According to a new market report published by Acute Market Reports “Aerospace Engineering Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2023 – 2030,” The aerospace engineering market witnessed a decline of about 42% in 2020 due to reduced investments towards aircrafts as a result of travel restrictions. The market was estimated to reach to US$ 45.40 in 2020. With international travel expected to resume from 2021 coupled with continued investments in UAVs, the market is expected to grow at a CAGR of 7.1 during the forecast period from 2023 to 2030 considering post-COVID-19 recovery.
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In 2021, the overall aerospace engineering market is led by the aerospace structures segment. The segment contributed to over 60% of the total market value in 2021. The aerospace structures encompass numerous components such as fuselage, wings, empennage, vertical stabilizer, control surfaces and rudder, lift control devices, powerplant, flap, propeller, propulsion devices, landing gear, nose gear, cockpit, controls, systems and hydraulics, among others. The aerospace engineering services segment is expected to witness the fastest growth during the forecast period from 2023 to 2030.
North America was the largest regional aerospace engineering market followed by Europe and Asia Pacific. The revenue share of North America in the global Aerospace Engineering market stood over 35% in 2021. The U.S. represents the largest aerospace engineering market in North America. Aircraft engineering is considered backbone of the U.S. manufacturing industry. The U.S. government also offers significant attention on aerospace manufacturing industry as it comprises around 3% of the country’s manufacturing workforce. In addition, U.S. is the largest exporter of aerospace vehicles and equipment and exports to its international customers in Japan, Germany, France, UK and others. From several years, the U.S. is the dominant in the global large commercial jet manufacturing industry. Though, the U.S. has observed decline in production of general aviation aircrafts, the production is expected to increase in the future with increasing number of air travelers and rising demand for aircrafts from Japan, France, Brazil, Canada, Germany, China and other countries across the world. This represents a positive outlook for aerospace engineering industry. The aircraft and spacecraft industries remain the fastest growing industry in the US, and constitute the third highest export sector at 8.7% of the overall exports of the United States.
UTC Aerospace Systems is among the market leaders in the global aerospace engineering market. UTC Aerospace Systems focuses on the development of new system and services for new age aircraft for both military and commercial aircraft. The company perpetually introduce a new and improved solution for the aircraft such as new non-chromate landing gear corrosion protection primer incorporating its patented EcoSk pigment recently. The company has also adopted the strategy of alliances with other companies to maintain its market value and position.
