Global aerospace and defense industry involves various establishments for developing aviation prototypes, manufacturing, assembling of complete aircrafts, aircraft parts, radars, weapons and ground vehicles for civilians, vehicles for military purpose, maintenance, repair, overhauling services to the aircrafts and other after sales services. The demand for aerospace and defense equipment has increased drastically with the advent of advanced technology and notably developing economies around the globe. Defense spending has increased in few countries, but the developed economies are neglecting their military budgets due to budget constraints and other rising factors.
According to the study “Aerospace & Defense Global Industry Almanac 2017-2021”, aerospace and defense industry around the globe is the leading producers of carbon dioxide emissions. CO2 reducing measures and energy savings methods are implemented in the aerospace and defense equipment manufacturing industry due to the rising challenges of global warming and climate changes. These regulations are to control and manage greenhouse gas emissions which have adverse environmental effects. Few initiatives are implemented to substantially reduce fuel consumptions during flight, landing, and taxiing of aircraft. Majority of the manufacturers of the aerospace and defense equipment are employing lightweight materials with high mechanical and multifunctional properties in the design and are making significant investments in adopting nanotechnology. The introduction of nanocomposites in the manufacturing of aerospace and defense equipment is driving the global aerospace and defense industry.
The major markets in the global aerospace and defense industry are aircrafts, aircraft components, repair services, radars weapons, guided missile, space vehicle and military ground vehicles. The leading players in global aerospace and defense industry are The Boeing Company, Airbus Group, Lockheed Martin Corporation, United Technologies Corp., General Electric Company, BAE Systems PLC, Raytheon Company, Northrop Grumman Corporation, General Dynamics Corporation and Thales Group. Geographically, the global aerospace and defense industry is spread across Asia Pacific, North America, Western Europe, Eastern Europe, South America, Middle East and Africa. Globally, North America accounts for a largest share in the aerospace and defense market due to strong air travel market and presence of major aircraft manufacturers, aircraft components manufacturers. It was observed that North America also dominates the global radars and weapons market in terms of expenditure as well as technological advances. Asia Pacific is the second largest consumer in the aerospace and defense industry followed by South America.
Global aerospace and defense industry is considered as the major revenue generating sector. The capital expenditure on the military aircraft, military vehicles, naval vessels, systems and ordnance, and other defense segments is very huge on a worldwide basis. Majority of the nations are investing heavily on research and development (R&D), procurement, other military equipment and maintenance of weaponry, such as equipment, parts, and maintenance. Global aerospace and defense industry utilizes 3D printing technology to produce parts for aircrafts and aircraft engines. It is a digital design application that is simpler and offers more design features than conventional parts. Advanced technology in digital design enables manufacturers to create high performance aircraft engines and components. GE Aviation, Airbus and Boeing introduced 3D printed parts in its aircraft engines and printed titanium parts in the construction to save maximum construction costs.
It was estimated that the aerospace and defense sector will adopt data-driven manufacturing plants such as 3D printing, nanotechnology, augmented reality, drilling, robotics, and computer-aided technology that will contribute to the growth of global aerospace and defense industry over the next few years.
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