Aerospace Market – Global Demand, Industry Growth, Segmentation, Drivers, Opportunities And Challenges, 2020-2023

Aerospace Market By Type (Commercial Aircraft, Aircraft Maintenance, Repair And Overhauling Services, Aerospace Support Auxiliary Equipment), By Size, By End-User, And By Region – Global Forecast To 2023 By The Business Research Company

The global aerospace market reached a value of nearly $342.4 billion in 2019, having increased at a compound annual growth rate (CAGR) of 3.1% since 2015. The market is expected to decrease from $342.4 billion in 2019 to $296.1 billion in 2020 at a rate of -14%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6.5% from 2021 and reach $358.8 billion in 2023.

The key drivers of the aerospace market include:
Commercial Use Of Drones– Legal authority allowing the use of drones for commercial use is being extended more widely increasing a potential revenue channel for aircraft manufacturers. Combined with the launch of reliable and stronger drones specifically for commercial use, such as the drones manufactured and public sales of commercial drones are expected to drive rapid growth in the drone segment of the aerospace market.

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Aerospace Market Segmentation:
The Aerospace market is segmented by type, by size, by end-user and by geography

By Type- The aerospace market is segmented by type
1) Commercial Aircraft Manufacturing
2) Aircraft Maintenance, Repair and Overhauling Services
3) Aerospace Support and Auxiliary Equipment Manufacturing

By Size- The aerospace market is segmented by size
1) Wide-Body
2) Narrow-Body
3) Regional
4) Others

By End-User - The aerospace market is segmented by end-user into
1) Government
2) Private Sector

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By Geography - The aerospace market is segmented into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
7. Africa

Some of the major key players involved in the aerospace market are
1. Airbus Group
2. The Boeing Company
3. United Technologies Corporation
4. General Electric Company
5. Safran S.A.

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.

This release was published on openPR.