The global aerospace engineering services market is poised to achieve a valuation of approximately US$ 48.7 billion in the year 2023. Over the forecast period spanning from 2023 to 2033, there is a projected surge in the worldwide demand for aerospace engineering services, expected to exhibit a robust compound annual growth rate (CAGR) of 5.8%. This growth trajectory is anticipated to culminate in a substantial market size of around US$ 81.7 billion by the culmination of 2033.
A significant catalyst driving this market expansion is the increased production of aircraft, serving both civil and military purposes. This surge in aircraft production is expected to significantly raise the demand for aerospace engineers, often referred to as aeronautical engineers, and consequently, fuel the growth of the aerospace engineering services market.
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Drivers of the Global Aerospace Engineering Services Market:
Global Advancements in Aircraft Development:
Across the world, aircraft development is on a rapid ascent. Aerospace engineering services are being propelled by the burgeoning growth of the aviation industry. Increasing levels of disposable income and a thriving tourism sector have led to a heightened demand for civil aircraft. To cater to the growing number of passengers, both developed and developing nations have significantly escalated their aircraft production.
Furthermore, the production of military and defense aircraft is witnessing a remarkable upsurge globally. Escalating conflicts and augmented government spending on fortifying the military and defense sector have been pivotal in driving substantial growth in military aircraft development. Consequently, the demand for aerospace engineering is on the rise and is expected to maintain a robust trajectory in the near future.
Government-Led Advancements in Aircraft Development:
Governments worldwide are taking proactive steps to bolster their defense capabilities and foster aircraft development. These measures involve substantial investments, funding, and regulatory guidance in both developed and emerging economies. The focus of these initiatives is primarily centered on aircraft design, maintenance, and modernization.
For instance, the Department of Defense in the United States, as per the Government Accountability Office, has made a significant investment of approximately US$ 100 billion to enhance its tactical aircraft. This endeavor encompasses the development and procurement of new aircraft as well as the modernization of existing ones. Similarly, in 2022, the United Kingdom government allocated an investment of around US$ 333.7 million for the advancement of innovative aircraft technologies such as solar-powered aircraft and highly efficient wing designs. These government-driven objectives aimed at enhancing the aerospace sector are poised to significantly boost the demand for aerospace engineering services on a global scale.
Competitive landscape:
The aerospace engineering services market is highly fragmented with the presence of various established and new market players in the industry. These market players are taking strategic moves like partnership and acquisition to stay competitive in the market, strengthening their customer base and market share. For instance,
- In December 2020, Rolls-Royce announced the partnership with Infosys for sourcing engineering and R&D services for Rolls-Royce’s civil aerospace business.
- In December 2022, AXISCADES Technologies Ltd., a leader in the creation of cutting-edge technological solutions for the aerospace sector, recently revealed that Airbus, a leading global player in the sector, has once again chosen the company to offer engineering services for product design and development and plant engineering for all Airbus aircraft programmers.
Fact.MR has provided detailed information about the provider of aerospace engineering services market positioned across regions, revenue growth, and service offering expansion, in the recently published report.
Segmentation of the Aerospace Engineering Services Market:
· By Service Type :
- System Engineering
- Design and Development Services
- Certification Services
- Manufacturing Support Services
- After market Services
· By Application :
- Aerostructures
- Aero Engines
- Aerosystem
- Avionics
- Interiors
· By Customer Type :
- OEM
- Authorised Supplier
· By Sector :
- Civil Aviation
- Defence Aviation
· By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Questionnaire answered in the Market outlook Report of Aerospace Engineering Services include:
- What is the key strategy deployed by large players to maximize Aerospace Engineering Services Market growth?
- What are the main challenges faced by players in the Aerospace Engineering Services market Demand?
- With the advent of technological advancement, how will the Aerospace Engineering Services market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Aerospace Engineering Services market size?
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