Aerospace and Defense Market Research Reports, Analysis & Trends
2020 was a rough year for the global aerospace and defense industry, with the coronavirus outbreak wreaking havoc on local and international travel activities. The industry reported a revenue decrease of 8% in 2020 from 2019, with a reduction in profit by more than 60%. The number of passengers carried worldwide was only witnessing a hike from 2008 to 2019. According to the World Bank, 4.397 billion passengers were carried by air transport in 2019. But the shutdown of air travel in the wake of COVID-19 pandemic caused significant disruptions in the travel business as a result of declining production of aircraft OEMs and overnight shutdown of airlines across the world. As per the General Avia Read More...2020 was a rough year for the global aerospace and defense industry, with the coronavirus outbreak wreaking havoc on local and international travel activities. The industry reported a revenue decrease of 8% in 2020 from 2019, with a reduction in profit by more than 60%. The number of passengers carried worldwide was only witnessing a hike from 2008 to 2019. According to the World Bank, 4.397 billion passengers were carried by air transport in 2019. But the shutdown of air travel in the wake of COVID-19 pandemic caused significant disruptions in the travel business as a result of declining production of aircraft OEMs and overnight shutdown of airlines across the world. As per the General Aviation Manufacturers Association, total airline shipments in 2020 decreased to 2,408 units, from 2,658 units in 2019. Although, the crisis is now averted up to a great extent with the easing travel restrictions and carriers resuming pre-pandemic routes, it will take some time to get the labor force back in place and reach previous production levels. The aerospace industry, which is known for comparatively lesser product innovations, is now emphasizing on deployment of low-risk, high impact technologies such as artificial intelligence, sensory technologies, and robotics, with each one taking a fair share of the sector’s innovation spending. Aerospace companies worldwide are also becoming involved in updating outdated legacy software that are relatively slower and hamper productivity. One of the most important advancements in the industry in the recent times is the implementation of more-electric aircraft (MEA), which is aimed at reducing fuel usage and downsizing maintenance costs. Alternatively, there is a more long-term goal still under development, which is the shift towards all-electric aircraft (AEA). Many firms are taking the initiative to devise a more incremental approach by integrating current aircraft components with new technologies. Furthermore, escalating number of mergers and acquisitions and high levels of technological progress in the field of advanced materials is projected to elevate the growth of the aerospace and defense industry even more in the years to come. There has also been a major focus on increasing autonomous flights, with the end goal to launch entirely human-free flights in the future. In addition, the aerospace and defense market size is evaluated to hold the largest value in the United States owing to staggering military expenditure, followed by countries namely China, France, India and Japan. The industrial growth in these regions is predicted to be driven largely by steady investments in novel space technologies.
Kenneth Research specializes in offering detailed aerospace and defense market research reports on vital industrial aspects. Some of the focus areas of our wide range of reports include maintenance, repair, and overhaul (MRO), space vehicle and missiles manufacturing, military aircraft manufacturing, and military avionics. Our aerospace and defense market research analysts emphasize on assessing the current market trends and their impact on the competitive landscape. Since the establishment, we have showcased our expertise by becoming a premium aerospace and defense market research agency with tailor made consulting projects. All our reports cover major geographies such as North America, Europe, Asia Pacific and emerging economies in Latin America and the Middle East & Africa. To get insightful and descriptive reports about trending aerospace and defense market reports, please contact us.
