Our Aerospace & Defense Industry Report provides an overview of key trends and developments affecting the industry. This quarterly update covers market performance, economic indicators, and emerging opportunities.
Below are the highlights from the full report. Click the link to download the complete analysis.
Market Dynamics & Outlook
The aerospace & defense sector experienced robust revenue growth in Q3 2024, driven by increased government spending, AI defense implementation, and increased global travel.
Global market size of the aerospace & defense industry is estimated to grow to $1.5T in the next decade from $1T just last year.
The defense sector is experiencing significant expansion, propelled by a notable rise in government expenditures globally linked to the conflicts in Ukraine and the Middle East.
The rising defense demand due to global tensions translates to a record backlog in defense orders of $747 billion, up 11% for the year.
The demand for commercial aircraft travel has surged, reaching 94% of pre-pandemic levels in 2024, and up nearly 10% year-over-year when compared to 2023.
Increased aviation demand translates to record industry revenue of $829 billion in 2023 and marks significant recovery from the Covid-19 pandemic.
The space sector is also experiencing surging demand due to an increase in small satellite networks. The expected annual value of the space sector is expected to triple over the next decade as the world embraces a space-based economy.
