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Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global aerospace engineering services outsourcing market size was valued at USD 37.79 billion in 2018 and is expected to exhibit a CAGR of 25.9% from 2019 to 2025.
The globalaerospace engineering services outsourcing marketsize is anticipated to reach USD 188.24 billion by 2025, registering a CAGR of 25.9% over the forecast period, according to a new report by Grand View Research, Inc. The increased demand for the replacement of aging and outdated aircraft and the intensifying need to reduce operational costs are expected to drive the increased global demand for aerospace engineering services outsourcing (ESO) over the forecast period. Owing to the increasing engineering and technological complexities in the industry, Original Equipment Manufacturers (OEMs) are facing the growing need to outsource some of their services to specialized aerospace Engineering Service Providers (ESPs). Outsourcing a variety of engineering services can help manufacturers reduce their operating expenses and simultaneously harness the domain-specific skills of these ESPs.
Factors such as a flourishing middle-class population, increasing per capita incomes, and positive GDP outlook in emerging economies of Asia Pacific, particularly India and China, are generating more demand for air mobility. Countries in the region are investing in aircraft manufacturing and aftermarket maintenance, repair and overhaul (MRO) services to address this increasing demand for civil aviation. Owing to this, the region is anticipated to witness a substantial increase in fleet and MRO spending, thereby driving the market.
The growing deployment of connected devices in aircraft has introduced the risk of intellectual property theft and cybersecurity concerns. OEMs, worldwide, are taking measures for data security and are expected to continue emphasizing on safeguarding crucial business information. Managing the innate vulnerabilities, which are a by-product of growing digitization, is also of utmost importance from the point-of-view of aerospace OEMs. As a result of this, security & certification services offered by ESPs are anticipated to witness significant traction over the forecast period.
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Key Takeaways Of The Report :
Businesses are increasingly leveraging the benefits of outsourcing services to control costs, improve the overall quality of their products and services, and enhance their expertise across a range of competencies
In terms of service, the aerospace ESO market has been segmented into design & engineering, manufacturing support, security & certification, and after-market services. The design & engineering service segment is projected to register the highest CAGR over the forecast period
The Asia Pacific and MEA regional markets for aerospace ESO are expected to witness a substantial rise in growth prospects over the forecast period. This can be attributed to the increasing number of low-cost carriers in developing economies and growing investments being done to boost outsourcing of services
Leading vendors in the aerospace engineering services outsourcing market are increasing usage of composite materials for manufacturing aerostructures and components due to their robustness and better stiffness-to-density ratios, in addition to further focus on the optimization of turboprops.
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Grand View Research has segmented the global aerospace engineering services outsourcing market on the basis of service, location, component, and region:
Aerospace ESO Service Outlook (Revenue, USD Billion, 2014 – 2025)
Design & Engineering
Manufacturing Support
Security & Certification
After-market Services
Aerospace ESO Location Outlook (Revenue, USD Billion, 2014 – 2025)
On-shore
Off-shore
Aerospace ESO Component Outlook (Revenue, USD Billion, 2014 – 2025)
Hardware
Software
Aerospace ESO Regional Outlook (Revenue, USD Billion, 2014 – 2025)
North America
U.S.
Canada
Mexico
Europe
France
Germany
Asia Pacific
China
Japan
India
South America
Brazil
Middle East & Africa
Browse Related Report:
Riveting Tools Market :The global riveting tools market size was valued at USD 206.8 million in 2018 and expected to register a CAGR of 4.5% from 2019 to 2025.
Aerospace & Defense Maintenance, Repair, & Overhaul (MRO) Market :The global aerospace and defense maintenance, repair, and overhaul (MRO) market size was estimated at USD 161.60 billion in 2018 and is expected to expand at a CAGR of 5.4% from 2019 to 2025.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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