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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