8.7 trillion over the next decade, up from
7