The Gross Value Added (GVA) of the Air and Space Industry in Australia stood at AUD 8.09 billion in 2023. Historical data reflects a general upward trend from 2013, with notable fluctuations. Key year-on-year changes include a significant decline in 2014, a robust recovery in 2016, a slight decrease in 2020, and strong growth in 2022. Over the last two years, the industry experienced an increase of 7.01% in 2022 and 1.59% in 2023. The compound annual growth rate (CAGR) over the last five years has averaged 1.72%.
Future trends suggest steady growth with forecasted values showing consistent annual rises, reaching AUD 8.73 billion by 2028. The 5-year forecast CAGR is estimated at 1.26%, with a 6.45% total growth rate by 2028.
Key trends to watch for include:
- Technological advancements and innovations within the industry.
- Increased investments in space exploration and satellite technologies.
- Global economic conditions affecting air travel and logistics.
- Environmental regulations and the push towards sustainable aviation practices.
