May 10, 2018
WELLESLEY, Mass., May 10, 2018– Emerging market expansion, low interest rates, growing urbanization and increasing military tensions are just some of the factors that are driving the global market for aircraft manufacturing forward, according to a report by BCC Research. Growth will be strong around the world; however, it will be particularly robust in China and Russia.
The global market is expected to see a compound annual growth rate (CAGR) of 3.7% through 2022, when it could be worth $522.3 billion, according to the report Aircraft Manufacturing: Global Markets to 2022.
Major players in the market include Airbus, The Boeing Co., Lockheed Martin, BAE Systems, Textron, Bombardier Inc., General Dynamics Corp., Northrop Grumman Corp., Embraer and PJSC United Aircraft Corp.
“Rising military tensions and terrorism threats compelled countries to invest heavily in their military and defense operations,” the report says. “For instance, the Gulf Cooperation Council, in 2017, announced increase in defense spending by the Middle East countries such as Saudi Arabia and UAE due to the rising demand for security in the region. The UAE government, currently at war in Yemen and competing for regional influence with Iran, increased its defense spending by 6.7% in 2017 to 191 billion riyals ($50.8 billion).”
Emergence of Cyber Wars May Limit Market Growth
Increasingly, warfare is being conducted online, with foes targeting computer networks with viruses and malware. In countries like the United States, investment in cyber operations has risen substantially, and global cyber warfare costs are expected to top $1 trillion by 2021. These increases, the report notes, are likely to result in declining investments in traditional military war tools such as airplanes and helicopters.
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Aircraft Manufacturing: Global Markets to 2022( MFG051A )
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