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Aerospace & Defense industry 2024
Aerospace & Defense Industry 2024
Aerospace & Defense Industry 2024
The Global market Model Aerospace & Defense Industry Analysis: Technological Advancements and Rising International Tensions to Propel Growth at 6.7% CAGR
The aerospace & defense market benefits from the growth of the commercial Aviation industry, high government expenditure on aircraft development, significant R&D activities, and new product launches.” - The Business Research Company
LONDON, GREATER LONDON, UNITED KINGDOM, September 19, 2024 /EINPresswire / -- The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Aerospace & Defense Market Size and Growth Outlook
The global aerospace & defense market was valued at $739.85 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 6.7% from 2023 to 2033. This growth is driven by technological advancements such as the Internet of Military Things, wireless technology, miniaturization, and rising internal and external security threats alongside increasing military modernization programs.
Aerospace & Defense Market Composition and Key Segments
The aerospace sector involves the design and manufacture of aircraft, rockets, missiles, and spacecraft, while the defense segment includes weapons, arms, and other military equipment. The market accounted for 0.71% of global GDP in 2023. The defense segment was the largest, representing 61.23% of the total market. The USA led the market, contributing 33.43% of the global total in 2023.
Aerospace & Defense Market Trends and Leading Markets
The aerospace & defense market benefits from the growth of the commercial aviation industry, high government expenditure on aircraft development, significant R&D activities, and new product launches. The defense segment benefits from high military expenditure, technological advances, and geopolitical factors such as political conflicts and territorial disputes, which have increased market size.
Stability of Forecasts for the Aerospace & Defense Industry
The forecast has been increased by 0.8% from the previous update in February 2024. This revision is due to a stronger-than-expected rebound in commercial aircraft purchases and an anticipated rise in defense spending driven by global geopolitical events, including the ongoing Russia-Ukraine conflict and the Israel-Hamas war. As a result, the updated forecasts reflect increased market growth expectations.
Key Industry Indicators Provided by the Global Market Model:
.Government expenditure on defense
.Number of enterprises
.Number of employees
For more detailed insights into the aerospace & defense industry overview and its trends, visit /demo-request .
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Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.