Overview and Scope
Aerospace engineering services outsourcing refers to the practice of contracting specialized engineering tasks and projects to external service providers or third-party vendors, typically located in regions with lower labor costs or specialized expertise. It enables aerospace companies to access specialized expertise, manage costs, accelerate project timelines, and focus on core competencies while ensuring the delivery of safe, reliable, and innovative aerospace products and services.
Sizing and Forecast
The aerospace engineering services outsourcing market size has grown exponentially in recent years. It will grow from $77.51 billion in 2023 to $93.08 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to the growth of commercial aviation, the evolution of radar technology in aviation, the globalization of air travel, the expansion of international routes, and increased emphasis on air traffic management.
The aerospace engineering services outsourcing market size is expected to see exponential growth in the next few years. It will grow to $195.0 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The growth in the forecast period can be attributed to growing passenger expectations for high-speed internet access, rising aircraft deliveries, stringent regulations mandating the installation of safety systems, growing use of unmanned aerial vehicles (UAVs), and developing fuel-efficient aircraft designs. Major trends in the forecast period include increasing demand for on-shore outsourcing, rising demand for software-based services, growing partnerships between original equipment manufacturers (OEMs) and service providers, and increasing focus on specialized engineering services.
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Segmentation & Regional Insights
The aerospace engineering services outsourcing market covered in this report is segmented –
1) By Component: Software, Hardware
2) By Service: Design And Engineering, Manufacturing Support, Security And Certification, After-Market Services
3) By Location: Onshore, Offshore
4) By Function: Maintenance Process, Production Process, Design, Simulation And Digital Validation
North America was the largest region in the aerospace engineering services outsourcing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aerospace engineering services outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The expanding travel and tourism industries are expected to propel the growth of the aerospace engineering services outsourcing market going forward. The travel and tourism industries encompass a wide range of businesses and services related to the movement of people for leisure, business, or other purposes, as well as their stay at destinations. The travel and tourism industries are rising due to millennial travelers, experiential travel, health and wellness tourism, online travel agencies (OTAs), and leisure activities. Aerospace engineering services outsourcing allows travel and tourism companies to leverage specialized expertise, reduce costs, and focus on their core competencies. It also provides the flexibility and scalability needed to adapt to changing market conditions and ensure compliance with regulatory standards. For instance, in May 2023, according to the World Tourism Organization, a Spain-based specialized agency with a real growth rate of 50% over 2021, international tourism crossed the $1 trillion milestone in 2022. Therefore, expanding travel and tourism industries is driving the growth of the aerospace engineering services outsourcing market.
Key Industry Players
Major companies operating in the aerospace engineering services outsourcing market are General Dynamics Mission Systems Inc., Honeywell International Inc., Collins Aerospace Inc., L3Harris Technologies Inc., Meggitt PLC, Ball Corporation, Kyocera Corporation, Hexagon AB, Carlisle Interconnect Technologies Inc., The Boeing Company, Rohde And Schwarz GmbH & Co. KG, Cobham plc, Esterline Technologies Corporation, R.A. Miller Industries Inc., Astronics Corporation, TECOM Industries, Inc., AeroVironment, Inc., CMC Electronics Inc., Dayton-Granger Inc., HR Smith Group, Chelton Limited, Haigh-Farr Inc., Antcom Corporation, PIDSO Propagation Ideas And Solutions GmbH, Advanced Aircraft Electronics Inc
The aerospace engineering services outsourcing market report table of contents includes:
1. Executive Summary
2. Aerospace Engineering Services Outsourcing Market Characteristics
3. Aerospace Engineering Services Outsourcing Market Trends And Strategies
4. Aerospace Engineering Services Outsourcing Market – Macro Economic Scenario
5. Global Aerospace Engineering Services Outsourcing Market Size and Growth
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32. Global Aerospace Engineering Services Outsourcing Market Competitive Benchmarking
33. Global Aerospace Engineering Services Outsourcing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Aerospace Engineering Services Outsourcing Market
35. Aerospace Engineering Services Outsourcing Market Future Outlook and Potential Analysis
36. Appendix
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