Global Aerospace Support and Auxiliary Equipment Market Report Forecast 2024 - 2033
19 Apr, 2024
The aerospace support and auxiliary equipment market has demonstrated robust growth, climbing from $33.92 billion in 2023 to $36.15 billion in 2024, with a CAGR of 6.6% during the historical period. This growth is attributed to global economic conditions, military spending, demand in commercial aviation, and advancements in space exploration. Forecasts suggest continued strong growth, with the market projected to reach $44.44 billion by 2028, maintaining a CAGR of 5.3%. Projected growth drivers include increased air travel demand, evolving environmental regulations, emerging markets, commercialization of space, and defense expenditure. Notable trends in the industry include electrification, lightweighting, utilization of advanced materials, adoption of additive manufacturing, digitalization, and fostering collaboration.
Major Driver In The Aerospace Support and Auxiliary Equipment Market
The aerospace support and auxiliary equipment market sees growth driven by the rising demand for air travel, leading to increased aircraft production and maintenance activities, including the production of safety equipment and air traffic control equipment. In 2022, US airlines transported 30% more passengers than in 2021, further boosting the aerospace support and auxiliary equipment market. The market size for aerospace support and auxiliary equipment experienced robust growth in 2023, continuing into 2024, with further expansion expected by 2028.
Request A Free Sample Of The Global Aerospace Support and Auxiliary Equipment Market ReportAerospace Support and Auxiliary Equipment Market Competitive Landscape
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.
Key Aerospace Support and Auxiliary Equipment Market Trend
Rapid advances in wireless technology and miniaturization are driving innovation in the defense market, leading to higher productivity and lower operating costs. This fosters growth in the aerospace support and auxiliary equipment market, driven by technologies like 3D printing and artificial intelligence.
Get The Full Global Aerospace Support and Auxiliary Equipment Market ReportAerospace Support and Auxiliary Equipment Market Segmentation
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
By Geography: 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. Among these regions
Asia-Pacific was the largest region in the aerospace support and auxiliary equipment market in 2023. 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.
Aerospace Support and Auxiliary Equipment Global Market Report 2024 furnishes information about the global aerospace support and auxiliary equipmentmarket, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.