Aerospace Market to Grow at 5.4% CAGR, Reaching $420.06 Billion by 2029

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Aerospace Market Outlook: How is the Market Expected to Grow by 2025?
The size of the aerospace market has seen considerable expansion in the recent past. The value is expected to increase from $322.77 billion in 2024 to $340.04 billion in 2025, representing a compound annual growth rate (CAGR) of 5.4%. This growth over the historical period is primarily due to factors such as heightened demand for air travel, advancements in technology, the growth of emerging economies, alterations in societal behavior, and low interest rates.

Aerospace Market Forecast: What Size Will It Reach By 2029?
Over the coming years, the aerospace market is predicted to experience robust growth with an estimated worth of $420.06 billion in 2029 and a compound annual growth rate (CAGR) of 5.4%. Factors contributing to expansion during the forecast period include the increasing demand for drones in commercial applications, the rise of emerging economies, and technological advancements. The forecast period also sees trends such as the use of intelligent materials in aircraft production, investment in virtual reality (VR) technologies to increase manufacturing effectiveness, implementing multiphysics simulations to streamline the manufacturing process, enhancing machine learning skills, and deploying these skills to boost aircraft safety, quality and productivity. Additional strategies include installing modern features like advanced avionics, cabin noise control, variable frequency power generators, high-efficiency air filters, and shifting attention towards mid-size twin-engine planes capable of travelling long distances over large-sized jumbo jets. Investment in the development of cloud-based platforms is also expected.

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Which Key Market Drivers Will Shape Aerospace Industry Trends in 2025-2029?
Projected economic expansion in burgeoning economies is anticipated to boost the commercial aircraft production market. An increase in disposable income, an outcome of economic growth in these developing markets, has positively influenced the need for air travel. For instance, predictions from the US-based International Monetary Fund in April 2024 projected the global economy to sustain a growth rate of 3.2% in 2024 and 2025, aligning with the rate experienced in 2023. Developed economies too, are predicted to see steady growth during the expected period. Furthermore, it is anticipated that emerging markets will grow mildly faster than their developed counterparts during this period. This steady economic growth is expected to lead to an increase in national security investments, this in turn could drive the aerospace market in the projected period.

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What Are the High-Growth Segments in the Aerospace Market?
The aerospace market covered in this report is segmented -

1) By Type: Commercial Aircraft, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support and Auxiliary Equipment
2) By Size: Wide-Body, Narrow-Body, Regional, Other Sizes
3) By Operation: Autonomous Aircraft, Manual
4) By End-User: Government, Private Sector

Subsegments:
1) By Commercial Aircraft: Narrow-Body Aircraft, Wide-Body Aircraft, Regional Aircraft, Business Jets
2) By Aircraft Maintenance: Line Maintenance, Base Maintenance, Heavy Maintenance, Predictive Maintenance
3) By Repair and Overhauling Services: Component Repair, Engine Overhaul, Airframe Overhaul, Avionics Repair
4) By Aerospace Support and Auxiliary Equipment: Ground Support Equipment (GSE), Test Equipment, Tooling Equipment, Cargo Handling Equipment

Which Global Trends Are Driving Aerospace Market Expansion?
Aircraft production companies are leveraging machine learning methodologies, including artificial intelligence (AI), to enhance aircraft quality and safety while also increasing manufacturing efficiency. Data collected from machine-to-machine and machine-to-human interactions are analyzed using machine learning algorithms, enabling sound decision-making. Such advanced technologies streamline manufacturing processes and diminish costs. To illustrate, in July 2024, GE Aviation utilized machine learning and data analysis to detect engine defaults, thus prolonging component lifespan and minimizing maintenance expenses. Additionally, Boeing has successfully developed machine-learning algorithms for aircraft design and factory automation.

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Who Are the Fastest-Growing Companies in the Aerospace Industry?
Major companies operating in the aerospace market include Airbus Group, The Boeing Company, United Technologies Corporation, General Electric Company, Safran S.A., General Dynamics Corp., Honeywell International, Rolls-Royce Holdings Plc., Embraer S.A, Northrop Grumman Corp., Cessna, Dirgantara Indonesia, BAE Systems, McDonnell Douglas, Raj Hamsa Ultralights, Leonardo, Meggitt PLC, Honda Aircraft Company, GKN, Mitsubishi Aircraft Corporation, Mahindra Aerospace, IHI Corporation, Bombardier, Hindustan Aeronautics Limited (HAL), Kawasaki Aerospace Company, PD AeroSpace, Thales Japan, Lockheed Martin India Pvt Ltd, Subaru Corporation, Raytheon, L3Harris Technologies Inc, TransDigm Group Incorporated, Saab AB, Arconic Inc, Britten-Norman, Pilatus Aircraft Ltd, Commercial Aircraft Corporation of China, Bharat Electronics Limited (BEL), Cobham, Dassault Aviation SA, Hybrid Air Vehicles (HAV), JAMCO Corporation, QinetiQ, Textron Inc., BrahMos Aerospace, Ltd. (COMAC), Superior Aviation Beijing Co., Indian Rotorcraft, Foxcon Aviation, TeamIndus, ShinMaywa Aircraft Industries, Aviation Industry Corporation of China, Drone Aerospace Systems Pvt Ltd.

What Is the Regional Outlook for the Aerospace Market by 2029?
North America was the largest region in the aerospace market in 2024. North America is expected to be the fastest growing region in the forecast period. The regions covered in the aerospace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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