Top Three Technologies shaping The Aerospace And Defense Market In 2023-2032 - By The Business Research Company

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May 30, 2023, 06:40 ET

LONDON , May 30, 2023 /PRNewswire/ -- The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company's Aerospace And Defense Global Market Report 2023, the global aerospace and defense market size will grow from $795.92 billion in 2022 to $855.62 billion in 2023 at a compound annual growth rate (CAGR) of more than 7%. The aerospace and defense market is then expected to grow to $1076.5 billion in 2027 at a CAGR of more than 5%. Going forward, government support, rising urbanization, increasing use of lightweight materials, commercial use of drones, increasing demand for military helicopters and increasing military modernization programs will drive the aerospace and defence market growth.

The global aerospace and defense market is slightly concentrated, with large players. Airbus Group SE was the largest competitor with 8.6% aerospace and defense market share, followed by Lockheed Martin Corporation, Raytheon Technologies Corporation, The Boeing Company, Northrop Grumman Corp, General Dynamics, General Electric Company, Bae Systems plc, Safran SA, and Thales.

Learn More On The Aerospace And Defense Market Report – https://www.thebusinessresearchcompany.com/report/aerospace-defense-global-market-report

Major companies in the aerospace and defense market are adopting the following top three advanced technologies:

1. 3D printing in aerospace and defense market

Major companies in the aerospace and defense market are focusing on 3D printing to improve the design and resistance of the drones, helicopters, and other machines. Rapid prototyping is possible with 3D printing, but it is also possible to produce a finished drone with 3D printing. Further, in Kanuary 2022, Hypersonix Launch Systems, an Australia-based space startup developing scramjet and scramjet-based access-to-space technology, developing a new space launch vehicle, the majority of which will be manufactured using a 3D printer, including the hydrogen engine.

2. Artificial Intelligence (AI)

Aerospace and defense market companies are focusing on using artificial intelligence (AI) to improve efficiencies. AI in aviation has the potential to increase urban air mobility, improve airline safety, enable predictive maintenance of airplanes and other defense equipment. For example, in February 2021, Pearson Engineering, a UK-based civil engineering firm, launched 'Threat-Sense' and 'Threat-Pathway', a camera-based mine detection system designed to allow any military vehicle to detect and displace scatter able-mine threats.

3. Blockchain to shape aircraft manufacturing

Digital technologies such as blockchain are being adopted by aircraft manufacturing companies to monitor performance of aircraft parts and systems as the manufacturing process is a highly specialized and complex. For instance, Boeing has implemented IoT (internet of things)-driven blockchain to collect details about every component. This helps to predict maintenance events, optimize production operations and extend the life cycle of parts.

Request A Free Sample Of The Aerospace And Defense Market Report – https://www.thebusinessresearchcompany.com/sample.aspx?id=1869&type=smp

According to aerospace and defense industry analysis, North America was the largest region in the aerospace and defense market, accounting for 33.0% of the global market in 2022. It was followed by Asia Pacific, Western Europe and the other regions. Going forward, the fastest growing regions in the market will be the Middle East and the Western Europe.

The aerospace and defense market forecast describes and explains the aerospace and defense market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

View More Similar Market Reports:

Aerospace Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/aerospace-global-market-report

Defense Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/defense-global-market-report

Aerospace Support And Auxiliary Equipment Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/aerospace-support-and-auxiliary-equipment-global-market-report

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