Table Of Contents
Lalit Janardhan Katare
Pooja Parvatkar
Aerospace and Defense: Allied Market Research’s Top 5 Emerging Markets in Q1 2024
Each of the markets mentioned here is studied comprehensively in their respective reports. The reports feature information on the industry size and forecasts, along with the competitive scenario in the industry. As far as the top five emerging in the aerospace and defense sector are concerned, certain common underlying factors have helped them to surge ahead. For instance, most companies in this sector have invested heavily in R&D activities, due to which numerous technological advancements have been introduced in the industry. Furthermore, a general rise in the number of air travelers in the post-pandemic period is expected to help aerospace companies grow. The rising geopolitical tensions are also expected to play a part in the industry's growth. Apart from these factors, each market has its distinctive features which have aided in their expansion.
Drone Flight Controller System
The global drone flight controller system market accounted for $6.6 billion in 2022 and is anticipated to garner a revenue of $13.8 billion by 2032, thus growing at a CAGR of 8% in the 2023-2032 period. In the past few years, on account of the growing shift of various industries towards automation, the demand for unmanned aerial vehicles (UAVs) has increased substantially. UAVs are now widely used in different sectors including construction, agriculture, and logistics. This rise in demand for drones is expected to help the industry continue its growth trajectory in the future. The report studies the market across various segments including application, end-use, range of operation, sales channel, and region.
The AMR report on this market covers the performance of the industry in all the major regions across the globe. To understand the different forces and stakeholders in detail, each region is thoroughly studied with a focus on various socio-economic and technological factors. In 2022, the North American region held the highest market share in this industry. The increasing use of drones for commercial uses such as mapping, surveillance, delivery, etc., is expected to help in the growth of this industry in this region.
Thus, the industry has become important for the aerospace and defense sector owing to the widespread use of unmanned aerial vehicles for different applications. The AMR report highlights the key issues faced by the various stakeholders in the industry and highlights the market dynamics and regulatory framework in various countries regarding the use of UAVs. These details help businesses in this industry to make informed decisions and expand the scope of their operations in the future.
Hypersonic Missile
The global hypersonic missile market, as per the AMR report, is anticipated to witness tremendous growth in the 2023-2032 timeframe. Technological advancements in missile technology are expected to be the primary growth driver of the industry in the forecast period. Moreover, various governments across the globe have started investing in hypersonic missile technologies which are projected to have a positive impact on the growth of this domain.
The Airforce segment of the hypersonic missile industry is anticipated to witness the highest growth in the 2023-2032 period. The growing budgetary spending by various countries on aerospace and missile technologies is predicted to push the segment’s growth. Furthermore, increasing participation of defense contractors, military organizations, and policymakers in predicting threats to national security is estimated to help the market surge ahead.
Apart from this, the growing number of terrorist attacks and radicalization across the globe is the main reason why the growth of this industry has become significant from the point-of-view of the aerospace and defense sector. The AMR report highlights these aspects of the domain, along with offering in-depth information on the market sizing and competitive scenario of the industry. The report also makes strategy recommendations to help businesses take the lead over their peers in the domain.
Aerospace Cyber Security
The global aerospace cyber security industry was valued at $26.3 billion in 2022 and is anticipated to gather a revenue of $58.9 billion by 2032, thereby registering a CAGR of 8.4% in the 2023-2032 period. As per the AMR report, the growth of this industry can be attributed to the increasing digitization and connectivity of aircraft systems. Moreover, the increasing adoption of digital technologies and innovations such as IoT is projected to improve the growth rate of this domain.
The AMR report on the aerospace cybersecurity market highlights that based on the component segment of the industry, the solutions segment is anticipated to be the most profitable. The growing adoption of aircraft cybersecurity solutions to protect the aircraft from threats that could compromise flight safety is predicted to offer numerous opportunities for growth for the segment. Furthermore, the increasing focus on data integrity and passenger privacy will also help the market flourish in the coming period.
According to research analysts at AMR, the aerospace cybersecurity industry holds a special place in the aerospace and defense sector on account of the rising number of cyberattacks across the globe. The AMR report, along with the insights into the various segments of the industry, also emphasizes the strategies adopted by leading companies of this industry including Northrop Grumman Corporation, Raytheon Technologies Corporation, Astronautics Corporation of America, Lockheed Martin Corporation, etc. These strategies aid businesses in gaining a perspective as to how major players in the domain overcome the challenges faced by them.
Aerostructures
The global aerostructures market is predicted to experience huge growth in the 2023-2032 period owing to the rising demand for lightweight and high-strength materials for aircraft manufacturing. Moreover, the rising demand for fuel-efficient aircraft and the technological advancements in manufacturing processes are anticipated to open up new avenues of growth in the domain.
The commercial segment of the aerostructures industry is predicted to be the most lucrative in the domain for the 2023-2032 period. The massive rise in the number of people opting for air travel has widened the scope of the aircraft manufacturing industry. This, in turn, is predicted to help the aerostructures market to grow in the forecast period.
The expansion of the aerostructures industry is critical for the aerospace and defense sector as the rise of this market signifies the increasing demand for maintenance, repair, and overhaul (MRO) services for old airplanes. The AMR report throws more light on this issue and highlights customer preferences and regulatory changes in the domain. Furthermore, the report also underscores the upcoming trends in the industry which companies need to take note of to stay competitive in the market.
Airport Kiosk
The global airport kiosk industry is predicted to rise at a CAGR of 9.4% in the 2023-2032 period. The market was valued at $2.2 billion in 2022 and is set to amass a revenue of $5.1 billion by 2032. There are multiple factors behind the growth of this industry. Firstly, airport management companies are increasingly focusing on improving passenger experience, which is expected to improve the prospects of this industry. Furthermore, an overall increase in air travel and the rising need for self-service options are also predicted to play a role in the growth of this industry.
The AMR report classifies the airport kiosk market into various segments based on the lines of component, application, and airport size. Based on airport size, the large airport sub-segment is anticipated to be the most dominant owing to major expansion of airport infrastructure in developed and developing countries of North America and Asia-Pacific region.
The study of this industry is important for understanding the aerospace and defense sector as the growth of this domain signals the increasing streamlining of airport operations, growing focus on customer satisfaction, and better management of passenger traffic. AMR, through its report, provides a comprehensive study of emerging trends in passenger preferences, technological advancements in kiosk solutions, and the regulatory landscape of the industry. This helps businesses formulate their plans for expanding their operations in the industry.
A Comprehensive Analysis of the Aerospace and Defense Sector
The main objective behind releasing this list of the top five emerging markets in the aerospace and defense sector is to help businesses understand the true nature of the sector and the future course it is likely to take. Thus, this list throws light on the best investment opportunities in the sectors and guides companies to make the right calls for enhancing their business operations. For example, the drone flight controller system market is anticipated to surge ahead on account of the growing applicability of drones in various end-use industries. Similarly, the hypersonic missile industry is set to grow owing to the increasing governmental investments in the development of missile technologies. The aerospace cybersecurity market is predicted to experience a massive rise in its revenue due to the increasing threat of cyber-attacks. On the other hand, the growing demand for lightweight, high-strength materials is projected to strengthen the position of the aerostructures domain. Finally, the airport kiosk industry is estimated to grow due to the increasing focus on improving passenger experience. Thus, this list offers retrospective data and a futuristic outlook to businesses which enables them to stay ahead of their competitors in the industry.
In Summary
AMR reports stand out due to their holistic approach to studying every market in the aerospace and defense sector. These reports employ scientific analysis tools such as Porter’s five forces which aid companies in understanding the competitive scenario of the industry. Moreover, these reports also feature interviews with the major stakeholders of the market, thus helping companies gain insights into the different strategies adopted by the industry giants. Also, the latest developments, upcoming trends, and technological advancements in the industry are elaborately discussed in these reports.
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