Regulatory Scrutiny and Commercial Necessity Fuels Growth in Aerospace Manufacturers' Digitalization Spend; Reaching US$54 Billion in 2034
2024 has witnessed several incidents highlighting that digital technologies can underpin certifications and compliance processes across the industry's value chain
NEW YORK, March 26, 2024 /PRNewswire/ -- The dramatic images of a hole appearing in a Boeing aircraft operated by Alaskan Airlines put a sharp focus on the need to follow aircraft assembly, testing, and maintenance procedures rigorously. Global technology intelligence firm ABI Research forecasts that aerospace manufacturers will spend US$53.8 billion on digital technologies in 2034, up from US$30 billion in 2022.
"Aerospace firms are under pressure from airlines positive about the demand for air travel and are looking to refresh their aircraft roster. Both Boeing and Airbus have a growing order book but cannot take regulation shortcuts to fulfill them," says Michael Larner, Industrial and Manufacturing Research Director at ABI Research.
Technology suppliers such as AEGIS Software , Dassault Systèmes, Hexagon, and Siemens can help firms across the entire value chain to optimize processes while remaining compliant. According to Larner, "Manufacturers will need to become more data-savvy by using data analytics for early warning signs of problems in the supply chain or with a part of the aircraft."
Traceability is a key issue for aerospace manufacturers. "It is not just individual components that need certification; individual tools used to perform tasks must be certified, too. Suppliers focusing on asset tracking working with connectivity suppliers have opportunities to support aerospace manufacturers' efforts to ensure tools are not lost, which causes production delays," Larner explains.
Aerospace manufacturers will invest in digital threads across their operations and supply chains. "And it's not just aircraft manufacturers that are finding it challenging to meet increased demand; it's the same for manufacturers in the defense industry (military aircraft, missiles, drones) and those involved in producing satellites," Larner adds.
These findings are from ABI Research's Digitalization and the Aerospace Industry report. This report is part of the company's Industrial and Manufacturing Markets research service, which includes research, data, and ABI Insights. Based on extensive primary interviews, Application Analysis reports present an in-depth analysis of key market trends and factors for a specific application, which could focus on an individual market or geography.
About ABI Research
ABI Research is a global technology intelligence firm delivering actionable research and strategic guidance to technology leaders, innovators, and decision makers around the world. Our research focuses on the transformative technologies that are dramatically reshaping industries, economies, and workforces today.
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SOURCE ABI Research
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