The global aerospace engineering services outsourcing market size reached US$ 77.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 256.6 Billion by 2028, exhibiting a growth rate (CAGR) of 22.1% during 2023-2028.
Aerospace engineering involves designing, developing, testing, and producing aircraft, spacecraft, and associated systems and equipment. It relies on computer-aided design (CAD) systems for quick and simple drafting and modification of designs and 3D visualization of completed parts and assemblies. It assists in developing cutting-edge technologies and integrating them into aerospace vehicle systems, which are used for defense, transportation, communications, and exploration applications. At present, there is a rise in the demand for aerospace engineering services outsourcing (ESO) as the aerospace industry is facing numerous challenges, such as cost pressures, shortage of skilled resources, and an aging workforce.
Aerospace Engineering Services Outsourcing Market Trends:
The escalating demand for aircraft represents one of the key factors driving the market. Moreover, aerospace companies are outsourcing an increasing number and volume of designing and manufacturing-related services to reduce their operational costs. This, along with the rising number of partnerships between original equipment manufacturers (OEMs) and service providers for leveraging cost-effective access to domain-specific technical expertise and higher production capacities, is propelling the growth of the market. In addition, there is an increase in the utilization of innovative technologies and digital devices in the aerospace industry across the globe. As a result, there is a demand for specialized engineering skills and expertise, which can be challenging to acquire, retain, and develop internally. This, in turn, is contributing to the growth of the market. Besides this, the increasing air travel, coupled with the growing investments in the military and civil aviation sectors, is positively influencing the market. Apart from this, the rising demand for aerospace ESO for maintenance, repair and overhaul services (MROs), augmented reality (AR)-based or virtual reality (VR)-based training, and asset tracking and management is bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global aerospace engineering services outsourcing market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, service and location.
Breakup by Component:
Breakup by Service:
- Design and Engineering
- Manufacturing Support
- Security and Certification
- After-Market Services
Breakup by Location:
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Akka Technologies (Adecco Group), Altair Engineering Inc., ALTEN Group, Bertrandt AG, Capgemini Engineering (Capgemini SE), Edison Welding Institute, Honeywell International Inc., L&T Technology Services Limited (Larsen & Toubro Limited) and Lisi SA.
|Base Year of the Analysis
||Component, Service, Location, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Akka Technologies (Adecco Group), Altair Engineering Inc., ALTEN Group, Bertrandt AG, Capgemini Engineering (Capgemini SE), Edison Welding Institute, Honeywell International Inc., L&T Technology Services Limited (Larsen & Toubro Limited) and Lisi SA.
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Key Questions Answered in This Report:
- How has the global aerospace engineering services outsourcing market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global aerospace engineering services outsourcing market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the service?
- What is the breakup of the market based on the location?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global aerospace engineering services outsourcing market and who are the key players?
- What is the degree of competition in the industry?