From 2013 to 2023, the UK production of air and spacecraft and related machinery exhibited a notable upward trajectory. The value stood at 30.66 billion pounds sterling in 2023, showing resilience even amidst fluctuations. The annual growth rate reached its peak in 2016 with a 10.16% increase, which then slightly tapered off. Despite minor yearly declines in 2018 and 2019, the sector bounced back, particularly with a robust 7.6% growth in 2022. The 2023 year-on-year growth was 2.13%, while the 5-year CAGR before 2024 averaged at 1.88%.
Future trends to watch for include:
- The forecasted steady growth with a 5-year CAGR of 1.64% through 2028.
- Emergence of technological advancements aiding production efficiency and cost reduction.
- Potential influence of global economic conditions and geopolitical factors on the aerospace industry.
- Increasing focus on sustainability and environmental impact within the air and spacecraft manufacturing processes.