Aerospace Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

Description

Aerospace Market size is valued at USD 286.7 billion in 2021 and is expected to grow at a significant CAGR of 8.6% during the forecast period 2022 to 2028. The global market provides a detailed overview of the Aerospace Market and that can be segmented by type, by size, end-user, and by operation. By type, the aerospace market has been segmented into Commercial Aircraft, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support, and Auxiliary Equipment. The commercial aircraft segment is likely to be the largest and fastest-growing segment in terms of type. Based on size, Aerospace market is segmented into Narrow Body, Wide Body, Regional.  Among these, the narrow body segment is expected to have the fastest-growing market during the forecast period 2022-2028. Based on end user, the aerospace market is segmented into Private Sector, Government. The private sector segment accounts for the largest share in 2021. Government is the second-largest share during the forecast period 2021-2028. Based on the operation, the market has been segregated into Manual, Autonomous Aircraft. The Manual segment is expected to dominate other segments in the aerospace market. The manual segment is expected to witness the highest CAGR during the forecast period according to Precision Business Insights.

Key Development

In December 2019, Solvay and SGL Carbon entered into a joint development agreement (JDA) to bring to market the first composite materials based on large-tow intermediate modulus (IM) carbon fiber. These materials address the need to reduce costs and CO2 emissions and improve the production process and fuel efficiency of next-generation commercial aircraft.