Categories: Aerospace & Defence

Aerospace Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Aerospace by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Aerospace, The aerospace market size has grown rapidly in recent years. It will grow from $308.67 billion in 2023 to $369.24 billion in 2024 at a compound annual growth rate (CAGR) of 19.6%. The growth in the historic period can be attributed to increased demand for air travel technological advances, emerging economies, change in social behavior and low interest rates.

The aerospace market size is expected to see strong growth in the next few years. It will grow to $461.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to growing demand for commercial use of drones, emerging economies, rapid advances in technology. Major trends in the forecast period include focus on using smart materials to manufacture aircrafts, invest in virtual reality (vr) technologies to enhance manufacturing efficiency, leverage multiphysics simulations in order to reduce complexity in the manufacturing process, building their machine learning capabilities and deploying to improve aircraft safety and quality and manufacturing productivity, installing advanced features such as advanced avionics, cabin noise reduction, variable frequency power generators and high-efficiency air filters, and focusing on mid-sized twin-engine planes that can travel long distances rather than jumbo jets, invest in cloud-based development platforms.

The overall economic growth of the emerging economies is expected to positively impact the commercial aircraft manufacturing market. Rising disposable income, a result of economic growth in emerging markets, had a positive impact on the demand for air travel. The International Monetary Fund (IMF) stated that global GDP growth was 5.4% in 2021. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the nation’s security, thereby driving the aerospace market during the forecast period.

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The aerospace market covered in this report is segmented –

1) By Type: Commercial Aircraft, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support and Auxiliary Equipment

2) By Size: Wide-Body, Narrow-Body, Regional, Other Sizes

3) By Operation: Autonomous Aircraft, Manual

4) By End-User: Government, Private Sector

Subsegments Covered: Passenger Aircrafts, Commercial Helicopters, Commercial Gliders and Drones, Aircraft Turbines, Aircraft Engines, Rocket Engines, Commercial Aircrafts MRO Services, Commercial Helicopters MRO Services, Commercial Gliders and Drones MRO Services, Aircraft Turbines MRO Services, Aircraft Engines MRO Services, Rocket Engines MRO Services, Commercial Radars, Satellites

Major companies operating in the aerospace market are focused on introducing technology hubs, such as Izon, to gain a competitive edge in the market. Aerospace technology hubs are geographic locations that bring together technology-based companies, startups, and other organizations involved in the aerospace industry. For instance, in October 2021, Collins Aerospace, a US-based aerospace and defense company, launched Izon, a new technology hub for business aviation services that integrates and streamlines business aviation services including flight planning, weather, fleet operations, and more. Izon gives flight operators and pilots a single location to access all of their applications at any time, from almost any internet-connected device. In addition to eliminating these inconveniences, Izon has been designed to be the ideal fit for flight departments of all sizes thanks to its adaptable modern user interface and customized dashboard.

The aerospace market report table of contents includes: