We have released comprehensive research on the aerospace manufacturing industry, revealing its resilience during the COVID-19 pandemic and the potential to surpass pre-pandemic levels. Backed by extensive research and data from oue software Observatory, Cambashi’s research emphasizes the industry’s recovery and future growth prospects.
According to global commercial aerospace OEMs, global passenger traffic is expected to return to 2019 levels by the end of 2023, or early 2024. This recovery could lead to production ramp-ups, addressing backlogs and driving industry revenue in 2023.
“While the civil aviation sector is still in the process of recovering, the defense sector remained stable in 2022 and is predicted to outperform commercial aerospace. Increased defense budgets globally, prompted by geopolitical tensions like the war in Ukraine, have fueled the demand for military equipment,” said Joe Brooker, Cambashi..
The aerospace industry’s overall value rebounded to $US700 billion in 2022, surpassing pre-pandemic levels for the first time. However, ongoing supply chain issues and high inflation pose significant challenges, impacting production and air travel demand.
“Despite these challenges, the industry is expected to grow steadily in 2023, driven by increasing passenger traffic and defense spending, added Joe Brooker. “Software plays a vital role in aerospace manufacturing, with the US dominating the market for “technical” software such as PLM, MCAD, MCAE, and CAM.”
China experienced notable growth in software spend in 2022, driven by PLM and CAE software. Simulation, including CAE tools like FEA, CFD, and MBD, has been pivotal in optimizing designs, improving efficiency, and enhancing safety. The evolution of digital twins has further revolutionized aerospace operations, enabling virtual exploration and sustainability initiatives.
To navigate the industry’s challenges and capitalize on opportunities, industry professionals can access Cambashi’s Aerospace Insights. This real-time intelligence offers the latest trends, challenges, key players’ insights and in-depth knowledge across various aerospace subjects.
For more information on Cambashi’s Aerospace Insights, please visit: https://cambashi.com/aerospace-industry-intelligence-and-market-research/
|Barry Monk, Next Communications Barry.Monk@cambashi.com +44 (0) 7811 336 943||Anastasia Prokhorova, Cambashi Anastasia.Prokhorova@cambashi.com|
Cambashi is a global market research, industry analysis, consulting and training company, focused on engineering and industrial software markets (IoT, BIM, PLM, CAD/CAM/CAE). For over 35 years the company has provided in-depth market intelligence and analysis, based on comprehensive, multi-perspective datasets. The Cambashi Observatories help organizations establish market potential for the various engineering software segments in defined industry sectors and territories.