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Mon, Aug 22, 2011

Study: Civil Aircraft Shipments Anticipated To Register Fair Growth

Numbers Could Add Up To Over $50 Billion by 2015

A new study released by Research and Markets indicates civil aircraft shipments are anticipated to register a fair growth, and account for over $50 billion by 2015. Aerospace manufacturing comprises nearly three per cent of the nation's manufacturing workforce and employs over 500,000 Americans in high skilled and high-wage jobs, hence contributing to the overall economic growth significantly.

The civil aircraft manufacturing industry is considered by many to be the technological backbone of the US manufacturing base. U.S. aircraft manufacturers depend heavily on the international market for their sales.

According to the report, civil aircraft shipments dipped and missed out on accounting for any growth whatsoever in the period that followed the attacks of 9/11 on the US. The aftermath of this was a salient cutback in air travel which eventually led to a steep reduction in civil aircraft shipments, especially commercial ones. It was not until 2005-2007 that the industry managed to recover and get back on track again.

The U.S. civil aircraft manufacturing industry is composed of major firms such as Boeing, United Technologies, Gulfstream Aerospace, and Textron, amongst others.

Established aerospace manufacturing centers are located in the Washington State, California, Texas, Kansas, Connecticut and Arizona. The industry encountered a major slump in market again after the 2008 recession crisis. However, growth was experienced in 2009 and 2010 only because of other sub-divisions such as general aviation aircraft that included business jets and helicopters.

The study concludes that the aerospace industry by its very nature is cyclical - with industry-specific cycles seemingly occurring approximately every 10 years - and being highly susceptible to changing international situations and market forces that are often beyond its control. Commercial aircraft manufacturing sales are directly tied to the health of the airline industry, and a host of factors can influence demand for air travel, including increased economic activity, regional conflicts, terrorism, and disease outbreaks. It also remains influenced by fuel costs, excise duties and changes in prices of raw materials such as aluminum, steel etc.

Environmental concerns too are a matter of constant pressure on the industry. But, no matter how many lows this industry has been through, it always has managed to rescue itself out of it just in time. The report says this steadiness is what makes this industry a tough competitor to its other counterparts across the globe.



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