The market for Aerospace Engineering Services in Airlines across the world is anticipated to enjoy massive growth in the coming years. The market analysts, in this new global market research paper, projected that, by the end of 2024, the market size would cross around USD 60 billion. In the year 2018, the value was about USD 25 billion. Furthermore, the experts have predicted that the compound annual growth rate of the market during the forecast period will be around 4 percent.
As per the experts, the market growth is forecasted to be triggered by the growth in passenger traffic. Besides, growing demand for new and advanced aircraft along with the focus on lowering the carbon level by aircraft weight reduction is also expected to propel the global market in the coming years. It has been observed that air passenger traffic throughout the world is increasing at a higher rate. Decreasing the cost of air tickets, the rising disposable income levels of people living in developing regions, etc. have greatly influenced the growth of this market.
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As per a report given by IATA- International Air Transport Association, by the end of 2036, the global air travel is expected to double. In fact, it is also estimated that China may surpass the United States and may become the world’s largest aviation market by the end of 2024. However, some factors, such as problems related to data better data management, long certification period, high investment, etc., can hamper the growth of this market during the forecast period. However, technological and service improvements may help the market to grow.
The key manufacturers covered in this report:
HCL Technologies Limited
Tata Consultancy Services Limited
Happiest Minds Technologies
Thompson Aero Seating Ltd.
International Business Machines Corporation
Market Segmentation Overview
The global market for Aerospace Engineering Services in Airlines is segmented on the basis of product type, application, and geography. Based on product type, it is split into design support, new product development, process engineering, and software engineering. As per this new market report, the software engineering segment is expected to dominate the market. Software engineering involves designing, modifying, developing, and maintaining the software of aircraft. So, the demand for software engineering will increase in this sector in the coming days. On the basis of application, it is split into commercial and industrial. The commercial segment is expected to witness massive growth during the forecast period.
Geographical Market Segmentation Analysis
Regionally, the global market for Aerospace Engineering Services in Airlines is segmented into the Middle East and Africa, Western Europe, Eastern Europe, Asia Pacific, South America, and North America. Furthermore, the market is also segmented into different countries. It is split into the United States, South Korea, China, Japan, India, Russia, Italy, France, South Africa, Indonesia, Thailand, Hong Kong, New Zealand, Philippines, Australia, Mexico, GCC Countries, Canada, and others. As per the latest market report, North America’s regional market is expected to witness the most significant market share in the coming years. The reason is North America houses some top market players who are now expanding their services.
In May 2017, TCS, along with Lufthansa Technik AG, signed a contract with a leading airline service provider, Croatia Airlines, to provide advanced engineering services to the aircraft. The duration of the contract was two years.
In March 2019, Swiss International Air Lines AG signed a contract with Thompson to get the first-class as well as business class seats for its aircraft, Airbus A340.
Table of Contents
1 Scope of the Report
2 Executive Summary
3 Global Aerospace Engineering Services in Airlines by Manufacturers
4 Aerospace Engineering Services in Airlines by Regions
8 Middle East & Africa
9 Market Drivers, Challenges and Trends
10 Global Aerospace Engineering Services in Airlines Market Forecast
11 Key Players Analysis
12 Research Findings and Conclusion
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