NEW YORK, United States, June 29, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Aerospace Engineering Services Outsourcing Market 2023 – 2030” in its research database. According to the latest research study, the demand of global aerospace engineering services outsourcing market size was worth at approximately USD 78.14 billion in 2022. The market is expected to grow above a CAGR of 18.92% and is anticipated to reach over USD 312.55 billion by 2030.
The report analyses the global aerospace engineering services outsourcing market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the aerospace engineering services outsourcing industry.
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Aerospace Engineering Services Outsourcing Market Overview:
Aerospace engineering is a specialized field of engineering that deals specifically with the design, development, manufacturing, and maintenance of aerial objects such as aircraft and spacecraft. It involves the use of advanced scientific and engineering principles which are constantly evolving with time and as the competition in the commercial market continues to grow. Aerospace engineering deals with two primary areas. Aeronautical engineering and astronautical engineering. The former is responsible for the safe operation of an aircraft within the Earth’s atmosphere while the latter is used for the design and maintenance of spacecraft used for space exploration.
Generally, companies that operate in the aerospace industry outsource or delegate some parts of related activities to external or third-party service providers and this process is known as aerospace engineering services outsourcing. As companies seek to increase their final output, they are more likely to undertake assistance from experts, and thus service providers can expect more demand in the coming years.
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Key Insights from Primary Research
- As per the analysis, the aerospace engineering services outsourcing market share is likely to grow above a CAGR of around 18.92% between 2023 and 2030.
- The Aerospace Engineering Services Outsourcing market size was worth around US$ 78.14 billion in 2022 and is estimated to hit approximately US$ 312.55 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The aerospace engineering services outsourcing market is projected to grow at a significant rate due to the growing advancements and complexities in aerospace systems
- Based on location segmentation, onshore was predicted to show maximum market share in the year 2022
- Based on function segmentation, the maintenance process was the leading function in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Competitive Players:
The report contains qualitative and quantitative research on the global aerospace engineering services outsourcing market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global aerospace engineering services outsourcing market include;
- Airbus
- Boeing
- Lockheed Martin
- Safran
- GE Aviation
- Rolls-Royce
- Northrop Grumman
- Thales Group
- Honeywell Aerospace
- Bombardier Aerospace
- Raytheon Technologies Corporation
- Collins Aerospace
- L3Harris Technologies
- BAE Systems
- Leonardo S.p.A.
- Meggitt PLC
- Textron Inc.
- Spirit AeroSystems, and others.
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Market Dynamics:
Growth Factors
The global aerospace engineering services outsourcing market is expected to grow due to the rising space exploration activities undertaken by several countries as each economy is working toward establishing a strong foothold in outer space. For instance, the Weizmann Institute of Science and the Israel Space Agency are working toward launching ULTRASAT around the Earth’s geostationary orbit by 2026 and the National Aeronautics and Space Administration (NASA) is expected to become a part of this program. As companies are looking for measures that help them create cost-efficient programs, they are likely to outsource certain activities related to aerospace engineering. This either means outsourcing human resource requirements, hardware or software requirements, or any other aspect.
Furthermore, delegating certain tasks to external services assists in providing access to flexibility and scalability as companies will only have to pay for the services that are used. Depending on the final requirement, businesses can either scale up or scale down resource consumption in a short time. They can also focus on core business competencies while external experts perform their role in helping the company reach its vision.
Restraints:
The global aerospace engineering services outsourcing market is expected to face growth restrictions driven by the risk associated with high dependency on external suppliers. Any disruption in the supply chain can have a long-lasting impact. Additionally, limited control over processes and difficulty in ensuring quality control or compliance are added growth barriers.
Opportunities & Challenges:
Geographical expansion and market penetration may provide growth opportunities while managing effective communication and collaboration could challenge market expansion.
Aerospace Engineering Services Outsourcing Market: Segmental Analysis
The global aerospace engineering services outsourcing market is segmented based on location, component, function, service, and region.
Based on location, the global market segments are offshore and onshore. Based on component, the global aerospace engineering services outsourcing industry is divided into software and hardware. During the forecast period, the hardware may grow at a CAGR of 25.14%. This deals with partnering with other companies that act as primary suppliers of hardware raw materials including structural components, avionics systems, propulsion devices, instrumentation & sensors, environmental control systems, electrical facilities, and actuators & mechanisms. Each hardware component is further divided into sub-segments which showcases the complexity grade of the aerospace sector. For instance, avionics systems consist of sub-technologies used in an aircraft for communication, navigation, control, and monitoring. Lockheed Martin, a leading player in the aerospace sector, had a market cap of USD 113.57 billion as of May 2023.
Based on function, the global industry is divided into maintenance process, production process, design, and simulation & digital validation.
Based on service, the global aerospace engineering services outsourcing industry is segmented into embedded software engineering, mechanical engineering, electric/electronic engineering, and others. The sector registered the highest growth in the mechanical engineering segment. It is projected to grow at a CAGR of 24.6% by 2030. The segmental growth is a direct result of the increasing need for specialized skill sets and expertise since typically third parties are better aware of regulatory compliance understanding. They are also known to have extensive domain-specific knowledge and familiarity with aerospace engineering standards. Moreover, scalability and cost efficiency achieved through outsourcing these activities are known to be beneficial to all parties involved.
Regional Analysis:
North America was the leading region in the global aerospace engineering services outsourcing market in 2022 and it is expected to continue its growth streak. This is mostly due to the high dependency of several other nations on the US private and military aerospace sector for the supply of advanced aerospace engineering capabilities. The region witnesses high investments every year which are used for research & development allowing the country to stay ahead in terms of technology.
Europe is expected to grow at a CAGR of 24.9% by 2030. The regional market may face certain challenges due to slow overall economic growth. However, Germany may register higher revenue due to the presence of large-scale companies dominating the global aerospace sector.
Asia-Pacific is likely to see better revenue as countries such as China and India increase their space exploration investments. The entry of international aerospace companies in regional countries could also aid higher growth rates.
Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 78.14 Billion |
| Market Forecast in 2030 | USD 312.55 Billion |
| Growth Rate | CAGR of 18.92% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | Airbus, Boeing, Lockheed Martin, Safran, GE Aviation, Rolls-Royce, Northrop Grumman, Thales Group, Honeywell Aerospace, Bombardier Aerospace, Raytheon Technologies Corporation, Collins Aerospace, L3Harris Technologies, BAE Systems, Leonardo S.p.A., Meggitt PLC, Textron Inc., Spirit AeroSystems, CAE Inc., UTC Aerospace Systems, General Dynamics, AAR Corporation, Dassault Aviation, Embraer, and Kawasaki Heavy Industries. |
| Segments Covered | By Location, By Component, By Function, By Service, and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Recent Industry Developments:
- In January 2023, Cognizant announced becoming the owner of Mobica. It is a UK-based Internet of Things (IoT) software engineering service provider and its services range from software development life cycle to deployment of the systems
- In March 2023, L&T Technology Services was granted a multi-year contract by Airbus India. The former deals with aerospace & system design, aero-engine design, and other aspects of aerospace engineering
The global aerospace engineering services outsourcing market is segmented as follows:
By Location
- Offshore
- Onshore
By Component
- Software
- Hardware
By Function
- Maintenance Process
- Production Process
- Design
- Simulation & Digital Validation
By Service
- Embedded Software Engineering
- Mechanical Engineering
- Electric/Electronic Engineering
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Aerospace Engineering Services Outsourcing industry?
- What are the main driving factors propelling the Aerospace Engineering Services Outsourcing Market forward?
- What are the leading companies in the Aerospace Engineering Services Outsourcing Industry?
- What segments does the Aerospace Engineering Services Outsourcing Market cover?
- How can I receive a free copy of the Aerospace Engineering Services Outsourcing Market sample report and company profiles?
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