INDUSTRY REPORT
“ The global aerospace industry has proved itself to be adept at embracing new materials , processes and technologies aimed at increasing safety and productivity .”
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INDUSTRY REPORT
A BIRD ’ S EYE VIEW
According to Precedence Research , the global aerospace market size is expected to reach around US $ 734.49 billion by 2033 , increasing from US $ 373.61 billion in 2024 . The aerospace industry includes a wide variety of aircraft and spacecraft ( such as helicopters ; gliders ; passenger and military aircraft ; satellites ; launch vehicles ; and other related products ).
“ The aerospace market has witnessed significant growth over the years and is anticipated to grow rapidly soon due to increasing military and defence spending as well as rising advancements in aviation technology ( such as propulsion systems , advanced materials , satellite communication and space exploration programmes ),” said the analyst .
North America dominated the market in 2023 due to the presence of many key players ( such as General Dynamics , Boeing and Lockheed Martin ). The growing need for sophisticated aircraft ( including drones and satellites ) and the rapid expansion of the aerospace sector further drove the market . Increasing expenditure on aerospace R & D projects , to facilitate technical advances , also contributed to the growth of the market .
We highlight new analysis on growth , opportunities and new technologies in global aerospace markets , including parts manufacturing .
The aerospace market has witnessed significant growth over the years and is anticipated to grow rapidly
Key market trends
The aerospace market consists of sales of civilian and commercial aircraft , aircraft components , MRO services and aerospace equipment support . According to analyst , Research and Markets , the aerospace market size has grown rapidly in recent years . It will grow from
28 | ismr . net | ISMR December 2024 / January 2025