The Business Research Company’s Aerospace & Defense Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, May 27, 2021 /EINPresswire.com/ — During the historic period, developed countries experienced low interest rates as monetary authorities reduced 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 boosted the growth of the aerospace and defense market in the historic period.
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.
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The global aerospace and defense market size is expected to grow from $736.36 billion in 2020 to $774.54 billion in 2021 at a compound annual growth rate (CAGR) of 5.2%. Aerospace and defense market 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 $973.2 billion in 2025 at a CAGR of 6%.
North America is the largest region in the global aerospace & defense market, accounting for 35% of the market in 2020. Asia Pacific is the second largest region, accounting for 29%. Africa is the smallest region in the global market.
Major companies in the market include Boeing, Airbus, United Technologies, GE Aviation, Lockheed Martin.
The global aerospace and defense market is segmented by type into aerospace, defense, by distribution channel into supermarkets/hypermarkets, convenience stores, e-commerce, others, and by nature into organic, conventional.
Subsegments covered are commercial aircraft, aircraft maintenance, repair and overhauling services, aerospace support and auxiliary equipment, air based defense equipment, sea based defense equipment, land based defense equipment, defense equipment maintenance, repair and overhauling services, defense support and auxiliary equipment.
Aerospace & Defense Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides aerospace and defense market overview, forecast aerospace and defense market size and growth for the whole market, aerospace and defense market segments, and geographies, aerospace and defense market trends, aerospace and defense market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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