Global Aerospace & Defense Market Report 2023: Commercial Aviation on a Strong Comeback Trail
DUBLIN, March 20, 2023 /PRNewswire/ — The “Global Aerospace & Defense Market – Annual Review & Market Outlook – 2023 – Key Trends, Issues & Challenges, Growth Opportunities, Force Field Analysis, Market Outlook” report has been added to ResearchAndMarkets.com’s offering.
Global Defense Spending on Historic High
Global defense spending has been on a clear upswing for almost a decade and is at a historic high now, having breached the $2 trillion threshold in 2021, led by the whittling down of traditional, rule-based world order and the return of great power competition among leading geopolitical powers marked by sustained geopolitical instability, rising political tensions and conflict.
The Russia–Ukraine war has been a watershed moment geopolitically having brought back the spectre of war over Europe back to life after almost 3 decades following Russia’s military resurgence & is showing no signs of abating even after heading into its second year and the U.S.-China faceoff further escalating with the U.S. considering China as its strongest & most serious long-term rival & threat. The traditional West vs. East fault line & rivalry, thus, is visible clearly once again.
Defense Industrial Base Geared towards Ramping-Up Production Rates across West
The ongoing U.S. military assistance to Ukraine and the focus of U.S. defense spending towards maintaining traditional overmatch over adversaries have accelerated the pace of replacement of ageing defense equipment with next generation systems & technologies through the initiation & award of new large scale defense contracts of strategic nature, scale, scope & long term horizon. Europe, under NATO, is treading a similar pathway with focus on getting the defense spending to the 2% of GDP level marking a renaissance for the European defense industrial base after decades of slump.
The defense industrial base across U.S. & Europe is gearing up to ramp-up production rates over near term to refill depleting stockpiles of munitions, missiles & weapons following the rapid rate at which they are being used in Ukraine and to meet growing international orders. The global defense spending, thus, is projected to reach the record $2.5 trillion level by 2027 as the industry prepares to ramp up production rates to unprecedented rates & level over near to medium term to meet huge global demand, replenish depleted inventory levels and develop next generation capabilities with significant investments underway towards R&D as well
Commercial Aviation on a Strong Comeback Trail
Commercial Aviation, on the other side, has been making a roaring comeback from the pandemic with strong passenger demand levels thanks to strong & sustained pent-up demand for travel and sustained growth in air cargo traffic across most key markets & regions. The global airline passenger traffic is reaching the pre-pandemic levels now in Q1 2023 aided further by the opening up of China in late 2022 after jettisoning of the zero-tolerance COVID policy.
At the industry OEMs level, Boeing’s 737 MAX program now seems to be stabilizing and heading towards the cruise phase following a spate of new, big-ticket orders while the Airbus’ A321XLR is gearing up for certification & EIS in Q2 2024 following its maiden flight last year while the 777X program has been rescheduled for EIS in 2025. The ongoing recovery in demand & activity levels across airlines globally has been steady as well as encouraging and the global air passenger demand is projected to grow by almost 3% from the pre-pandemic levels by the end of 2023 with the airline industry projected to be in black for 2023 with marginal profits
Supply-Side Led Market Scenario
The near-term outlook for the Aerospace & Defense industry contrastingly is going to be dominated by the supply side for sure and could be termed as difficult, complex & challenging marked by supply chain disruptions, bottlenecks, constraints & labor shortages with the situation gradually ameliorating but is likely to hinder plans being chalked out by the industry OEMs to ramp up production rates over near term
Against this backdrop, the report analyzes and provides insights into key industry, market & technology trends likely to shape the future of the global Aerospace & Defense industry over medium term followed by the outlining of emerging, potential growth opportunities. The report also incorporates analysis & review of key market, technology & industry trends along with issues & challenges which are likely to impact and shape industry’s future over near to medium term. The report also identifies key driving & restraining forces for the industry & assesses their potential degree of impact through a force field analysis. The report concludes by providing a comprehensive outlook & demand growth projections for the Global Aerospace & Defense industry
Key Topics Covered:
Section – 1: Global Aerospace & Defense Market – Introduction & Market Overview
Section – 2: Aerospace & Defense – Market Dynamics & Key Drivers
Section – 3: Industry Trends
Section – 4: Market Trends
Section – 5: Technology Trends
Section – 6: Key Issues, Challenges & Risk Factors
Section – 7: Global Aerospace & Defense Market – Force Field Analysis – Analysis of Driving & Restraining Forces and their Overall Dynamics
Section – 8: Global Aerospace & Defense Market – Outlook for 2023
Section – 9: Strategic Market Outlook – Global Aerospace & Defense Market
For more information about this report visit https://www.researchandmarkets.com/r/lydzrt
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