Innovations And Higher Margins Are Key Drivers In The Aerospace Support And Auxiliary Equipment Market
November 25, 2021
The Business Research Company’s Aerospace Support And Auxiliary Equipment Global Market Report 2021: COVID-19 Impact And Recovery To 2030
LONDON, GREATER LONDON, UK, November 25, 2021 /EINPresswire.com/ -- Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) is expected to drive innovation in defense market, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used during the manufacturing process, resulting in higher productivity, lower operating costs and higher margins. Lower operating costs lead to higher margins, this allows companies to expand production and increase product portfolio, thus driving the growth of the aerospace support and auxiliary equipment market.
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The global aerospace support and auxiliary equipment market size is expected to grow from $26.99 billion in 2020 to $28.22 billion in 2021 at a compound annual growth rate (CAGR) of 4.6%. 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 $32.86 billion in 2025 at a CAGR of 4%.
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Major players covered in the global aerospace support and auxiliary equipment industry are Lockheed Martin, Northrop Grumman, Raytheon, Reutech Radar Systems, Rockwell Collins.
Asia Pacific was the largest region in the global aerospace support and auxiliary equipment market, accounting for 37% of the market in 2020. North America was the second largest region, accounting for 23% of the global aerospace support and auxiliary equipment market. Africa was the smallest region in the global aerospace support and auxiliary equipment market.
TBRC’s global aerospace support and auxiliary equipment market report is segmented by type into commercial radars, satellites, by ownership into public, private.
Aerospace Support And Auxiliary Equipment Global Market Report 2021 - By Type (Commercial Radars, Satellites), By Ownership (Public, Private), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides aerospace support and auxiliary equipment market overview, forecast aerospace support and auxiliary equipment global market size and growth for the whole market, aerospace support and auxiliary equipment global market segments, and geographies, aerospace support and auxiliary equipment market trends, aerospace support and auxiliary equipment market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Here Is A List Of Similar Reports By The Business Research Company:
Aerospace Market 2021 - 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 By Region, Opportunities And Strategies – Global Forecast To 2030
Defense Support And Auxiliary Equipment Global Market Report 2021 - By Type (Military Radars, Military Satellites, Other Defense Support and Auxiliary Equipment) COVID-19 Impact And Recovery
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