Aerospace Market: By Type (Commercial Aircraft, Aircraft Maintenance, Repair And Overhauling Services, Aerospace Support and Auxiliary Equipment), By Size (Narrow Body, Wide Body, Regional), By End User (Private Sector, Government), By Operation (Manual, Autonomous Aircraft) and Geography  

Aerospace Market size is valued at USD 286.7 billion in 2022 and is poised to grow at a CAGR of 8.6% from 2023 to 2029. The global market provides a detailed overview of the market and that can be segmented by type, by size, end-user, and by operation. By type, the aerospace market has been segmented into Commercial Aircraft, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support, and Auxiliary Equipment. The commercial aircraft segment is likely to be the largest and fastest-growing segment in terms of type. Based on size, Aerospace market is segmented into Narrow Body, Wide Body, Regional. Among these, the narrow body segment is expected to have the fastest-growing market during the forecast period. Based on end user, the aerospace market is segmented into Private Sector, Government. The private sector segment accounts for the largest share in 2021. Government is the second-largest share during the forecast period. Based on the operation, the market has been segregated into Manual, Autonomous Aircraft. The Manual segment is expected to dominate other segments in the aerospace market. The manual segment is expected to witness the highest CAGR during the forecast period according to Precision Business Insights.

Aerospace Market Key Developments:

• In December 2019, Solvay and SGL Carbon entered into a joint development agreement (JDA) to bring to market the first composite materials based on large-tow intermediate modulus (IM) carbon fiber. These materials address the need to reduce costs and CO2 emissions and improve the production process and fuel efficiency of next-generation commercial aircraft.