Major companies in the aerospace support and auxiliary equipment market include Lockheed Martin; Northrop Grumman; Raytheon; Reutech Radar Systems and Rockwell Collins. The global aerospace support and auxiliary equipment market is expected to grow from $26.
New York, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aerospace Support and Auxiliary Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027717/?utm_source=GNW
99 billion in 2020 to $28.22 billion in 2021 at a compound annual growth rate (CAGR) of 4.6%. 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 $32.86 billion in 2025 at a CAGR of 4%.
The aerospace support and auxiliary equipment market consists of sales of support and auxiliary equipment by entities (organizations, sole traders or partnerships) that produce support and auxiliary equipment including commercial radars, air traffic control towers, satellites and other auxiliary equipment. The market includes maintenance services provided by aerospace support and auxiliary equipment manufacturers during the equipment’s warranty period.
Asia Pacific was the largest region in the global aerospace support and auxiliary equipment market, accounting for 37% of the market in 2020.North America was the second largest region accounting for 23% of the global aerospace support and auxiliary equipment market.
Africa was the smallest region in the global aerospace support and auxiliary equipment market.
Multi-Function Radio Frequency System (MFRFS) is increasingly being used for operational radar frequency ranges towards applications for broadband.The MFRFS is an electronically scanned radar system that can detect and track threats at a wider range.
The wider frequency range enhances the survivability for combat missions in case of no visibility in both horizontal and vertical direction (zero-zero visibility condition).It also provides additional electronic warfare functionalities and gives the pilots the ability to land safely in adverse conditions.
Raytheon and NCS are manufacturing radars with MFRFS technology.
Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) is expected to drive innovation in defense market, thus driving the market during the forecast period.Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used during the manufacturing process, resulting in higher productivity, lower operating costs and higher margins.
Lower operating costs lead to higher margins, this allows companies to expand production and increase product portfolio, thus driving the growth of the aerospace support and auxiliary equipment market.
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