Civil Aerospace Leading Global Aerospace Market
The global aerospace industry has seen healthy growth over the last few years and most of this growth has occurred within the Civil Aerospace industry.
Europe and the US have represented the dominant markets and are encouraging industry growth across the globe.
Despite tough economic times the aerospace industry has seen a steady upward growth, with the USA taking the largest share of the market. The US is closely followed by the EU, Canada and Japan.
Developing countries are expected to have major growth over the next few years, with nations such as China, India, Mexico and Brazil expected to emerge as profitable market places for aerospace products. The Asia Pacific region has the largest growth in new orders.
The aerospace industry is fast becoming the most powerful industry within India. As the middle and upper classes become better off they are travelling by plane a great deal more. The passenger plane market is expected to grow by up to 13% over the next three years, which could make India’s aerospace industry the fastest growing in the world.
Over the past few years the defence industry has dominated the global aerospace markets as nations face the threat of terrorism and seek more ways to defend and protect themselves. However in recent months the civil aerospace industry has begun to take over and grow strong again, suggesting a lull in the current need to protect against terrorism and political unrest.
Major aerospace powers like the US are now developing manned space flights, a new element to the aerospace industry which could be worth billions of dollars and will require high quality parts such as springs.
April 26, 2011
