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Global Aerospace Engineering Services in Airlines Market: Emerging Trends and Market Segmentation
Anticipated to grow at a Compound Annual Growth Rate (CAGR) of 3.75% from 2019 to 2030, the global aerospace engineering services in airlines market is making significant strides. North America took the lead in 2018, claiming a substantial market share of 35.87%, closely followed by Europe at 26.14%, and Asia-Pacific at 22.19%. This upward trajectory in aerospace engineering services is intricately tied to the escalating demand for new aircraft, driven by the increasing volume of passenger traffic.
Segmentation Based on Service Type:
The report systematically categorizes the aerospace engineering services in airlines market according to service types, encompassing new product development, design support, software engineering, process engineering, and maintenance, repair, and overhaul (MRO).
Segmentation Based on Technology:
Furthermore, the market undergoes segmentation based on technology, integrating 3D modeling, machine learning, augmented reality & virtual reality (AR/VR), big data & analytics, Internet of things (IoT), biometrics, sensors & tracking, and blockchain.
The Transformative Impact of IoT in Aviation:
The advent of the Internet of Things (IoT) represents a revolutionary paradigm where physical objects seamlessly connect to the internet. In the intensely competitive aviation landscape, grappling with challenges like delivering exceptional travel experiences at reasonable costs, IoT stands out as a transformative force. Its potential lies in ensuring a seamless travel experience and augmenting operational efficiency. The aviation sector is in the midst of a digital evolution, fostering data-driven collaboration across all facets for airlines and airports. Leveraging IoT, real-time data analysis provides invaluable insights, empowering airlines to tailor services for specific target audiences.
The consistent expansion of the aerospace engineering services in airlines market underscores the industry's unwavering commitment to innovation and operational efficiency. With the surge in passenger demand, the aerospace sector is poised for transformative changes, with technology playing a pivotal role in steering its trajectory toward the future.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 11.60% (2022-2032) |
Aerospace Engineering Services Airlines Market Highlights:
Aerospace Engineering Services in Airlines Market Scenario
Aerospace Engineering Services in Airlines Market size was valued at 8.5 Billion in 2022. The Aerospace Engineering Services in Airlines industry is projected to grow 28.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.60% during the forecast period (2022 - 2032).
The aerospace engineering services in airlines market is expected to witness high growth over the next few years. Market growth is expected to be driven by an increase in passenger traffic and subsequent demand for new aircraft along with a focus on decreasing carbon footprint through aircraft weight reduction. Globally, air passenger traffic has been increasing at a significant pace over the past couple of years. Factors such as decreasing airfares, increasing disposable income especially in developing countries, and better quality of living have influenced the market growth. According to the International Air Transport Association (IATA), global air travel is likely to double by 2032. It also estimates that China is expected to surpass the US to become the largest aviation market, in terms of passenger traffic worldwide by 2032.
There are various other issues faced by the aerospace engineering services industry such as issues associated with data management, high initial investment, and long certification period. To counter these concerns and ensure safety, countries around the world are focusing on enhancing aerospace engineering services in airlines.
North America is estimated to be a prominent region for the market due to the presence of major manufacturers, such as IBM Corporation in the region. Europe is expected to be the second-largest market due to the increasing demand for aerospace engineering technologies in the region.
Increase in passenger traffic and subsequent demand for new aircraft and focus on decreasing carbon footprint through aircraft weight reduction are some of the key drivers for the growth of the global market.
Synopsis
The global aerospace engineering services in airlines market has been segmented based on service type, technology, and region. Based on service type, the market has been divided into new product development, design support, software engineering, process engineering, and Maintenance, Repair, and Overhaul (MRO). Based on technology the market is segmented as 3D Modelling, Machine Learning, Augmented Reality & Virtual Reality (AR/VR), Big Data & Analytics, Internet of Things (IoT), Biometrics, Sensors & Tracking, and Blockchain.
“North America is leading the market with a valuation of USD 501.6 million in 2018.”
The global aerospace engineering services in airlines market has been segmented, by region, into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is expected to be the largest market for aerospace engineering services in Airlines. North America is expected to register a CAGR of 3.34% during the forecast period. The presence of prominent aerospace engineering service providers such as IBM is driving the market growth. Additionally, growing investment by companies such as Boeing in 3D printing technology is also expected to boost the market growth in the region. Moreover, the increasing air passenger traffic and the presence of major aerospace companies such as Bombardier and CAE are expected to boost the market growth in Canada.
“The software engineering service type segment is expected to dominate the market.”
Software engineering in airlines involves developing, modifying, and supporting software of advanced aircraft systems. The role of a software engineer involves planning, conducting, and coordinating the development of scientific computer programs for aircraft. The segment includes embedded software services and independent software services. Embedded software services are the process of controlling various machines such as embedded systems that are different from standard computers by making use of software engineering. An independent software is a type of software that can run on any hardware platform or a software platform such as Linux or MacOS. An independent software service provider develops and markets software products that can run on various types of computer hardware or operating systems.
Aerospace Engineering Services in Airlines Market Key Companies Covered
The key players in the global aerospace engineering services in airlines market are Altran (France, Alten Group (France), AVL (Austria), Tata Consultancy Services Limited (India), Wipro Limited (India), Accenture PLC (Ireland), Akka Technologies (Belgium), Thompson Aero Seating Ltd. (UK), Happiest Minds Technologies (India), HCL Technologies Limited (India), International Business Machines Corporation (US), Capgemini (France).
Recent Developments
Collins Aerospace (part of RTX)
Secured a deal to provide avionics hardware for Air India's 737 Max fleet.
SIA Engineering:
Signed a component service agreement with Air India for its A320 family aircraft.
Pratt & Whitney:
Engine issues causing grounding of JetBlue aircraft.
Aerospace Engineering Services in Airlines Market Segmentation
By Service Type
New Product Development, Design Support, Software Engineering, Process Engineering, and Maintenance, Repair, and Overhaul (MRO)
By Technology
3D Modelling, Machine Learning, Augmented Reality & Virtual Reality (AR/VR), Big Data & Analytics, Internet of Things (IoT), Biometrics, Sensors & Tracking, and Blockchain
By Region
North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America
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