Press release
Aerospace Support and Auxiliary Equipment Market Set to Reach $40.07 Billion by 2029 with 4.7% Yearly Growth
Aerospace Support and Auxiliary Equipment Market Size
In the recent past, the aerospace support and auxiliary equipment market has experienced significant growth. The market value is predicted to increase from $31.55 billion in 2024 to $33.39 billion in 2025, marking a compound annual growth rate (CAGR) of 5.8%. Factors such as the global economic conditions, military spending, the demand for commercial aviation, and space exploration have contributed to the growth observed in the historic period.
The market size for aerospace support and auxiliary equipment is projected to experience steady expansion in the coming years, reaching $40.07 billion in 2029 thanks to a 4.7% compound annual growth rate (CAGR). Factors that are expected to drive this growth during the forecast period include an increasing demand for air travel, environmental directives, emerging markets, the commercialization of space, and defense expenditure. Anticipated trends for this period include electrification and lightweighting, the use of advanced materials, additive manufacturing, digitalization and connectivity, as well as collaboration and partnerships.
What Are the Forces Behind the Rapid Growth of the Aerospace Support and Auxiliary Equipment Market?
The growth of the aerospace support and auxiliary equipment market is projected to be propelled by the rising demand for air travel. Vehicles that are capable of maintaining flight, such as airplanes, jet aircraft, helicopters, among other air-borne vehicles, constitute air travel. This involves embarking on a flight for a particular journey and disembarking after completion. The increase in air travel triggers an escalation in aircraft production and associated maintenance activities. This encompasses air traffic control equipment, aircraft production machinery, safety gear, and other related products or services. The Bureau of Transportation Statistics, a government agency based in the US, reported in March 2023 that in 2022, the passenger carriage by US airlines exceeded that of 2021 by 194 million, indicating a 30% annual growth. From January to December 2022, US airlines catered to 853 million passengers (unadjusted), a substantial increase from 658 million passengers in 2021 and 388 million in 2020. The surging air travel demand is therefore contributing to the expansion of the aerospace support and auxiliary equipment market.
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Who Are the Dominant Companies Influencing Aerospace Support and Auxiliary Equipment Market Trends?
Major companies operating in the aerospace support and auxiliary equipment market include Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Inc., Reutech Radar Systems Pty Ltd., Rockwell Collins Inc., Boeing Airplane & Transport Corporation, Airbus Group Inc., Safran Aerosystems, General Electric Aircraft Engines, Rolls-Royce Motors Holdings Ltd., Leonardo UK Ltd., Honeywell International Inc., BAE Systems Inc., L3 Technologies Inc., Bombardier Inc., Spirit AeroSystems Inc., Public Joint-Stock Company United Aircraft Corporation, MTU Aero Engines AG, Empresa Brasileira De Aeronáutica, GKN Aerospace Services Ltd., Israel Aerospace Industries Ltd., Triumph Group Inc., Torry Harris Integration Solutions, Collins Aerospace Systems, Thales SA, General Electric Company Ltd., United Technologies Corporation India Pvt Ltd., Textron Inc., Eaton Corporation PLC, Moog Inc., Woodward Inc.
How Is the Aerospace Support and Auxiliary Equipment Market Evolving?
The defense market is predicted to be driven by swift developments in wireless technology and miniaturization (the process of making machine components smaller) during the forecast period. In addition, the use of technologies like 3D printing, artificial intelligence, and big data analytics during production are leading to increased efficiency, reduced operating expenses, and improved profit margins. These reduced costs raise profits, providing businesses the opportunity to boost production and diversify their product range, thereby fuelling the growth of the aerospace support and auxiliary equipment market.
What Are the Different Segmentations in the Aerospace Support and Auxiliary Equipment Market?
The aerospace support and auxiliary equipment market covered in this report is segmented -
1) By Type: Commercial Radars, Satellites
2) By Ownership: Public, Private
3) By Platform: Airborne, Land, Naval, Space
Subsegments:
1) By Commercial Radars: Ground-Based Radars, Airborne Radars, Space-Based Radars
2) By Satellites: Communication Satellites, Earth Observation Satellites, Navigation Satellites, Remote Sensing Satellites
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Which Region Is at the Forefront of the Aerospace Support and Auxiliary Equipment Market?
Asia-Pacific was the largest region in the aerospace support and auxiliary equipment market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the aerospace support and auxiliary equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is Covered In The Aerospace Support and Auxiliary Equipment Global Market Report?
- Market Size Analysis: Analyze the Aerospace Support and Auxiliary Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Aerospace Support and Auxiliary Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Aerospace Support and Auxiliary Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Aerospace Support and Auxiliary Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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