INDUSTRY REPORT
“ The global aerospace market is a highly competitive and dynamic industry , characterised by continuous innovation , with international collaboration playing a crucial role in shaping its future .”
INDUSTRY REPORT
A HIGH-LEVEL VIEW
3D-printed steel blades of turbine propeller ( image : Shutterstock . com ).
We highlight trends , drivers , opportunities and challenges in global aerospace markets for manufacturers .
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The global aerospace market size was estimated at US $ 321.5- billion in 2022 and is projected to reach around US $ 678.17 billion by 2032 , growing at a CAGR of 7.80 % during the forecast period from 2023 to 2032 ,” commented analyst , Precedence Market Research .
“ The aerospace market is a global industry encompassing the design , production and maintenance of aircraft , spacecraft and related systems . It includes commercial and military sectors , as well as the space exploration field . Key players include aerospace manufacturers ; defence contractors and space agencies ,” it added .
This market is strongly involved in the development of the latest modern technologies from advanced materials and propulsion systems to satellite communication and space exploration initiatives . Demand is driven by factors such as passenger travel ; defence requirements and an increasing interest in space exploration . It is a highly competitive and dynamic industry , characterised by continuous innovation , with international collaboration playing a crucial role in shaping its future .
Airlines are in a perpetual quest to modernise and expand their fleets
Aerospace market dynamics
“ The continuous expansion of commercial aviation serves as a paramount catalyst for the aerospace market . To keep pace with this escalating demand , airlines are in a perpetual quest to modernise and expand their fleets . Consequently , aircraft manufacturers are compelled to pioneer innovations aimed at creating aircraft that are not only more fuel-efficient but also offer heightened comfort and environmental sustainability ,” continued Precedence Market Research .
Image : Shutterstock . com .
16 | ismr . net | ISMR December 2023 / January 2024