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The latest report by IMARC, titled “ AerospaceEngineeringServicesOutsourcingMarket:GlobalIndustryTrends,Share,Size,Growth,Op portunityandForecast2023-2028
” finds that the global aerospace engineering services outsourcing market size reached US$ 77.4 Billion in 2022.
Aerospace engineering, also known as aeronautical or astronautical engineering, is a field of engineering that deals with the design, development, testing, and production of aircraft, spacecraft, satellites, missiles, and related systems and equipment. It utilizes computer-aided design (CAD) systems for3Dvisualization of completedpartsand assemblies and quickdrafting and modification of designs.
It aids in developing and integrating advanced technologies into aerospace vehicle systems employed for defense, transportation, communications, and exploration applications. In recent years, aerospace engineering services outsourcing (ESO) has gained immense popularity as it assists manufacturers in reducing operating expenses, improving component quality, minimizing errors, and speeding up production time.
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The rapid expansion of the military and civil aviation sectors represents the primary factor driving the market growth. Moreover, the growing need for specialized engineering skills and expertise that can be challenging to obtain, retain, and develop internally is positively influencing the demand for aerospace ESO. This is further supported by the rising challenges faced by the aerospace industry, such as an aging workforce, a shortage of skilled resources, and cost pressures. Consequently, there has been widespread adoption of an increasing number and volume of designing- and manufacturing-related services to cut operational costs. Additionally, there has been a significant rise in collaborations between original equipment manufacturers (OEMs) and engineering service providers (ESPs) to leverage cost-effective access to domain-specific technical expertise and higher production capacities. In line with this, the escalating demand for aerospace ESO for after-market services, including maintenance, repair, and overhaul services (MROs), asset tracking and management, and augmented reality (AR)-based or virtual reality (VR)-based training, has propelled the market growth. Furthermore, the implementation of supportive government policies, such as stringent safety regulations and airworthiness norms, has accelerated the adoption of aerospace ESO. Other factors, including the surging demand for aircraft, increasing air travel, shifting focus toward green aviation, and heavy investments in research and development (R&D) activities, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 256.6 Billion by 2028, growing at a CAGR of 22.1% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary: BreakupbyComponent:
• Hardware
• Software
BreakupbyService:
• Designand Engineering
• Manufacturing Support
• Security and Certification
• After-Market Services
BreakupbyLocation:
• On-Shore
• Off-Shore
BreakupbyRegion:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
• Akka Technologies(Adecco Group)
• AltairEngineering Inc.
• ALTEN Group
• Bertrandt AG
• Capgemini Engineering (Capgemini SE)
• Edison Welding Institute
• Honeywell International Inc.
• L&T Technology ServicesLimited (Larsen & Toubro Limited)
• Lisi SA.
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