The global aerospace and defense industry is expected to reach $399 billion by the year 2015, according to a new report by Global Industry Analysts Inc. Key factors figured to drive industry growth include expansion in commercial airline operations, post-recession improvement in international air traffic, and continued steady injection of funds into the military/defense sector.
According to the report, the U.S. continues to remain the largest regional market worldwide. The Asia Pacific region is the fastest growing, displaying a compound annual growth rate (CAGR) of more than 3.0% over the analysis period. Growth in this region will be primarily driven by burgeoning demand for commercial aircrafts in the region, encouraged by the robust growth in air traffic, particularly in developing countries such as China and India.
The aircraft products and services market represents the largest segment within the aerospace and defense industry, while the modeling, simulation and training sector represents the fastest growing segment, displaying a CAGR of about 3.7% over the analysis period. Growth in this segment will be primarily driven by shortages of trained pilots in developing countries, such as China, India and other Asian countries. With a large number of new aircraft deliveries being made to developing countries, the need for experienced and skilled pilots in these markets will remain acute.
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