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Aerospace Support and Auxiliary Equipment Industry to See Robust Expansion, Valued at $39.32 Billion by 2029
Aerospace Support and Auxiliary Equipment Market
What Is the Projected CAGR for the Aerospace Support and Auxiliary Equipment Market from 2024 to 2025?
The size of the market for aerospace support and auxiliary equipment has robustly expanded in the recent past. The projections suggest an increase from $30.47 billion in 2024 to $32.04 billion in 2025, signalling a compound annual growth rate (CAGR) of 5.2%. This considerable growth in the historical period is a consequence of global economic scenarios, expenditures on military, escalating demand for commercial aviation, and space exploration.
What are the Expected Market Size and CAGR for Aerospace Support and Auxiliary Equipment by 2029?
The market size for aerospace support and auxiliary equipment is projected to witness robust growth in the forthcoming years, escalating to $39.32 billion by 2029, sustaining a compound annual growth rate (CAGR) of 5.3%. The growth anticipated during this forecast period can be credited to increasing demand for air travel, environmental regulations, the rise of emerging markets, commercialization of space, and defense expenditure. Key trends to be observed in this forecast period encompass electrification and lightweighting, utilisation of advanced materials, additive manufacturing, digitalization and connectivity, as well as collaboration and partnerships.
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Which Factors Are Driving the Global Aerospace Support and Auxiliary Equipment Market Expansion?
The escalation in air travel demand is set to stimulate expansion in the aerospace support and auxiliary equipment market. This type of travel, encompassing airplanes, jet aircraft, helicopters, or any other flying vehicles, involves boarding such vehicles, flying in them, and subsequently disembarking after the flight. This increase in air travel invariably results in amplified aircraft production and preservation endeavors, which incorporates air traffic control equipment, safety gear, aircraft manufacturing equipment, and other associated products and services. For example, a report from the Bureau of Transportation Statistics, a United States government agency, revealed that in March 2023, there was a transportation of 194 million more passengers by US airlines in 2022 compared to 2021, marking a 30% year-on-year growth. From the start to the end of 2022, the number of passengers served by US airlines escalated to 853 million (unadjusted), a marked increase from 658 million in 2021, and significantly higher than 2020's 388 million. Hence, the surge in air travel demand is catalyzing the growth of the aerospace support and auxiliary equipment market.
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Which Segment Currently Holds the Largest Share of 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
Which Major Trends Are Shaping the Future of the Aerospace Support and Auxiliary Equipment Industry?
Swift progressions in wireless technology and miniaturization, the process of creating smaller equipment parts, are predicted to fuel innovation in the defense market. This is set to propel the market in the forecast period. Moreover, the utilization of technologies such as 3D printing, artificial intelligence, and big data analytics in the manufacturing process is leading to improved productivity, reduced operational costs, and increased profit margins. The decline in operating costs contributes to increased margins, enabling companies to boost production and broaden their product range, consequently driving the growth of the aerospace support and auxiliary equipment market.
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Which Key Players Dominate the Aerospace Support and Auxiliary Equipment Industry Globally?
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.
What Are the Fastest-Growing Regions in the Aerospace Support and Auxiliary Equipment Market?
Asia-Pacific was the largest region in the aerospace support and auxiliary equipment market in 2024. 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.
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