PUBLISHER: The Business Research Company | PRODUCT CODE: 1387529
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387529
“Aerospace Support and Auxiliary Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aerospace support and auxiliary equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aerospace support and auxiliary equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The aerospace support and auxiliary equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Aerospace support and auxiliary equipment pertain to the supplementary tools and systems utilized in the aerospace sector to facilitate various operations, including the functioning of air traffic control towers. This market encompasses the provision of maintenance services by manufacturers of aerospace support and auxiliary equipment during the equipment's warranty period.
The primary categories of aerospace support and auxiliary equipment encompass commercial radars and satellites. Commercial radars serve as detection systems employed to identify aircraft by detecting their presence, direction, distance, and velocity. These systems can be privately or publicly owned and are deployed across multiple platforms, including airborne, land-based, naval, and space-based applications.
The aerospace support and auxiliary equipment market research report is one of a series of new reports from The Business Research Company that provides aerospace support and auxiliary equipment market statistics, including aerospace support and auxiliary equipment industry global market size, regional shares, competitors with an aerospace support and auxiliary equipment market share, detailed aerospace support and auxiliary equipment market segments, market trends and opportunities, and any further data you may need to thrive in the aerospace support and auxiliary equipment industry. This aerospace support and auxiliary equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The aerospace support and auxiliary equipment market size has grown strongly in recent years. It will grow from $33.92 billion in 2023 to $36.15 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The expansion observed during the historical period can be ascribed to factors such as the prevailing global economic conditions, military investment, the demand for commercial aviation, and the progress in space exploration.
The aerospace support and auxiliary equipment market size is expected to see strong growth in the next few years. It will grow to $44.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. Anticipated growth in the forecast period can be attributed to an increasing demand for air travel, the implementation of environmental regulations, the emergence of new markets, the commercialization of space-related activities, and continued defense expenditures. Notable trends expected in the forecast period encompass the adoption of electrification and lightweighting technologies, the utilization of advanced materials, the integration of additive manufacturing, the emphasis on digitalization and connectivity, and the fostering of collaboration and partnerships within the industry.
The aerospace support and auxiliary equipment market is expected to experience significant growth due to the rising demand for air travel. Air travel encompasses the use of various flight-sustaining vehicles, including airplanes, jet aircraft, helicopters, and other aircraft capable of flight. It involves the process of boarding and disembarking from such aircraft for the purpose of traveling. This increased demand for air travel results in an upsurge in aircraft production and maintenance activities, leading to a greater need for air traffic control equipment, aircraft production equipment, safety gear, and associated products and services. For instance, in March 2023, a report released by the Bureau of Transportation Statistics, a US government agency, revealed that in 2022, US airlines transported 194 million more passengers compared to the previous year, marking a substantial 30% year-on-year increase. Over the course of January to December 2022, US airlines served 853 million passengers (unadjusted), a significant jump from 658 million in 2021 and 388 million in 2020. This surge in air travel demand is a key driver behind the growth of the aerospace support and auxiliary equipment market.
The aerospace support and auxiliary equipment market is poised for substantial growth in the coming years, primarily fueled by the increasing demand for commercial aircraft. Commercial aircraft, designed for profitable passenger or cargo transportation, rely on essential aerospace support and auxiliary equipment, encompassing safety systems, navigation and communication devices, auxiliary power units, cargo handling tools, and ground support equipment. For instance, in January 2023, Airbus SE, a Netherlands-based aerospace company, disclosed that it had delivered 661 commercial aircraft to 84 customers in 2022, marking an 8% rise from the 611 units supplied in 2021. Airbus also reported 1,078 new orders in 2022, contributing to its substantial end-December 2022 backlog of 7,239 aircraft. Consequently, the increasing demand for commercial aircraft is a driving force behind the expansion of the aerospace support and auxiliary equipment market.
The defense market is anticipated to experience innovation-driven growth in the forecast period, primarily propelled by rapid advancements in wireless technology and miniaturization of equipment components. Additionally, manufacturing processes are benefitting from technologies like 3D printing, artificial intelligence, and big data analytics, resulting in increased productivity and reduced operating costs, ultimately leading to higher profit margins. These cost savings enable companies to expand their production capabilities and diversify their product portfolios, contributing to the growth of the aerospace support and auxiliary equipment market.
The Multi-Function Radio Frequency System (MFRFS) is seeing expanded usage, transitioning from operational radar frequency ranges to broader broadband applications. This electronically scanned radar system is designed to detect and track threats over an extended range, enhancing the survivability of combat missions, particularly in situations with zero visibility in both horizontal and vertical directions. Additionally, it offers added electronic warfare capabilities and enables pilots to safely land in adverse conditions. Manufacturers such as Raytheon and NCS are producing radars equipped with MFRFS technology.
Major companies operating in the aerospace support and auxiliary equipment market include 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 Aeronautica, 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.
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.
The countries covered in aerospace support and auxiliary equipment market report are: Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The aerospace support and auxiliary equipment market consists of sales of aerospace support and auxiliary equipment such as radars, and air traffic control towers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.