Aerospace & Defense Market Research Reports
"Wings of Innovation: Unraveling the Dynamics of Aerospace and Defense (2024 Market Size: USD 800 billion)"!
Aerospace and Defence Industry Overview
The aerospace and defense market is undergoing substantial growth and transformation as a result of the resurgence of commercial air travel post-pandemic, increased defense expenditure, and advancements in technology. The global aerospace and defense market size was USD 742 billion in 2023, and it will be USD 800 billion in 2024. This expansion corresponds to a compound annual growth rate (CAGR) of 4.5%. Passenger traffic is anticipated to increase by 7.8% in 2023 and 6.1% in 2024 as the commercial aerospace sector is experiencing a robust recovery.
The demand for fuel-efficient models is expected to drive aircraft deliveries to surpass 1,800 units in 2023 and 1,900 units in 2024. The global defense budget is increasing, with a USD 2.1 trillion in expenditures in 2023, a 3% increase from the previous year. It will persist into 2024, with a growth rate of 2.5%. The United States continues to be the largest defense spender, with a market size of USD 858 billion in 2023, which will increase to USD 875 billion in 2024. China's defense budget increased to USD 260 billion in 2023 and it will be USD 275 billion in 2024, among other notable increases. The market is undergoing a revolution as a result of the incorporation of digital technologies, such as artificial intelligence (AI), machine learning, and big data analytics.
In 2023, around 45% of aerospace and defense companies reported having implemented AI solutions, and this figure will increase to 55% by 2024. The aerospace and defense 3D printing market size is USD 2.8 billion and will increase to USD 3.5 billion in 2024,as the adoption of 3D printing technologies is accelerating. The investment in electric and hybrid-electric aircraft technologies is increasing. In 2024, the electric aircraft market size will be USD 23 billion and will expand at a compound annual growth rate (CAGR) of 12% in 2024.
Top Countries countributing to Aerospace and Defence Market
United States (2024 Market Size: USD 875 billion)
The United States defence market size was USD 858 billion in 2023, as it maintained its dominance in the aerospace and defense sector. This represents a substantial increase from the previous year, which is indicative of the nation's ongoing emphasis on strategic capabilities and defense modernization. The commercial aerospace market also experienced growth, with aircraft deliveries surpassing 1,800 units. The United States defence market size will be USD 875 billion in 2024, further solidifying its status as the world's largest defense spender. The utilization of aerospace and defense capabilities is primarily driven by the following sectors: military aircraft, missile defense systems, space exploration, and satellite technologies. The United States is responsible for over 40% of the total expenditure in the global aerospace and defense market, which is a significant portion. Furthermore, the United States is a leader in the development of advanced armament systems, uncrewed aerial vehicles (UAVs), and artificial intelligence. The aerospace and defense sector employs a highly skilled workforce that is concentrated on cybersecurity, engineering, and research and development.
Russia (2024 Market Size: USD 70 billion)
According to cognitive market research, the aerospace and defence market in Russia was USD 65 billion in 2023. The nation's defense industry is renowned for its proficiency in the fields of electronic warfare, space technologies, missile systems, and military aircraft. The Russia aerospace and defence market size will be USD 70 billion in 2024, is a reflection of the ongoing modernization efforts and strategic priorities. Russia holds a substantial portion of the global aerospace and defense market, with a particular emphasis on satellite technologies, advanced armaments, and space exploration. Space exploration, missile defense systems, and military aviation are the primary sectors that drive utilization. Hypersonic missile systems, satellite launch capabilities, and advanced radar technologies are among the technological advancements that have been made in Russia. The aerospace and defense workforce in Russia is highly competent, with a strong emphasis on innovation and research in defense technologies.
China (2024 Market Size: USD 275 billion)
The China's aerospace and defence market size was USD 260 billion in 2023. The nation's defense industry is concentrated on the development of military aircraft, naval capabilities, missile systems, and space technologies. The market size of aerospace and defence in China will be USD 275 billion in 2024, further solidifying China's status as one of the world's largest defense spenders. Driven by its substantial investments in research, development, and production, China holds a 15% of the global aerospace and defense market. Military aviation, naval defense systems, and satellite technologies are among the primary sectors in China that employ aerospace and defense capabilities. Technology advancements in China encompass the development of unmanned systems, satellite technologies, and hypersonic weapons. China's aerospace and defense workforce is expanding, with an emphasis on attaining self-sufficiency in defense technologies and improving domestic capabilities.
France (2024 Market Size: USD 58 billion)
In 2023, France's aerospace and defense market size was USD 55 billion and will be USD 58 billion in 2024. The nation's defense market is distinguished by its proficiency in cybersecurity, missile systems, aerospace technologies, and military aircraft. France holds a substantial portion of the global aerospace and defense market, with a particular emphasis on aerospace technologies, defense electronics, and space research. In France, military aviation, space exploration, and cybersecurity are among the primary sectors that employ aerospace and defense capabilities. Next-generation fighter aircraft, cybersecurity solutions, and satellite launch capabilities are among the technological advancements that have been made in France. The aerospace and defense workforce in France is highly trained, with a strong emphasis on research, development, and collaboration with international partners.
United Kingdom (2024 Market Size: USD 65 billion)
The defence market in United Kingdom was USD 60 billion in 2023, indicating that the aerospace and defense sector remained robust. The nation's defense industry is renowned for its proficiency in the fields of military aircraft, naval capabilities, cybersecurity, and space technologies. The United Kingdom defence market size will be USD 65 billion in 2024, as a result of ongoing strategic alliances and modernization initiatives. The United Kingdom holds a substantial portion of the global aerospace and defense market, with a particular emphasis on satellite communications, defense electronics, and aerospace engineering. Military aviation, cybersecurity, and space exploration are among the primary sectors in the United Kingdom that employ aerospace and defense capabilities. Next-generation fighter aircraft, satellite constellations, and green aviation initiatives are among the technological advancements that have been made in the United Kingdom. The aerospace and defense workforce in the United Kingdom is highly competent, with a strong emphasis on innovation and collaboration within the industry.
Germany (2024 Market Size: USD 48 billion)
According to cognitive market research, the Germany's aerospace and defense market size was USD 45 billion. Military aircraft, missile systems, cybersecurity, and space technologies comprise the nation's defense industry. Germany's dedication to international security partnerships and defense modernization is expected to result in the aerospace and defense market reaching USD 48 billion in 2024. Germany is a significant player in the global aerospace and defense market, with a particular emphasis on cybersecurity solutions, defense electronics, and aerospace engineering. Military aviation, missile defense systems, and space exploration are among the primary sectors in Germany that employ aerospace and defense capabilities. German technological advancements encompass satellite communications, drone technologies, and green aviation initiatives. The aerospace and defense workforce in Germany is highly competent, with an emphasis on international collaboration, sustainability, and innovation.
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| Product/Industry | USD | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Furniture Recycling Market | Million | XX | XX | XX | XX | XX | XX | XX | XX | 20254.2 | XX | XX | XX | XX | XX | XX | 36788.3 | 8.9% |
| Greenhouse Horticulture and Vegetable Market | Million | XX | XX | XX | XX | XX | XX | XX | XX | 31254.2 | XX | XX | XX | XX | XX | XX | 55324.3 | 8.5% |
| Jet Fuel Oil Market | Million | XX | XX | XX | XX | XX | XX | XX | XX | 2235.5 | XX | XX | XX | XX | XX | XX | 10961.8 | 25.5% |