Several Factors Expected To Contribute To Growth

The global aerospace and aviation market is expected to grow over the next several years fueled by several factors, according to a new report from ASDReports.

The aviation industry encompasses operation, maintenance, and production of aircrafts, primarily heavier-than-air aircrafts. The aerospace sector, on the other hand, includes engineering and business of flying in the space (aeronautics) and atmosphere of Earth (astronautics).

The aviation and aerospace sector can be segmented into air transport & logistics, civil aircraft, airlines, airports, civil avionics, ATC & sensors, civil aviation MRO, civil aviation & airport security, civil helicopters, civil aviation engines & fuel, civil unmanned aerial vehicles, general aviation & aerospace, civil aviation training and simulation, space, and aerospace parts & materials.

The global aerospace and aviation market is anticipated to grow at a moderate pace, primarily fuelled by high replacement rate, increased aircraft size, change in technologies and growing demand from emerging economies, primarily in some Asian countries because of their burgeoning middle class.

The aviation industry is facing number of challenges such as safety concerns due to increasing terrorism and criminal activities, growing consumer expectations, pressure to reduce cost and improve operational efficiency. To overcome these challenges, aviation industry need to put in place adequate security measures and increase investment in advanced security equipment; provide personalized services to customers and initiate modernisation drive to improve aircraft interior and provide in- flight entertainment options.

The aerospace and aviation industry is striving to reduce carbon dioxide emissions in response to tight environmental regulations in North America and Europe. Consequently, the industry has announced to cap emissions from 2020 and cut emissions by half till 2050 compared to 2005.

Major players operating in aerospace and aviation industry are Boeing, Airbus, EADS, United Technologies, Lockheed Martin, Safran, Honeywell, Rolls-Royce and BAE Systems.

(Source: ASDReports news release. Image from file)

FMI: www.asdreports.com