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2020 Aerospace Market Growth Drivers, Opportunities And Challenges 2023

The Business Research Company’s Aerospace Market. The report covers market size, key players, market share and trends to 2023.

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Aerospace Market is one of a series of new reports from The Business Research Company that provide Aerospace market overviews, analyze and forecast market size and growth for the whole market, Aerospace market segments and geographies, Aerospace market trends, Aerospace market geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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The aerospace market consists of sales of aerospace equipment (including aircraft) and related services by entities (organizations, sole traders and partnerships) that produce commercial aircraft, undertake aircraft maintenance, repair and overhauling services, and produce support and auxiliary equipment, such as radar, air traffic control towers and satellites for civilian purpose.

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The global aerospace market reached a value of nearly $342.4 billion in 2019, having increased at a compound annual growth rate (CAGR) of 3.1% since 2015. The market is expected to decrease from $342.4 billion in 2019 to $296.1 billion in 2020 at a rate of -14%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6.5% from 2021 and reach $358.8 billion in 2023.

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