Dublin, Sept. 07, 2021 (GLOBE NEWSWIRE) -- The "Aerospace Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
The global aerospace market reached a value of nearly $298.0 billion in 2020, having decreased at a compound annual growth rate (CAGR) of -0.3% since 2015. The market is expected to grow from $298.0 billion in 2020 to $430.9 billion in 2025 at a rate of 7.7%. The market is then expected to grow at a CAGR of 5.9% from 2025 and reach $573.6 billion in 2030.
Growth factors in the historic period include 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.
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 rapid spread of the coronavirus is causing economic and industrial disruptions globally. With government-regulated lockdown and travel restrictions imposed in many countries, the aerospace market has suffered setbacks due to work and supply chain disruptions, logistical challenges, new contracts ceased, and closure of manufacturing facilities. Aircraft maintenance and repair demands have been low since the pandemic. This setback has also been caused due to the standstill of all kinds of cargos during the quarantine period, as there is a possibility that the transportation of such cargos through air could be carrying the virus from one port to another. All such goods that were previously carried conveniently on an aircraft have to follow a set standard of rules and procedure, which has limited the demand for such cargos.
Airports from all over the world had to temporarily shut down and stopped all activity. Some airports are running at a low capacity. Aerospace is an industry dependent on the employment of significant numbers of workers and the supply of materials required for construction, both of which have also been severely impacted by COVID-19.
North America was the largest region in the global aerospace market, accounting for 49.7% of the total in 2020. It was followed by Asia-Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the aerospace market will be Middle East, and South America where growth will be at CAGRs of 10.5% and 10.1% respectively. These will be followed by Africa, and Eastern Europe, where the markets are expected to grow at CAGRs of 8.9% and 8.1% respectively.
The top opportunities in the aerospace market segmented by type will arise in the commercial aircraft market segment, which will gain $102.6 billion of global annual sales by 2023. The top opportunities in the aerospace support and auxiliary equipment market segmented by type will arise in the satellites market segment, which will gain $3.6 billion of global annual sales by 2023.
The top opportunities in the aerospace market segmented by size will arise in the narrow-body segment, which will gain $106.3 billion of global annual sales by 2023. The top opportunities in the aerospace market segmented by end-user will arise in the private sector segment, which will gain $124.4 billion of global annual sales by 2023. The top opportunities in the aerospace market segmented by operation will arise in the manual segment, which will gain $120.1 billion of global annual sales by 2023.The aerospace market size will gain the most in the USA at $56.95 billion.
Key Topics Covered:
- Aerospace Market Characteristics
- Aerospace Market, Product/Type Analysis - Product/Type Examples
- Aerospace Market, Supply Chain Analysis
- Aerospace Market Customer Information
- Aerospace Market Trends Strategies
- Aerospace Market, COVID Impact Analysis
- Raw Materials Used In The Aerospace Market
- Global Aerospace Market Size Growth
- Aerospace Market, Regional Analysis
- Global Aerospace Market Segmentation
- Global Aerospace Market Comparison with Macro Economic Factors
- Asia-Pacific Aerospace Market
- Western Europe Aerospace Market
- Eastern Europe Aerospace Market
- North America Aerospace Market
- South America Aerospace Market
- Middle East Aerospace Market
- Africa Aerospace Market
- Global Aerospace Market Competitive Landscape
- Key Mergers and Acquisitions In The Aerospace Market
- Market Background: Aerospace &Defense Market
- Aerospace Market Opportunities and Strategies
- Aerospace Market, Conclusions and Recommendations
Companies Mentioned
- The Boeing Company
- United Technologies Corporation
- General Electric Company
- Safran S.A.
- Rolls-Royce Holdings plc
- General Dynamics Corp.
- Honeywell International Inc.
- Bombardier Inc.
For more information about this report visit https://www.researchandmarkets.com/r/x45g26
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