The global aerospace market is expected to grow from $298.01 billion in 2020 to $327.96 billion in 2021, according to a newly released report.
The report called “Aerospace Global Market Report 2021: COVID 19 Impact and Recovery to 2030,” suggests the market is expected to reach $430.87 billion in 2025 at a compound annual growth rate of 7 percent.
The growth is a result of companies rearranging operations and recovering from the COVID-19 impact. The onset of the virus led to containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges, the report conveys.
North America accounted for half of the global market in 2020, followed by Asia Pacific which accounted for 22 percent.
Other factoids in the report: Artificial intelligence has been playing an increasingly important role in safety and manufacturing and helicopter manufacturing companies are using more carbon fiber reinforced plastics coposite material.
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