According to a new market report published by Credence Research Inc “Aerospace Engineering Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2025,” The aerospace engineering market worldwide was valued at US$ 70.0 Bn in 2016, and is expected to expand at a CAGR of 4.1% from 2017 to 2025. The aerospace engineering industry has been witnessing immense growth in the recent period on account of a rise in the overall airline industry across the world. With increasing demand for new aircraft in order to meet the rising air travel, numerous leading aircraft manufacturers have been engaged in procurement of various aircraft components and services. In addition, technological advancements in aerospace engineering have resulted into a trend of aircraft replacement. Various airline operators across the world seek to maintain updated and state-of-the-art aircrafts in order to retain dominance in their respective markets. Thereby, the overall aerospace engineering market is expected to witness continued growth during the forecast period from 2017 to 2025.
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As of 2016, the overall aerospace engineering market is led by the aerospace structures segment. The segment contributed to over 60% of the total market revenue in 2016. 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 2017 to 2025.
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 at 37.2% in 2016. 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. According to General Aviation Manufacturers Association, the U.S. has shipped 1,525 units of airplane in 2016, the number is increased by 60 units from 1,465 units in 2011. The unit shipment of airplanes is expected to increase in the country with increasing number of domestic as well as international travelers. The U.S. exported about US$ 131.1 Bn of aerospace products in 2015. 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.