Industry Overview of Aerospace Engineering Services Outsourcing Market
Aerospace engineering services outsourcing refers to the practice of hiring external companies to perform core aerospace engineering procedures on behalf of a client or an aerospace company. It involves developing cutting-edge technologies and integrating them into aerospace vehicle systems used for transportation, communications, exploration, and defense applications. It includes the designing and manufacturing of aircraft, spacecraft, propulsion systems, satellites, and missiles. It also focuses on testing and designing aircraft and aerospace products, components, and subassemblies. Furthermore, it enables aerospace companies to lower their operational costs, enhance component quality, reduce errors, and scale up production.
How Big Is the Aerospace Engineering Services Outsourcing Market ?
The global aerospace engineering services outsourcing market size reached US$ 77.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 256.6 Billion by 2028, exhibiting a growth rate (CAGR) of 22.1% during 2023-2028.
Global Industry Trends and Drivers:
At present, the increasing demand for aerospace engineering services outsourcing, as it saves time and provides higher-quality products, represents one of the significant factors impelling the market growth. Besides this, rising practices of aerospace engineering services outsourcing, as it implements innovative technologies and uses advanced digital devices to carry out processes, are contributing to the growth of the market. In addition, the growing construction of airports to connect various locations around the world is offering a favorable market outlook. Apart from this, the increasing demand for specialized engineering skills and expertise, which are difficult to acquire, retain, and internally develop, is supporting the growth of the market. Additionally, the rising employment of aerospace engineering services outsourcing for prototyping, simulation, and system engineering of aerostructures and avionics is bolstering the growth of the market.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Component:
- Hardware
- Software
Breakup by Service:
- Design and Engineering
- Manufacturing Support
- Security and Certification
- After-Market Services
Breakup by Location:
- On-Shore
- Off-Shore
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
Akka Technologies (Adecco Group), Altair Engineering Inc., ALTEN Group, Bertrandt AG, Capgemini Engineering (Capgemini SE), Edison Welding Institute, Honeywell International Inc., L&T Technology Services Limited (Larsen & Toubro Limited) and Lisi SA.