Ingenieur Vol 80 ingenieur 2019 octoberfinal | Page 9

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