Market Overview:
Aircraft Design and Engineering Market is Estimated to Register a CAGR of Nearly 4.1% During the Forecast Period.
The Global Aircraft Design and Engineering Market is expected to register a significant growth rate in the coming years due to a rise in the number of fleet modernization programs and technological advancements in the aviation industry. Moreover, rising military investments across countries are expected to encourage market growth during the forecast period. However, the need for high initial investments and long certification periods are expected to restrain aircraft design market growth.
The global Aircraft Design and Engineering Market is expected to register significant growth during the forecast period owing to an increase in passenger traffic and the subsequent demand for new aircraft. Globally, air passenger traffic has been increasing at a significant pace over the past couple of years. Factors such as decreasing airfares, increasing per capita disposable incomes, especially in developing countries, and improved quality of life have led to a rise in air travel.
The Global Aircraft Design and Engineering Market has been segmented on the basis of aircraft component, operation, end use, and region.
Key Players:
The key players in the global aircraft design & engineering market are Boeing (US), Bombardier (Canada), Embraer SA (Brazil), Airbus SAS (Netherlands), Lockheed Martin Corporation (US) United Technologies Corporation (US), Rolls-Royce PLC (UK), and GE Aviation (US)
Market Segmentation:
By aircraft component, the aircraft design market industry has been segmented into engine, wings, fuselage, tail, nose, landing gear, and pylon. The fuselage segment is expected to register the highest CAGR during the forecast period. The growing use of composite materials in fuselage manufacturing is expected to drive the growth of the segment. Furthermore, investments in fuselage design to reduce aircraft drag are expected to positively impact the growth of the segment during the review period.
Based on operation, the market has been divided into design, manufacturing, analysis and testing, maintenance, repair, and operations (MRO), and others. The maintenance, repair, and operations (MRO)segment is expected to be the fastest growing during the forecast period. The growing number of aging fleets requiring MRO services is expected to encourage the growth of the segment during the assessment period. Furthermore, new technologies such as blockchain are expected to lower costs for MRO companies, further driving the growth of the segment.
The end-use segments of the market are commercial aviation and military aviation. The military aviation segment is expected to register a higher CAGR during the forecast period. This can be attributed to military modernization programs and government investments in commercial and military aviation across regions.
Regional Analysis:
Based on region, the global Aircraft Design and Engineering Market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The market in Asia-Pacific is expected to register the highest CAGR during the forecast period. As per MRFR analysis, North America accounted for the largest market share in 2018 and is expected to maintain its dominance during the forecast period. Major aircraft OEMs headquartered in the region, such as Boeing, United Technologies Corporation, and Lockheed Martin Corporation, contribute significantly to the growth of the regional market.
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