Aerospace and Aviation
Flight has been an age-old dream of mankind which was believed to be impossible. This was converted into a reality by the Wright Brothers when they completed the world’s first controlled flight in 1903. Ever since, the human race has developed faster, safer and luxurious aircrafts making it a billion-dollar industry as of date.
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The aviation industry provides 65.5 million jobs worldwide and forms 3.6% of the world’s GDP.
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The aerospace sector is broadly categorised into 3 sections – Military aviation, Civilian aviation and Space aviation.
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The valuation of the international aerospace industry was $342.4 billion in 2019 which has seen a sharp decline to $296.1 billion in 2020 owing to the Covid-19 pandemic.
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It is expected to recover at a CAGR of 6.5% to reach a stabilized valuation of $358.8 billion in 2023.
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Boeing is the largest aircraft manufacturer in the world with reported revenue of $101,000 million as of 2019 followed by Airbus at $75,100 million and Lockheed Martin at $53,800 million.
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