Aerospace is the design and manufacture of aircraft, rockets, missiles, and spacecrafts that operate in the space. Defense equipment refers to weapons, arms and equipment that are used for military purposes.
Sizing and Forecast
The aerospace & defense market size has grown rapidly in recent years. It will grow from $884 billion in 2023 to $985.56 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to emerging markets growth, the increased demand for air travel, the increasing military expenditure, the increasing use of military drones and the increasing development of autonomous fighter jets.
The aerospace & defense market size is expected to see strong growth in the next few years. It will grow to $1234.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to government support, the rising urbanization, the increasing use of lightweight materials, commercial use of drones, the increasing demand for military helicopters and the increasing military modernization programs. Major trends in the forecast period include drone manufacturers adopting 3d printing technology, digital thread and digital twin to improve performance, collaborations and acquisitions, cloud-based technology, design upgradations and modularity for military-style weapons, use of artificial intelligence (ai), day/night decamouflage technology for light weapons, aircraft health monitoring system (ahms) to enhance maintenance and repair process efficiency, edge computing in defense, the adoption of unmanned combat vehicles, augmented and virtual reality, laser technology in aerospace and defense, robotics and uavs to shorten maintenance time, companies investing in electricity run aircrafts and focus on blockchain to shape aircraft manufacturing.
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Segmentation & Regional Insights
The aerospace and defense market covered in this report is segmented –
1) By Type: Aerospace, Defense
2) By Operation: Autonomous, Manual
3) By Component: Weapon System, Fire Control System, Command and Control System, Other Components
Subsegments Covered: Commercial Aircraft, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support and Auxiliary Equipment, Air based Defense Equipment, Sea based Defense Equipment, Land based Defense Equipment, Defense Equipment Maintenance, Repair and Overhauling Services, Defense Support and Auxiliary Equipment
North America was the largest region in aerospace & defense market in 2023. North America is expected to be the fastest growing region in the forecast period. The regions covered in the aerospace and defense market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
During the forecast period, developed countries will experience low interest rates as monetary authorities are reducing interest rates to stimulate economic growth and prevent deflation. This led to the flow of cheap money for investment in these economies. Low interest rates encouraged borrowing for investment and helped drive spending. For instance, in September 2023, according to the Mortgage Reports, a US-based media company covering mortgage news, mortgage interest rates fell to historic lows in 2020 and 2021 during the Covid pandemic, with emergency actions by the Federal Reserve helping push mortgage rates below 3% and keeping them there. Low interest rates will boost the growth of the aerospace and defense markets in the forecast period.
Key Industry Players
Major companies operating in the aerospace and defense market report are Airbus Group SE, Lockheed Martin Corporation, Raytheon Technologies Corporation, The Boeing Company, Northrop Grumman Corp, General Dynamics, General Electric Company, Bae Systems plc, Safran SA, Thales, Hindustan Aeronautics Ltd, Team Indus, Rolls Royce India, Bharat Electronics Limited (BEL), Drone Aerospace Systems Pvt Ltd, Indian Rotorcraft, Mahindra Aerospace, Raj Hamsa Ultralights, Commercial Aircraft Corporation of China Ltd. (COMAC), Shanghai aircraft manufacturing factory, Aviation Industry Corporation of China, Superior Aviation Beijing Co., Honeywell International Inc., Bombardier Inc., Embraer, McDonnell Douglas, Cessna, Almaz-Antey, United Aircraft Corporation, Tactical Missiles Corporation, Uralvagonzavod, Textron Inc., Pilatus Aircraft Ltd, Leonardo SpA, Dassault Aviation SA, Piper Aircraft Inc, Honda Aircraft Company, Precision Castparts Corp, Spirit AeroSystems Inc, TransDigm Group Incorporated, Advanced Composites Solutions, AEL Sistemas, Airship do BrasilOneWeb, Telespazio, ARSAT, Cirrus Aircraft Corp., Israel Aerospace Industries, Iran Aircraft Manufacturing Industries, Saudi Arabian Military Industries (SAMI), Advanced Electronics Company, Abu Dhabi Ship Building (ADSB), DragonFly Aerospace, Armscor, Atlas Aircraft Corporation
The aerospace and defense market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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