Aerospace Definition
Many of the developed and developing economies of the world have turned their focus into aerospace industry as huge investment, research and development opportunities could contribute for overall development of the respective countries. The aerospace industries around the globe primarily intended to build air buses, air craft, guided missiles, space vehicles, aircraft engines, propulsion units and many others.
Many industrialized, developing countries run their aerospace industries through public- private partnerships. There are also government owned space agencies including NASA of US, Indian Space Research Organisation, Japanese Aeronautics Exploration Agency, RKA in Russia and others which aimed to build space vehicles, space engine parts, satellites, satellite spare parts and many more.
Private companies which involved in the aerospace industry are also produce spaceships, satellites, machines and others used in the space. The multinational companies which engaged in aerospace programmes include Boeing, Airbus, SpaceX and others.
As of now, aerospace industry in developed countries is witnessing a rapid growth. For example, United Kingdom’s aerospace sector recorded a turnover of £31 billion in 2016 with a workforce of 95,000 people. UK exports nearly 90% its aerospace products to foreign countries.
According to the data released by PwC Analysis recently, the top 100 aerospace and defense companies around the globe recorded $709 billion as revenue, with a profit of $69 billion in the finical year which ended on April 2017. An increase from $689 billion in revenue and $64 billion in profit noted when the revenue and profits figures compared with 2015. However, the revenue and profit figures recorded are below the record levels set in 2014 due to strong US dollar. The industry has been witnessing a healthy metrics for this year also.
Both commercial aerospace and the defense sectors are very likely to witness an improvement for the remaining portion of 2017 with an expectation for higher revenue and profit, the PwC analysis said. The performance of the top 100 aerospace and defense companies is a barometer for the health of the aerospace industry. The performance highlights are the result of years of efforts which helped to record such high revenue.
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