Aerospace & defense industry is witnessing technological transformation at a tremendous rate. The stakeholders in the industry are continuously engaging themselves in innovating and developing robust systems, which is catalyzing the growth of the industry. The investments from the governments and private investors across the globe are continually increasing, which is leading the research and development teams as well
Aerospace & defense industry is witnessing technological transformation at a tremendous rate. The stakeholders in the industry are continuously engaging themselves in innovating and developing robust systems, which is catalyzing the growth of the industry. The investments from the governments and private investors across the globe are continually increasing, which is leading the research and development teams as well as product designing teams to innovate and design robust systems and equipment.
The aerospace industry in particular, has been strongly seeking technologically enhanced, miniaturized, and lightweight systems in order to enhance the operationality of the modern-day aircraft models. This is substantially pressurizing the aircraft component manufacturers and systems integrators to design and develop such components. This parameter is among the crucial drivers in the development of aerospace industry. Additionally, the noteworthy growth in passenger and cargo air traffic has been showcasing the growth in demand for aircraft models across the geographies. The passenger traffic growth trend is anticipated to grow over 5% annually over the next decade, which would create substantial demand for aircraft. Similarly, the air cargo volume is also expected to grow substantially over the next decade, thereby, would pressurize the cargo aircraft manufacturers to deliver higher number of freighter aircraft models. From the unmanned aerial vehicle perspective, the commercial/civil UAV industry players are observing decent growth in demand for their products among various industries, especially agriculture, media & entertainment, construction, and law enforcement agencies among others. The demand for commercial/civil UAVs is expected to increase at a considerable rate during the foreseeable future. This would further boost the aerospace industry over the next decade.
The defense industry is constantly experiencing dramatic changes in terms of defense budgets, innovation in products and technologies. The growth in asymmetric warfare is generating significant demand for robust technologies for dismounted soldiers, ground vehicles, airborne vehicles, and naval vehicles. Additionally, continuous investments toward defense or military technologies are boosting the production and procurement of advanced weaponries and ammunitions. Countries such as the US, China, India, Japan, France, and the UK are capitalizing heavily on defense technologies which is bolstering the defense industry size year-on-year. The future of defense technologies is foreseen to be prominent pertaining to the constant evolution and procurement of technologies such as precision munitions and weaponries, cybersecurity, C5ISR, and unmanned vehicles. The companies operating in the defense systems and equipment manufacturing and development should emphasize heavily on market place, understand the demand among the defense force worldwide, and also in reduction of products and system prices. These parameters would benefit them to surpass the rivals and would accelerate the growth of the company’s sales and industry.