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the Surge in Passenger Traffic Spurs Demand for New Aircraft
Globally, there has been a substantial uptick in air passenger traffic over recent years, propelled by a confluence of factors including declining airfares, rising disposable incomes—particularly in developing nations—and an improved quality of living. The International Air Transport Association (IATA) reports a significant surge, predicting a doubling of global air travel by 2036. the Forecasts also indicate that China is poised to outstrip the United States, emerging as the largest aviation market worldwide in terms of passenger traffic by 2024.
This escalating influx of passengers has naturally resulted in a growing demand for new aircraft. In a landmark deal in 2017, Airbus inked a colossal USD 50 billion contract with Indigo Partners (US) to supply 430 aircraft, marking one of the most substantial agreements in the history of commercial aviation. During the same period, Airbus and Boeing secured net orders for 1,109 and 912 aircraft, respectively. Concurrently, a slew of new airlines has sprouted globally, seizing the opportunity presented by the burgeoning passenger base; 2017 witnessed the launch of over 70 new airlines across the world.
To bolster the efficiency of manufacturing facilities, airlines are funneling investments into engineering services encompassing digital manufacturing, component engineering, maintenance, repair and overhaul services, and asset tracking and management. The integration of multiple systems in aircraft manufacturing not only enhances operational flexibility but also facilitates proactive service delivery by airlines. A noteworthy instance is the collaboration between industrial automation giant Honeywell International Inc. and Boeing in 2017, where the Power of Connected World Tour featured a Boeing 757 IoT-connected test aircraft. This underscores that the surge in passenger traffic and the ensuing demand for new aircraft, from both existing and emerging airlines, are poised to significantly bolster the growth of the global aerospace engineering services in airlines market in the coming years.
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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