The Business Research Company’s Aerospace Market – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, October 28, 2021 /EINPresswire.com/ — Legal authority allowing the use of drones for commercial use is being extended more widely, increasing a potential revenue channel for aircraft manufacturers. For example, the US Federal Aviation Authority issued an Operations Over People rule which became effective on April 21, 2021. Drone pilots operating under Part 107 may fly at night, over people and moving vehicles without a waiver as long as they meet the requirements defined in the rule. Airspace authorizations are still required for night operations in controlled airspace under 400 feet. Relaxation of the regulations is expected to aid the market for commercial drones in the forecast period. Many other countries follow the FAA’s regulatory lead to clear commercial drones for take-off not just in the USA, but worldwide. Combined with the launch of reliable and stronger drones specifically for commercial use, such as the drones manufactured by a Chinese company DJI and public sales of commercial drones are expected to drive rapid growth in the drone segment of the aerospace market.
The global aerospace market size reached a value of nearly $298.00 billion in 2020, having decreased at a compound annual growth rate (CAGR) of -0.3% since 2015. The market is expected to grow from $298.00 billion in 2020 to $430.90 billion in 2025 at a rate of 7.7%. The global aerospace market is then expected to grow at a CAGR of 5.9% from 2025 and reach $573.60 billion in 2030.
Aerospace manufacturing companies are using VR technologies to improve manufacturing efficiency. The technology is getting deployed in areas of training, maintenance, and design and manufacturing. VR helps create a virtual environment that allows engineers to view composite structures and learn how to manage them well. It also helps perfecting prototypes as designers can explore a virtual mock-up of the entire aircraft and can work to eliminate issues faster than normal which also reduces the investment in costly and time intrusive prototypes. For instance, Boeing uses VR for designing and testing new commercial aircrafts which has helped development teams address human-factor issues in preproduction designs.
North America was the largest region in the global aerospace market, accounting for 49.7% of the total in 2020. It was followed by Asia-Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the aerospace market will be Middle East, and South America where growth will be at CAGRs of 10.5% and 10.1% respectively. These will be followed by Africa, and Eastern Europe, where the markets are expected to grow at CAGRs of 8.9% and 8.1% respectively.
Major players covered in the global aerospace market are Airbus Group, Boeing Company, United Technologies Corporation, General Electric Company, Safran S.A.
TBRC’s global aerospace market report is segmented by type into commercial aircraft, aircraft maintenance, repair and overhauling services, aerospace support and auxiliary equipment, by size into wide-body, narrow-body, regional, others, by end-user into government, private sector, by operation into autonomous aircraft, manual.
Aerospace Market – By Type (Commercial Aircraft, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support and Auxiliary Equipment), By Size (Narrow-Body, Wide-Body, Regional, Others), By End-User (Private Sector, Government), By Operation (Manual, Autonomous Aircraft) And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides aerospace market overview, forecast aerospace market size and growth for the whole market, aerospace market segments, and geographies, aerospace market trends, aerospace market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire