2020 Aerospace Market Global Size Analysis, Strategies, Opportunities and Future Trends

The Business Research Company’s Aerospace Market Report - Opportunities And Strategies - Global Forecast To 2030

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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:-
Legal authority allowing the use of drones for commercial use is being extended more widely increasing a potential revenue channel for aircraft manufacturers. For example, in August 2016, the US Federal Aviation Authority issued a rule allowing the use of drones for commercial purposes under certain conditions without a special waiver that was expensive and time-consuming to obtain that severely restricted the use of drone. Relaxation of the regulations is expected to aid the market for commercial drones in the forecast period. Many other countries follow the FAA’s regulatory lead to clear commercial drones for take-off not just in the USA, but worldwide. Combined with the launch of reliable and stronger drones specifically for commercial use, such as the drones manufactured by a Chinese company DJI 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:-
By Type
1. Commercial Aircraft
2. Aircraft Maintenance, Repair And Overhauling Services
3. Aerospace Support Auxiliary Equipment

The satellites market was the largest segment of the aerospace support and auxiliary equipment market, accounting for 69.1% of the total in 2019. Going forward, commercial radars segment is expected to be the fastest growing segment in the aerospace support and auxiliary equipment market, at a CAGR of 4.5%. The commercial aircraft market was the largest segment of the aerospace market segmented by type, accounting for 71.1% of the total in 2019. Going forward aircraft maintenance, repair and overhauling services segment is expected to be the fastest growing segment in the aerospace market, at a CAGR of 3.0%.

By Size
a. Wide-Body
b. Narrow-Body
c. Regional
d. Others

The narrow-body segment was the largest segment of the aerospace market segmented by size, accounting for 55.5% of the total in 2019. Going forward, others segment is expected to be the fastest growing segment in the aerospace market, at a CAGR of 1.3.

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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

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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.