United States Aerospace Market to Grow at a CAGR of 2.40% During 2024-2032, Aided by Expanding Manufacturing of Aircraft

According to the Aerospace Industries Association, the aerospace and defence (A&D) sector exports in the United States increased by 11.2% between 2020 and 2021, generating USD 391 billion in economic value. The presence of significant manufacturing and military aviation and the emergence of advanced manufacturing hubs are also contributing to the United States aerospace market demand.

Missouri is gaining popularity as a prominent location for carrying out investments due to its AAA bond rating from credit rating agencies, favourable tax climate, and flexible incentive programmes. More than 100 aerospace manufacturing companies, including LMI Aerospace, PAS Technologies, and Westar Aerospace & Defense Group have set up bases in the region.

The aerospace sector in the United States is poised for growth in the forecast period amid the increasing adoption of digital thread and smart factories. This further facilitates efficient production processes and rapid design to delivery, aiding companies to stay afloat in the shifting business environment.

The rising importance of national security is leading to improved capabilities of fighter aircraft. The market is also anticipated to grow substantially in the forecast period with mergers and acquisitions carried out due to increasing innovations, technology transformation, and geopolitical and regulatory shifts.

The surging launches of aircraft in the country are further propelling the market demand. For instance, in January 2024, Lockheed Martin Corporation (NYSE: LMT) unveiled NASA X-59, a commercial supersonic flight, designed and built at the Skunk Works facility. The breakthrough innovation is likely to enable passengers to travel across the globe in half the time it currently takes.

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Market Analysis by Type, Operation, Body Type, and Aircraft Type:

• The market, on the basis of type, can be divided into structures, avionics and control systems, electrical systems, environmental control systems, fuel and fuel systems, and MRO.

• Based on operation, the market can be divided into autonomous aircraft and manual.

• Based on body type, the market can be bifurcated into wide body and narrow body.

• The market, on the basis of aircraft type, can be divided into commercial aviation, general aviation, and military aviation, among others.

Key Findings of the Report:

• The United States aerospace market growth can be attributed to the expanding manufacturing of aircraft to meet the growing air travel demand.

• The increasing living standards and lowered ticket prices are contributing to the growth of the market.

• The rising air travel is leading to a greater requirement for maintenance, repair, and overhaul (MRO) services for ensuring aircraft safety, reliability, and availability.

• The growing technological advancements in the manufacture of aircraft are aiding the growth of the market.

Key Offerings of the Report:

• The EMR report gives an overview of the United States aerospace market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, operations, body types, and aircraft types of aerospace.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the United States aerospace market are Lockheed Martin Corporation, Raytheon Technologies Corporation, Boeing Company, General Dynamics Corporation, Northrop Grumman Corporation, GE Aviation, L3Harris Technologies, and Leidos, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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