According to a new market report published by Credence Research Inc. “Aerospace Engineering Market — Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016–2025,” the global aerospace engineering market was valued at US$ 70.0 billion in 2016 and is expected to expand to CAGR by 4.1 per cent from 2017 to 2025.

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The aerospace engineering industry has seen a huge growth in recent years due to an increase in the global airline industry. With the increasing demand for new aircraft to meet rising air travel, a number of leading aircraft manufacturers have been engaged in the procurement of various aircraft components and services. In addition, technological advances in aerospace engineering have led to a trend in aircraft replacement. Various airline operators around the world are seeking to maintain up-to-date and state-of-the-art aircraft in order to retain dominance in their respective markets. The overall aerospace engineering market is expected to continue to grow during the forecast period from 2017 to 2025.

As of 2016, the overall market for aerospace engineering is led by the segment of aerospace structures. The segment contributed more than 60% of the total market revenue in 2016. Aerospace structures include a wide range of components such as fuselage, wings, empennage, vertical stabilizer, control surfaces, and steering wheels, lift control devices, power plant, flap, propeller, propeller, landing gear, nose gear, cockpit, control systems, and hydraulics, among others. The segment of aerospace engineering services is expected to see the fastest growth in the forecast period from 2017 to 2025.

North America was the largest regional aerospace engineering market followed by Europe and the Asia Pacific. The revenue share of North America in the global Aerospace Engineering market stood at 37.2% in 2016. The U.S. represents the largest aerospace engineering market in North America. Aircraft engineering is considered the backbone of the U.S. manufacturing industry. The U.S. government also offers significant attention to the aerospace manufacturing industry as it comprises around 3% of the country’s manufacturing workforce.

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In addition, the U.S. is the largest exporter of aerospace vehicles and equipment and exports to its international customers in Japan, Germany, France, the UK, and others. For several years, the U.S. is dominant in the global large commercial jet manufacturing industry. Though the U.S. has observed a decline in the production of general aviation aircraft, the production is expected to increase in the future with an increasing number of air travelers and rising demand for aircraft from Japan, France, Brazil, Canada, Germany, China, and other countries across the world. This represents a positive outlook for the aerospace engineering industry. According to the General Aviation Manufacturers Association, the U.S. has shipped 1,525 units of the airplane in 2016, the number is increased by 60 units from 1,465 units in 2011. The unit shipment of airplanes is expected to increase in the country with an increasing number of domestic as well as international travelers. The U.S. exported about US$ 131.1 Bn of aerospace products in 2015. The aircraft and spacecraft industries remain the fastest growing industry in the US and constitute the third-highest export sector at 8.7% of the overall exports of the United States.

UTC Aerospace Systems is among the market leaders in the global aerospace engineering market. UTC Aerospace Systems focuses on the development of new systems and services for new-age aircraft for both military and commercial aircraft. The company perpetually introduces a new and improved solution for the aircraft such as a new non-chromate landing gear corrosion protection primer incorporating its patented EcoSk pigment recently. The company has also adopted the strategy of alliances with other companies to maintain its market value and position.

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[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]

Some major players profiled in the global aerospace engineering market include WS Atkins Plc, Bombardier, Inc, Cyient Ltd, Elbit Systems Ltd, Leonardo DRS, Saab Group, Safran System Aerostructures, Sonaca Group, Strata Manufacturing PJSC, UTC Aerospace Systems, and General Dynamics Corporation.

Market Segmentation

By Component Type

Aerostructures
Engineering Services

By Application Type

Aircrafts
Spacecrafts

By Geography Segment

North America (the U.S., Rest of North America)
Europe (U.K., Germany, France, Rest of Europe)
Asia Pacific (China, Japan, India, Rest of Asia Pacific)
Rest of World (Middle East & Africa (MEA), Latin America)

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