The global AI in aerospace and defense market size accounted for USD 25.43 billion in 2024 and is expected to exceed USD 65.43 billion by 2034, growing at a CAGR of 9.91% from 2024 to 2034. The AI in aerospace and defense market is growing due to its utilisation to accelerate speed in terms of concept and detailed design phases and enhances the surveillance, security and training in defense sector.
The global racing drones market size is accounted for USD 493.59 million in 2024 and is projected to reach around USD 2652.04 million by 2034, growing at a CAGR of 18.31% from 2024 to 2034. The increase in drone technology is the key factor driving the market growth. Also, the rising accessibility of FPV racing along with the growing utilization of drones in sports is expected to fuel the market growth further.
The global inboard engines market size is projected to be worth around USD 3.01 billion by 2034 from USD 1.62 billion in 2024, at a CAGR of 6.42% from 2024 to 2034. Increasing demand due to technological developments, increasing environmental regulations, economic growth, and growing recreational boating are the key drivers of the inboard engines market.
The global automatic weapons market size is expected to be worth around USD 18.69 billion by 2034 from USD 9.32 billion in 2024, at a CAGR of 7.21% from 2024 to 2034. The North America automatic weapons market size reached USD 3.39 billion in 2023. The growing concerns over security threats are the key factor driving the automatic weapons market growth.
The global ultralight aircraft market size is projected to be worth around USD 25.57 billion by 2034 from USD 10.21 billion in 2024, at a CAGR of 9.62% from 2024 to 2034. The North America ultralight aircraft market size reached USD 3.44 billion in 2023. The growing demand for recreational aviation along with liberal regulatory control and rules around ultralight aircraft has led to growth in the ultralight aircraft market.
The global aerospace nanotechnology market size was USD 5.30 billion in 2023, calculated at USD 5.51 billion in 2024 and is expected to reach around USD 8.10 billion by 2034, expanding at a CAGR of 3.93% from 2024 to 2034. The North America aerospace nanotechnology market size reached USD 2.49 billion in 2023. Advances in nanotechnology and the growing demand for lightweight and fuel-efficient aircraft in the commercial and space sectors are driving growth in the aerospace nanotechnology market.
The global aerospace insulation market size was USD 10.86 billion in 2023, calculated at USD 11.32 billion in 2024 and is expected to reach around USD 16.43 billion by 2033, expanding at a CAGR of 4.23% from 2024 to 2033. A rise in the fleet replacement rate, which replaces older aircraft with newer innovative models, is estimated to drive the growth of the global aerospace insulation market over the forecast period.
The global aerospace composite market size was valued at USD 33.46 billion in 2023 and is anticipated to reach around USD 99.54 billion by 2033, growing at a CAGR of 11.52% from 2024 to 2033.
The global aerospace coating market size was valued at USD 2.20 billion in 2023 and is anticipated to reach around USD 4.31 billion by 2033, growing at a CAGR of 6.94% from 2024 to 2033. Airline mergers are of significant interest to aerospace coatings manufacturers, which is expected to fuel the market's growth during the forecast period.
The global connected aircraft market size is estimated at USD 5.71 billion in 2024 and is anticipated to reach around USD 50.59 billion by 2034, growing at a CAGR of 24.4% from 2024 to 2034. The increase in demand for advanced technologies, including fast wi-fi connectivity and the integration of IoT in connected aircraft, increases the growth of the connected aircraft market.
The global inertial measurement unit market size was USD 23.70 billion in 2023, accounted for USD 25.48 billion in 2024, and is expected to reach around USD 52.51 billion by 2034, expanding at a CAGR of 7.5% from 2024 to 2034. The North America inertial measurement unit market size reached USD 9.48 billion in 2023. The market is expanding due to the quick modernization of military hardware and defense systems.
The global airport 4.0 market size is expected to rise with an impressive CAGR and generate the highest revenue by 2033. With the integration of IoT, AI, and big data analytics, airports are transforming into intelligent hubs with a rising inclination for passenger safety, and frictionless air traveling is a major key factor in driving the airport 4.0 market globally.
The global aircraft health monitoring system market size was USD 5.40 billion in 2023, calculated at USD 5.76 billion in 2024 and is expected to reach around USD 10.92 billion by 2034, expanding at a CAGR of 6.6% from 2024 to 2034. The aircraft health monitoring system market size reached USD 1.84 billion in 2023. The rise in demand for real-time problem management, custom alerting & analysis solutions, and the rise in demand for performance monitoring drive the growth of the aircraft health monitoring system market.
The global air traffic control (ATC) equipment market size was valued at USD 10.04 billion in 2023 and is anticipated to reach around USD 22.41 billion by 2033, growing at a CAGR of 8.36% from 2024 to 2033.
The global aerospace parts manufacturing market size surpassed USD 1.36 billion in 2023 and is projected to hit around USD 2.07 billion by 2033, growing at a CAGR of 4.29% from 2024 to 2033.
The global eCTOL aircraft market size accounted for USD 2.61 billion in 2024 and is expected to be worth around USD 127.26 billion by 2034, at a CAGR of 47.5% from 2024 to 2034. The North America eCTOL aircraft market size reached USD 740 million in 2023.
The global aircraft maintenance market size was USD 83.34 billion in 2023, accounted for USD 87.67 billion in 2024, and is expected to reach around USD 138.36 billion by 2033, expanding at a CAGR of 5.2% from 2024 to 2033.
The global aircraft fuel systems market size is expected to be valued at USD 10.03 billion in 2024 and is anticipated to reach around USD 19.36 billion by 2034, expanding at a CAGR of 6.8% over the forecast period from 2024 to 2034.
The global military sensors market size accounted for USD 10.36 billion in 2024 and is anticipated to reach around USD 19.27 billion by 2034, expanding at a CAGR of 6.40% between 2024 and 2034.
The global aircraft gearbox market size is estimated at USD 3.62 billion in 2024 and is anticipated to reach around USD 6.87 billion by 2034, growing at a healthy CAGR of 6.60% between 2024 and 2034.
The global aerospace market size is expected to be valued at USD 373.61 billion in 2024 and is anticipated to reach around USD 791.78 billion by 2034, expanding at a CAGR of 7.8% over the forecast period 2024 to 2034.
The global aerospace electronics market size accounted for USD 119.44 billion in 2024 and is anticipated to reach around USD 224.20 billion by 2034, expanding at a CAGR of 6.50% between 2024 and 2034.
The global ground support equipment market size was estimated at USD 7.66 billion in 2023 and is expected to reach around USD 11.34 billion by 2033, poised to grow at a CAGR of 4.05% during the forecast period from 2024 to 2033.
The global aircraft market size was estimated at USD 426.42 billion in 2024 and is projected to hit around USD 601.51 billion by 2034, growing at a CAGR of 3.50% during the forecast period 2024 to 2034.
