New York, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aerospace Global Market Report 2022" - https://www.reportlinker.com/p06240589/?utm_source=GNW
, Northrop Grumman Corp., Bombardier Inc. and Honeywell International Inc.
The global aerospace market is expected to grow from $247.61 billion in 2021 to $271.76 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $442.25 billion in 2026 at a CAGR of 12.9%.
The aerospace market consists of sales of aerospace equipment (including aircraft) by entities (organizations, sole traders and partnerships) that produce commercial aircraft, undertake aircraft maintenance, repair, and overhaul services, and product support and auxiliary equipment, such as radar, air traffic control towers and satellites for civilian purpose.The aerospace industry consists of companies involved in developing prototypes and the manufacturing or assembling of complete aircraft and aircraft parts for commercial purposes.
This industry also includes companies that provide modifications or conversions, repair, parts replacing, and complete overhauling and rebuilding of commercial aircraft.The types of aircraft manufactured by companies in this industry include gliders, helicopters, drones, ultra-light aircraft, passenger aircraft, and private jets.
The aerospace market is segmented into commercial aircraft; aircraft maintenance, repair and overhaul services, and aerospace support and auxiliary equipment.
The main types of aerospace are commercial aircraft, aircraft maintenance, repair, and overhaul services, aerospace support, and auxiliary equipment.The aircraft maintenance, repair, and overhaul services include maintaining, repairing, and overhauling commercial aircraft including helicopters, gliders, drones, aircraft turbines, aircraft engines, and rocket engines.
The various sizes include wide-body, narrow-body, regional, and others that are operated through autonomous and manual mode. Aerospace is used by the government and private sector.
North America was the largest region in the aerospace market in 2021.North America is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The overall economic growth of the emerging economies is expected to positively impact the commercial aircraft manufacturing market.Rising disposable income, a result of the economic growth, in emerging markets had a positive impact on the demand for air travel.
The International Monetary Fund (IMF) stated that the 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 the developed markets in the forecast period. Stable economic growth is expected to increase investments for the nation’s security, thereby driving the aerospace market during the forecast period.
Aircraft manufacturers are using machine-learning techniques such as artificial intelligence (AI) to improve aircraft safety and quality and to improve manufacturing productivity.Machine learning algorithms collect data from machine-to-machine and machine-to-human interfaces and use data analytics to drive effective decision-making.
These technologies optimize manufacturing operations and lower costs.For example, GE Aviation uses machine learning and data analytics to identify faults in engines, which increases components’ lives and reduces maintenance costs.
Boeing has successfully built machine-learning algorithms to design aircraft and automate factory operations.
Helicopter manufacturing companies are increasingly using parts produced with carbon fiber reinforced plastics composite (CFRP) material as this material provides higher strength to helicopter parts than conventional metal parts.CFRP materials enhance the strength lower the weight of helicopters and offer higher corrosion resistance.
These properties enable helicopters to handle higher loads. Major helicopter manufacturers using CFRP materials include Airbus, Boeing and Sikorsky.
The countries covered in the aerospace market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam
Read the full report: https://www.reportlinker.com/p06240589/?utm_source=GNW
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