Covina, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Based on recent forecasts, the aerospace and defense industry globally is expected to experience significant growth between 2024 and 2030. Growing defense spending and rising geopolitical tensions have been major factors in the sector's expansion. Furthermore, technological developments like the creation of defense systems and next-generation aircraft are anticipated to further accelerate the industry's growth. Throughout the projection period, the aerospace and defense industries' futures will probably be shaped by the growing emphasis on modernization and the incorporation of artificial intelligence into defense plans.
The following are some of the major markets that have an impact on the industry completely:
Advanced Air Mobility Market size was USD 31.5 billion in 2024 and is projected to grow at a CAGR of 23.3% from 2024 to 2034. As urban areas become more congested, there is an increasing need for alternative transportation methods that can reduce traffic, minimize environmental impact, and enhance connectivity.
Electric Airplane Market size was USD 12.0 billion in 2024 and is anticipated to grow at a compound annual growth rate (CAGR) of 21.1% from 2024 to 2034. The primary factor boosting the target market is the growing emphasis on reducing carbon emissions and achieving sustainability in aviation.
Vertical Take-off and Landing (VTOL) UAV Market size was USD 8.24 billion in 2024 globally and is anticipated to grow at a compound annual growth rate (CAGR) of 17.9% from 2024 to 2034. The primary driver propelling the market for vertical take-off and landing (vtol) unmanned aerial vehicles (UAVs) is the growing need for adaptable and effective UAVs across diverse sectors.
Firefighting Drone Market size was USD 1.5 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 9.8% from 2024 to 2034. Demand in the target market is being driven by the increasing emphasis on enhancing public safety as well as the capacity of drones to access difficult-to-reach places.
Commercial Electric Aircraft Market size was USD 73.99 million in 2024 globally and is anticipated to rise at a compound annual growth rate (CAGR) of 20.5% from 2024 to 2034. The aviation industry's growing focus on cutting carbon emissions and improving environmental sustainability is the primary driver of the commercial electric aircraft market.
Sustainable Aviation Fuel Market size was USD 1.1 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 11.6% from 2024 to 2034. Globally, governments are enforcing more stringent environmental laws and providing incentives to promote the use of SAF.
Aircraft ACMI Leasing Market size was USD 5.8 billion in 2024 globally and is expected to grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2034. The growing trend towards outsourcing operational aspects, combined with the need for fleet flexibility, is driving the expansion of the target market.
Aerospace and Defense Telemetry Market size was USD 9.94 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2034. As military and aerospace operations become more complex and technology-driven, there is a growing need for real-time data monitoring and communication.
Commercial Aircraft Wet Lease ACMI Market size was USD 8.8 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2034. Airlines are increasingly turning to wet lease agreements to manage fleet capacity, reduce operational costs, and address seasonal demand fluctuations without the long-term commitment of purchasing or leasing aircraft outright.
Urban Air Mobility Market size was USD 3.4 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 32.10% from 2024 to 2034. UAM solutions will be adopted in urban settings more quickly if quieter, more effective propulsion technologies are developed to address regulatory and environmental concerns.
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