Market Research Report
Aerospace Engineering Services Outsourcing Market Size, Share & Trends Analysis Report By Service (Design & Engineering, Manufacturing Support, Security & Certification, After-market Services), By Location, Component, & Segment Forecasts, 2019-2025
|Published by||Grand View Research, Inc.||Product code||913847|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Aerospace Engineering Services Outsourcing Market Size, Share & Trends Analysis Report By Service (Design & Engineering, Manufacturing Support, Security & Certification, After-market Services), By Location, Component, & Segment Forecasts, 2019-2025|
|Published: August 26, 2019||Content info: 110 Pages||
The global aerospace engineering services outsourcing market size is anticipated to reach USD 188.24 billion by 2025, registering a CAGR of 25.9% over the forecast period, according to a new report by Grand View Research, Inc. The increased demand for the replacement of aging and outdated aircraft and the intensifying need to reduce operational costs are expected to drive the increased global demand for aerospace engineering services outsourcing (ESO) over the forecast period. Owing to the increasing engineering and technological complexities in the industry, Original Equipment Manufacturers (OEMs) are facing the growing need to outsource some of their services to specialized aerospace Engineering Service Providers (ESPs). Outsourcing a variety of engineering services can help manufacturers reduce their operating expenses and simultaneously harness the domain-specific skills of these ESPs.
Factors such as a flourishing middle-class population, increasing per capita incomes, and positive GDP outlook in emerging economies of Asia Pacific, particularly India and China, are generating more demand for air mobility. Countries in the region are investing in aircraft manufacturing and aftermarket maintenance, repair and overhaul (MRO) services to address this increasing demand for civil aviation. Owing to this, the region is anticipated to witness a substantial increase in fleet and MRO spending, thereby driving the market.
The growing deployment of connected devices in aircraft has introduced the risk of intellectual property theft and cybersecurity concerns. OEMs, worldwide, are taking measures for data security and are expected to continue emphasizing on safeguarding crucial business information. Managing the innate vulnerabilities, which are a by-product of growing digitization, is also of utmost importance from the point-of-view of aerospace OEMs. As a result of this, security & certification services offered by ESPs are anticipated to witness significant traction over the forecast period.
Leading vendors in the aerospace engineering services outsourcing market are: increasing usage of composite materials for manufacturing aerostructures and components due to their robustness and better stiffness-to-density ratios, in addition to further focus on the optimization of turboprops.