Rockville, MD, Dec. 02, 2024 (GLOBE NEWSWIRE) -- According to the newly published report by Fact.MR, a market research and competitive intelligence provider, the global military aircraft & aerospace manufacturing market is evaluated to reach US$ 339.6 billion in 2024. Further, the market is further forecasted to rise at a CAGR of 8.4% between 2024 and 2034.
Due to growing uses in both the defense and civilian sectors, the worldwide aerospace and military aircraft production industry is rising at a noteworthy rate. The adaptability of aircraft technology in tackling contemporary issues, such as climate monitoring and national security, is the reason for this spike in demand.
Recognizing potential outside conventional military usage, countries are investing more in aircraft. These platforms are now essential for scientific study, environmental monitoring, and catastrophe response. Aircraft are now more economical and efficient because to advanced manufacturing processes, which have also opened up new markets and uses.
New technologies, including satellite communications, drone systems, and autonomous capabilities are also driving the industry's expansion. While established companies are updating their fleets, potentially high-growth countries are starting their own aerospace projects. A strong global industrial ecosystem and supply chain have resulted from this. Aerospace manufacturing is a key component of contemporary industrial development as the sector's growth spurs innovation in adjacent domains, including material science, robotics, and artificial intelligence.
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Key Takeaways from Market Study
- The global military aircraft & aerospace manufacturing market is projected to reach a valuation of US$ 761.97 billion by the end of 2034.
- The East Asia market is projected to expand at a CAGR of 9% from 2024 to 2034.
- Demand for military aircrafts and aerospace manufacturing in Mexico is forecasted to rise at a CAGR of 1% through 2034.
- The market in Japan is forecasted to progress at a CAGR of 5% in through 2034.
- The aircraft and part segment is forecasted to increase at a CAGR of 9% from 2024 to 2034.
- The market in China is evaluated to advance at an 4% CAGR from 2024 to 2034.
“Weather pattern tracking and search and rescue operations have a significant usage of military aircraft and aerospace manufacturing leading to its hiking demand,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Military Aircraft & Aerospace Manufacturing Market:
Key players in the military aircraft & aerospace manufacturing market are Airbus SAS, The Boeing Company, Saab AB, Bell Texton Inc., Sukhoi Corporation, Korea Aerospace Industries, Embraer SA, Hindustan Aeronautics Limited, GE Aviation
Technological Developments Making it an Amazing Niche to Grow the Aircraft Industry:
Manufacturing of aerospace and military aircraft is undergoing revolutionary changes that are launching the sector into a new phase of technical development. Advanced composite materials, such as carbon fiber reinforced polymers, are making it possible to build airplane structures that are stronger, lighter, and use less fuel. In the meanwhile, 3D printing technology has transformed manufacturing processes, enabling producers to produce intricate parts with previously unheard-of accuracy and waste reduction.
To increase productivity and safety, artificial intelligence and machine learning technologies are incorporated into industrial procedures as well as aircraft operations. Predictive maintenance is possible by smart sensors and Internet of Things (IoT) technology, which lower operational expenses and downtime. In addition, the performance of aircraft is improved by sophisticated propulsion systems, such as hybrid-electric engines and hypersonic capabilities.
Due to the desire of both military and civilian operators to take advantage of these technical benefits, these advances have raised demand globally. Advanced avionics and autonomous systems have also increased aircraft capabilities, making them more flexible and able to adjust to several tasks and needs.
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Military Aircraft & Aerospace Manufacturing Industry News:
- In August 2022, Captronic Systems, a regional business in India, was purchased by Safran Data Systems, a division of Safran Electronics & Defense. As a result, Safran Data Systems, a significant space industry participant, is expanding its product portfolio and strengthening its international operations in this strategically significant nation. It offers equipment for communications, testing, and telemetry with launch vehicles, satellites, and various remote platforms.
- In May 2022, JAMCO Corporation stated that it has inked a Supporter Agreement with SkyDrive Inc., a company that is developing flying cars. JAMCO will begin the collaboration by providing SkyDrive with its aircraft interior development specialists.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the military aircraft & aerospace manufacturing market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product & service (aircraft & parts, avionics & electronic systems, MRO & other services, missiles, space systems), and major market (United States, Europe, China, Russia, others), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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