The New Report “Aerospace Market” published by Premium Market Insights, covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The global aerospace market reached a value of nearly $342.4 billion in 2019, having increased at a compound annual growth rate (CAGR) of 3.1% since 2015. The market is expected to decrease from $342.4 billion in 2019 to $296.1 billion in 2020 at a rate of -14%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6.5% from 2021 and reach $358.8 billion in 2023.
Growth in the historic period resulted from increased demand for air travel technological advances, emerging economies, change in social behavior and low interest rates. Factors that negatively affected growth in the historic period were high exchange rate fluctuations, political uncertainties, volatile raw material prices and grounding of planes.
Top Companies Covered in this Report:
Airbus Group; The Boeing Company; United Technologies Corporation; General Electric Company; Safran S.A.
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Going forward, growing demand for commercial use of drones, emerging economies, rapid advances in technology. Factors that could hinder the growth of the aerospace market in the future include budget airlines’ bankruptcy, order cancellations, increased cyber-attacks, global warming, poor aviation infrastructure, geo-political tensions, global recession, and coronavirus pandemic.
The aerospace market is segmented by type into commercial aircraft; aircraft maintenance, repair and overhauling services and aerospace support and auxiliary equipment. The commercial aircraft market was the largest segment of the aerospace market segmented by type, accounting for 71.1% of the total in 2019. Going forward aircraft maintenance, repair and overhauling services segment is expected to be the fastest growing segment in the aerospace market, at a CAGR of 3.0%.
Commercial aircraft is further segmented into passenger aircrafts, aircraft engines, commercial helicopters, aircraft turbines, commercial gliders and drones and rocket engines. The passenger aircrafts market was the largest segment of the commercial aircraft market, accounting for 53.5% of the total in 2019. Going forward, commercial gliders and drones’ segment is expected to be the fastest growing segment in the commercial aircraft market, at a CAGR of 18.9%.
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Fundamentals of Table of Content:
1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered
2 Global Growth Trends
2.1 Aerospace Market Size
2.2 Aerospace Growth Trends by Regions
2.3 Industry Trends
3 Market Share by Key Players
3.1 Aerospace Market Size by Manufacturers
3.2 Aerospace Key Players Head office and Area Served
3.3 Key Players Aerospace Product/Solution/Service
3.4 Date of Enter into Aerospace Market
3.5 Mergers & Acquisitions, Expansion Plans
4 Breakdown Data by Product
4.1 Global Aerospace Sales by Product
4.2 Global Aerospace Revenue by Product
4.3 Aerospace Price by Product
5 Breakdown Data by End User
5.2 Global Aerospace Breakdown Data by End User
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