Aerospace Engineering Services in Airlines Market: Information by Service Type (New Product Development, Design Support, Software Engineering, Process Engineering, Maintenance, Repair and Overhaul (MRO)), Technology (3D Modelling, Machine Learning, Augmented Reality & Virtual Reality (AR/VR), Big Data & Analytics, Internet of Things (IoT), Biometrics, Sensors & Tracking, Blockchain) and Region – Forecast till 2030
Market Overview
The worldwide aerospace engineering services in airlines market is likely to account for a 3.75% CAGR over the review period. The worldwide aerospace engineering services in airlines market is likely to experience high growth over the upcoming years. Market growth is estimated to be propelled by a surge in passenger traffic and succeeding demand for new aircraft coupled with a focus on declining carbon footprint by the means of aircraft weight reduction.
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Air passenger traffic has been surging at a substantial pace globally over the last couple of years. Factors like dropping airfares, rising disposable income especially in emerging economies, and improved quality of living have affected the market growth positively. As per the International Air Transport Association (IATA), the rate of global air travel is expected to double by 2036. It also projects that China is predicted to exceed the US to turn into the largest aviation market with regards to passenger traffic.
Market Segmentation
The worldwide engineering services in airlines market has been classified based on technology, region, and service type. Based on service type, the worldwide engineering services in airlines market has been categorized as design support, new product development, process engineering, maintenance, overhaul, software engineering, and repair. The design support segment ruled the market with a worth of USD 551.8 mn during 2018 and reach USD 788.9 mn by 2030. Aerospace engineering service providers help aircraft manufacturers in framing the archetype of aircraft. Several airline brands are outsourcing their design support activities to firms such as Triumph Group, Inc. to observe improved structure and design quality. The repair, overhaul, and maintenance segment is estimated to reflect a CAGR of 4.64% over the estimation period. The Internet of Things (IoT) segment is estimated to dominate the market with a worth of USD 523.3 mn during 2018 and attain USD 731.2 mn by 2030. The Internet of things (IoT) is a computing notion where physical objects are associated to the internet. The aviation sector is exceptionally competitive and observes constant threats, such as extending a greater traveling experience at low prices. IoT is estimated to alter the aviation sector by offering an all-in-one travel experience and improving operational efficacy. The big data & analytics sector is anticipated to record the largest CAGR of 5.63% over the forecast period.
Regional Analysis
The worldwide engineering services in airlines market has been segmented, based on region, into Asia-Pacific, North America, the Middle East & Africa, Latin America, and Europe. The North America market reflected the largest share with a worth of USD 501.6 mn throughout 2018. This is on account of the existence of key players like Honeywell International, Inc., thus, upscaling the market growth in the market. The market in North America is predicted to attain USD 745.3 mn by 2030 at a CAGR of 3.34% over the estimation period. Europe is anticipated to be the second-largest market throughout the assessment period. The regional market is estimated to attain USD 553.6 mn by 2030 at a CAGR of 3.51%, while APAC is expected to be the third-largest market over the forecast period. The market in Asia-Pacific is likely to reach USD 551.0 mn by 2030 at a CAGR of 4.89% throughout the review period.
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Key Players
Global aerospace engineering services market is dominated by players like Alten Group (France), Altran (France), Tata Consultancy Services Limited (India), AVL (Austria), Accenture PLC (Ireland), Wipro Limited (India), Thompson Aero Seating Ltd. (UK), Akka Technologies (Belgium), HCL Technologies Limited (India), Happiest Minds Technologies (India), Capgemini (France), and International Business Machines Corporation (US).
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