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Commercial Aircraft Global Market Report 2021: COVID 19 Impact and Recovery to 2030

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New York, Feb. 04, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Commercial Aircraft Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06018879/?utm_source=GNW
84 billion in 2020 to $231.68 billion in 2021 at a compound annual growth rate (CAGR) of 11.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $310.41 billion in 2025 at a CAGR of 8%.

The commercial aircraft market consists of sales of commercial aircraft including helicopters, gliders and drones, aircraft parts by entities (organizations, sole traders and partnerships) that produce civilian and commercial aircraft including helicopters, gliders and drones, aircraft parts such as aircraft turbines, aircraft engines and rocket engines for commercial purposes. The market includes MRO (Maintenance Repair and Overhaul) services provided by manufacturers during the aircraft’s warranty period. The commercial aircraft market is segmented into passenger aircrafts; commercial helicopters; aircraft turbines; aircraft engines and rocket engines.

North America was the largest region in the global commercial aircraft market, accounting for 61% of the market in 2020. Asia Pacific was the second largest region accounting for 15% of the global commercial aircraft market. Eastern Europe was the smallest region in the global commercial aircraft market.

Aircraft manufacturers are using machine-learning techniques such as artificial intelligence (AI) to improve aircraft safety and quality, and to improve manufacturing productivity. Machine learning algorithms collect data from machine-to-machine and machine-to-human interfaces and use data analytics to drive effective decision making. These technologies optimize manufacturing operations and lower costs. For example, GE Aviation uses machine learning and data analytics to identify faults in engines, which increases components’ lives and reduces maintenance costs. Boeing has successfully built machine-learning algorithms to design aircraft and automate factory operations.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the commercial aircraft manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing was affected due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Defense equipment manufacturers depend on supply of raw materials and parts from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of parts and raw materials. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the commercial aircraft manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Aircraft manufacturers are using machine-learning techniques such as artificial intelligence (AI) to improve aircraft safety and quality, and to improve manufacturing productivity. Machine learning algorithms collect data from machine-to-machine and machine-to-human interfaces and use data analytics to drive effective decision making. These technologies optimize manufacturing operations and lower costs. For example, GE Aviation uses machine learning and data analytics to identify faults in engines, which increases components’ lives and reduces maintenance costs. Boeing has successfully built machine-learning algorithms to design aircraft and automate factory operations.

Read the full report: https://www.reportlinker.com/p06018879/?utm_source=GNW

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