Global Aerospace Support and Auxiliary Equipment Market 2024 : Trends, Business Growth And Major Driving Factors | Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Inc

"The aerospace support and auxiliary equipment market size has grown strongly in recent years. It will grow from $33.92 billion in 2023 to $36.15 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to global economic conditions, military expenditure, commercial aviation demand, space exploration.

The aerospace support and auxiliary equipment market size is expected to see strong growth in the next few years. It will grow to $44.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to growing air travel demand, environmental regulations, emerging markets, space commercialization, defense spending. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .

Market Overview -
The aerospace support and auxiliary equipment refers to support and auxiliary equipment used in aerospace to support operations such as air traffic control towers. The market includes maintenance services provided by aerospace support and auxiliary equipment manufacturers during the equipment's warranty period.

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Increasing Demand For Air Travel Drives Growth In Aerospace Support And Auxiliary Equipment Market
Increasing demand for air travel is expected to propel the growth of the aerospace support and auxiliary equipment market. Air travel is a form of travel that involves the use of vehicles that can sustain flight, such as airplanes, jet aircraft, helicopters, or anything else that can fly. It is the act of boarding an aircraft for the purpose of flying therein and alighting there after a flight. Air travel leads to a rise in aircraft production and maintenance activities, including air traffic control equipment, aircraft production equipment, safety equipment, and other related products and services. For instance, in March 2023, according to a report published by the Bureau of Transportation Statistics, a US-based government agency, in 2022, US airlines transported 194 million more passengers than in 2021, a 30% increase year on year. From January to December 2022, US airlines handled 853 million passengers (unadjusted), up from 658 million in 2021 and 388 million in 2020. Therefore, the increasing demand for air travel is driving the growth of the aerospace support and auxiliary equipment market.

Competitive Landscape -
Major companies operating in the aerospace support and auxiliary equipment market include Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Inc., Reutech Radar Systems Pty Ltd., Rockwell Collins Inc., Boeing Airplane & Transport Corporation, Airbus Group Inc., Safran Aerosystems, General Electric Aircraft Engines, Rolls-Royce Motors Holdings Ltd., Leonardo UK Ltd., Honeywell International Inc., BAE Systems Inc., L3 Technologies Inc., Bombardier Inc., Spirit AeroSystems Inc., Public Joint-Stock Company United Aircraft Corporation, MTU Aero Engines AG, Empresa Brasileira De Aeronáutica, GKN Aerospace Services Ltd., Israel Aerospace Industries Ltd., Triumph Group Inc., Torry Harris Integration Solutions, Collins Aerospace Systems, Thales SA, General Electric Company Ltd., United Technologies Corporation India Pvt Ltd., Textron Inc., Eaton Corporation PLC, Moog Inc., Woodward Inc.

Wireless Technology And Miniaturization Fuels Innovation In The Aerospace Support And Auxiliary Equipment Market
Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) are expected to drive innovation in the defense market, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence, and big data analytics are being used during the manufacturing process, resulting in higher productivity, lower operating costs, and higher margins. Lower operating costs lead to higher margins. This allows companies to expand production and increase product portfolios, thus driving the growth of the aerospace support and auxiliary equipment market.

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Key Segments -
The aerospace support and auxiliary equipment market covered in this report is segmented -
1) By Type: Commercial Radars, Satellites
2) By Ownership: Public, Private
3) By Platform: Airborne, Land, Naval, Space

Subsegments Covered: Continuous Waveform, Pulse Waveform, Large Satellite, Mini Satellite, Micro Satellite, Nano Satellite

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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