The increasing demand for advanced avionics systems and software solutions is a key driver that is shaping the business growth: Fact.MR Report
Rockville, Dec. 05, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global Aerospace Engineering Services Market is expected to witness a CAGR of 5.8% to arrive at a US value of 81.7 Billion by the end of 2033.
Aerospace Engineering Services are specialized engineering solutions focused on the design, development, and maintenance of aircraft and spacecraft. These services offer distinct advantages over alternatives due to their highly specialized expertise, continuous innovation, and customization capabilities to meet unique project requirements. Aerospace engineering services excel in navigating stringent regulatory standards, ensuring compliance with international aviation regulations. Additionally, they provide cost-effective solutions by streamlining development processes and offering an integrated approach that covers various project aspects, from conceptualization to testing.
The growth of the market is primarily driven by increasing demand for fuel-efficient and environmentally friendly aircraft, compelling the industry to invest in lightweight materials, efficient propulsion systems, and advanced aerodynamic designs. Furthermore, the rising need for advanced avionics systems and software solutions plays a crucial role
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Adapting to the swiftly advancing technologies within aerospace engineering is a continual struggle in the Aerospace Engineering Services Market. Maintaining a leading position in innovation is essential for maintaining competitiveness. Also, there is a constant demand for skilled aerospace engineers, and shortages can impede the industry’s growth. Recruiting and retaining top talent is a significant difficulty.
Key Segments of choline Industry Research Report
|By Service Type
|By Customer Type
- The North American aerospace engineering services market witnessed a share of around 36.5% in 2022 and the US market is predicted to witness a market growth rate of ~5.5% during the forecast period (2023-2033).
- Growing air traffic and investments to develop military aircraft are creating new opportunities for the market players.
- North America and Europe together account for more than 60% of the share in the global aerospace engineering services market.
- East Asia market growth rate is expected to witness a CAGR of 6.9% during the forecast period.
- Design and development services account for a notable market share of around 43% in the market.
The increasing demand for lightweight and fuel-efficient aircraft, rapid advancements in aerospace technologies including digitalization and artificial intelligence, and the growing global need for air travel and passenger mobility are driving the industry growth- Says FACTMR Expert
Industry participants are strategically engaging in initiatives such as partnerships and acquisitions to enhance their competitive position, fortify their customer base, and expand their market share. Prominent entities in this arena include Airbus, Alten Group, BAE Systems, Blue Origin, Boeing, Collins Aerospace, General Dynamics, and Honeywell.
- In December 2020, Rolls-Royce disclosed a collaboration with Infosys to procure engineering and research and development (R&D) services for Rolls-Royce’s civil aerospace business.
- In December 2022, AXISCADES Technologies Ltd., a forefront innovator in delivering advanced technological solutions for the aerospace industry, announced that Airbus, a key global player in the sector, has once more selected the company to provide engineering services encompassing product design, development, and plant engineering for all Airbus aircraft programs.
- Acquiring and sustaining proficiency in the regulatory demands and certifications unique to the aerospace sector. Guaranteeing adherence to rigorous quality benchmarks and aviation regulations.
- Using lightweight materials and advanced manufacturing methods is crucial for boosting fuel efficiency and performance in aerospace components. Keeping up with developments in materials science and additive manufacturing is a successful strategy in the industry.
- Using agile project management is crucial in Aerospace Engineering Services. It helps adapt quickly to changing project needs and timelines, responding efficiently to unforeseen challenges and customer demands.
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|Value Projection (2033)
|USD 81.7 Billion
|Growth Rate (2023-2033)
|5.8 % CAGR
|No. of pages
|No. of Tables
|No. of Figures
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Engineering Services Market: The global engineering services market is valued at US$ 707 billion at present and is forecast to become a trillion-dollar industry by 2032, expanding at a CAGR of 5.9% between 2022 and 2032.
Funeral Products and Services Market: The global funeral products and services market stands at US$ 62.5 billion in 2023 and is forecasted to exhibit expansion at 6.1% CAGR over the next ten years. As such, global demand for funeral products and services is extrapolated to rake in a revenue of US$ 113 billion by 2033-end.
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