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Global Aerospace & Defense Market Overview:
The Global Aerospace & Defense Market is projected to witness significant growth in the coming years due to rising urbanization and increasing incomes in emerging markets.
The Global Aerospace & Defense Market, as per the SNS Insider report, recorded a size of USD 899.72 billion in 2023. It is anticipated to achieve a valuation of USD 1417.87 billion by 2031, experiencing a compound annual growth rate (CAGR) of 5.85% throughout the forecast period from 2024 to 2031.
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Major Key Players Included are:
- Raytheon Technologies
- General Dynamics
- Northrop Grumman
- Lockheed Martin
- Boeing, and other players.
Market Report Scope
The rapid growth in urbanization and rising incomes in emerging markets are expected to drive a substantial increase in global demand for commercial air travel in the near future. This surge in demand is leading to strong requirements for new airplanes and associated services. Moreover, the ongoing geopolitical unrest, notably in regions like Ukraine, is fueling the need for increased defense budget investments, resulting in a rise in military ships, planes, and armaments. Advancements in technology are constantly reshaping the aerospace and defense industry, leading to the development of more efficient and effective aircraft and defense systems. The emerging sector for on-demand transportation using electric vertical take-off and landing (eVTOL) aircraft, known as AAM, is attracting significant investments from major players in the aerospace and defense market.
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Market Analysis
The aerospace and defense sector is constantly evolving due to the rapid development of new technologies, driving the need for more sophisticated spacecraft, aircraft, and military systems. Industry advancements in fields like AI, quantum computing, and swarm technology are revolutionizing defense technology. The Asia-Pacific region is expected to play a significant role in the growth of the Global Aerospace & Defense Market due to increasing demand for air travel, driven by rising urbanization and incomes.
Key Market Segmentation
Global Aerospace & Defense Market, By Marine Electric Vehicle
- By Vehicle Type
Global Aerospace & Defense Market, By Space Navigation
- By Offering
Global Aerospace & Defense Market, By UAV Propulsion’s Systems
- By Range
Global Aerospace & Defense Market, By Satellite launch vehicle
- By Orbit
Global Aerospace & Defense Market, By Drone Telematics
- By End User
Global Aerospace & Defense Market, By Aviation Software
- By Technology
Impact of Russia Ukraine War
The ongoing conflict in Ukraine has led to increased demand for defense systems and military aircraft, resulting in higher defense budget allocations globally. However, the war has also posed challenges for the aerospace and defense sector, including supply chain disruptions and rising costs of raw materials.
Impact of Ongoing Recession
The commercial aviation industry has been heavily impacted by the pandemic-induced recession, resulting in a sharp decline in air travel demand and aircraft deliveries. Conversely, the defense sector has remained resilient amidst the economic downturn, largely due to sustained government spending on defense initiatives. This disparity highlights the divergence in the performance of these two sectors during the current economic crisis, with commercial aviation struggling to recover while the defense industry continues to benefit from ongoing government support. The contrasting trajectories of these industries underscore the unique challenges and opportunities presented by the current economic environment.
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Key Regional Development
The United States is a major player in the Global Aerospace & Defense Market, home to several major defense contractors. The APAC region is expected to experience notable growth in commercial aircraft demand due to increasing urbanization and defense expenditures. The US’s prominent position in the industry, coupled with the expanding market in Asia-Pacific, highlights the importance of these regions in shaping the future of aerospace and defense. As demand for commercial aircraft rises in APAC, opportunities for growth and collaboration between the United States and the region are likely to increase, solidifying their roles in the global market.
Key Takeaways
- Rising urbanization and increasing incomes in emerging markets are driving growth in the aerospace and defense sector.
- Technology advancements, geopolitical tensions, and defense budget allocations are key factors influencing the market.
- The Asia-Pacific region is poised for significant growth in both commercial aviation and defense sectors.
Recent Developments
- In order to develop and deliver waveguide based display solutions by 2024, Vuzix Corporation has received new orders from two aerospace and defense companies.
- Skanda Aerospace Technology Pvt Ltd inaugurated a cutting-edge Gear and Gear Boxes Manufacturing facility as a collaborative venture between Indian and US companies.
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Table of Contents – Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- COVID-19 Impact Analysis
- Impact of Ukraine- Russia war
- Impact of ongoing Recession
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Global Aerospace & Defense Market Segmentation By Type
- Global Aerospace & Defense Market, By Marine Electric Vehicle
- Global Aerospace & Defense Market, By Space Navigation
- Global Aerospace & Defense Market, By UAV Propulsion’s Systems Market
- Global Aerospace & Defense Market, By Satellite launch vehicle
- Global Aerospace & Defense Market, By Drone Telematics
- Global Aerospace & Defense Market, Aviation Software
- Regional Analysis
- Company Profiles
- Competitive Landscape
- Conclusion
About Us:
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