The global aerospace engineering market is anticipated to grow at a significant CAGR during the forecast period. The major factor for the growth of the market is the increasing need for innovation and research along with the new developments in technologies to make them more efficient will fuel the growth of the market during the forecast period.
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There has been increasing use of IT and core engineering in the aerospace industry. The use of engineering has been widened apart from the traditional practices such as drafting, MRO of aeroplane parts, and many others. Furthermore, engineering has shifted towards designing, prototyping, simulation, testing, aerostructures, avionics, and many other things by using various IT software. Various government initiatives and increased funding in research and development will further grow the market significantly.
On increasing air travel globally there is a higher need for aircraft which will include major parts for assembling the aircraft such as fuselage, wings, landing devices, and many others. This will in turn fuel the growth of the market during the forecast period. The companies have shifted their focus from optimized engine designs, focus on green aviation, and cost-effectiveness. These changes increase the importance of the engineering market to achieve the goals of the aerospace industry. All these factors combined will fuel the growth of the market during the forecast period. Some of the key players in the global aerospace engineering market include Honeywell International Inc., LISI Group, ALTRAN, Bertrandt, AKKA, Altair Engineering, Inc., Alten Group, L&T Technology Services Limited, and many others.
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Market Coverage
- Segment Covered-
o By Component
o By Application
- Competitive Landscape -Honeywell International Inc., LISI Group, ALTRAN, Bertrandt, AKKA, Altair Engineering, Inc.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Aerospace Engineering Market by Segments
- By Components
o Aerospace Structures
o Aerospace Services
- By Application
o Aircrafts
o Spacecrafts
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