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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