In recent years, the aviation industry has become more competitive due to the increased number of travelers across the globe for various reasons including business and travel. Consequently, the number of aerospace companies have also increased to meet the growing demand for air travel. Aerospace companies design, build, test, sell, and maintain aircraft, spacecraft, rockets, missiles, and their spare parts. The global aerospace industry is valued at US $838 billion (2017) while aircraft production was worth over US $180 billion in 2015. Here are the world’s largest aerospace companies.
Largest Companies by Revenue
Boeing is not only the most popular aerospace company in the world but also the largest by revenue at US$93.4 billion in 2017. The company has managed to cut a niche for itself and is credited with many products in the market. Boeing is known for its airplanes, missile defense system, satellites, rotorcrafts, and telecommunication equipment. It also provides airplane financing and product support services.
Airbus has a vast interest and investment in the commercial and military aerospace market. It is today the second-largest aerospace company in the world by revenue, recording US$72.3 billion in 2017. Airbus is the largest supplier of aircraft in the European Union and Boeing’s greatest rival. The company is the second-largest producer of large commercial aircraft with over 100 passengers. Apart from commercial planes, its other products include civilian and military helicopters, defense electronics, missile systems, and unmanned aerial systems.
Lockheed Martin is one of the global leaders in military aerospace contract and also claims a large share of the civilian market. The American-based company operates in four business segments; missile and fire control, aeronautics, space system, and rotary and mission systems. Lockheed is synonymous with UAVs and combat aircraft with the US’ Department of Defense at its major customers. Of the US$51 billion generated in 2017, over 70% came from military sales. Apart from aerospace, the company has also invested in the renewable energy system and healthcare systems.
The United Technologies has an interest in numerous areas including aerospace systems, aircraft engines, escalators, and elevators among others. Thanks to technology, the company pride in making the aerospace industry safe. UTC has several business units including Pratt & Whitney which develops technologies and services for aerospace. The company is a large military contractor and generates about 10% of its revenue from the Government of the US. In 2017, UTC generated a revenue of about US$30.9 billion.
GE Aviation is a subsidiary of General Electric. It specializes in the supply of aircraft engines, and also offers engines for most of the commercial airplanes. With a revenue of US$27.4 billion, the company was ranked the 5th largest aerospace company in the world. Its main competitors in the engine market are the United Technologies and Rolls-Royce.
The Country with the Highest Number of Aerospace Companies
The aerospace industry is economically and politically prestigious industry for any country. The industry is characterized by relatively a small number of large firms and several international partnerships. Of about 50 countries with at least one aerospace company, the US has the largest number. Six of the 11 largest aerospace companies in the world are based in the US, including Boeing, Raytheon, UTC, Lockheed Martins, and GE Aviation. These American firms are also the major suppliers of civil and military aerospace hardware.