Major companies in the aerospace & defense market include Airbus Group SE, Raytheon Technologies Corporation, The Boeing Company, Lockheed Martin Corporation, Raytheon Co. , Northrop Grumman Corp. , Bae Systems plc.
New York, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aerospace & Defense Global Market Report 2022" - https://www.reportlinker.com/p05376901/?utm_source=GNW
, General Dynamics, General Electric Company and Safran SA.
The global aerospace & defense market is expected to grow from $700.30 billion in 2021 to $755.24 billion in 2022 at a compound annual growth rate (CAGR) of 7.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1047.07 billion in 2026 at a CAGR of 8.5%.
The aerospace and defense market consists of sales of aircraft, aircraft components, weapons, artillery tanks, radar, and other military equipment by entities (organizations, sole traders or partnerships) that produce aircraft, aircraft components, weapons, artillery tanks, radar, and other military equipment for aerospace and defense purposes. The aerospace and defense market is segmented into aerospace and defense.
The main aerospace and defense types are aerospace and defense.The aerospace industry consists of companies involved in developing prototypes and the manufacturing or assembling of complete aircraft and aircraft parts for commercial purposes.
The aircraft are operated through autonomous; and manual mode. The different components include weapon system, fire control system, command and control system, others.
North America was the largest region in aerospace & defense market in 2021.North America is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
During the forecast period, developed countries will experience low-interest rates as monetary authorities are reducing the interest rates to stimulate economic growth and prevent deflation.This led to the flow of cheap money for investment in these economies.
Low-interest rates encouraged borrowing for investment and helped drive spending. For instance, in 2019, the European Central Bank decreased interest rates to -0.5% on deposits from banks to encourage lending. Major countries that had low-interest rates in the historic period include the USA, Germany, and Japan. The low-interest rates will boost the growth of the aerospace and defense market in the forecast period.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the aerospace & defense market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing was affected due to lockdowns imposed by governments globally.COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Defense equipment manufacturers depend on the supply of raw materials and parts from different countries across the globe.
As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of parts and raw materials.The outbreak had a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the aerospace & defense market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
8K video capture technology is being integrated with drones to enhance the picture and video quality captured by these aircraft. 8K technology offers greater horizontal display resolution and offers images that show more details than standard HD. 8K cameras integrated with drones offer higher precision and provide high-resolution footage in autonomous flights. For instance, Autel is offering its EVO series of drones with 8k cameras.
The countries covered in the aerospace & defense market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
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