The aerospace industry has been one of the hardest hit by the pandemic, after witnessing a meteoric fall in turnover and orders in 2020. In 2021, growth of 6-10% over last year is estimated, with a return to pre-pandemic rates expected by 2024.
The new paradigm shift as a result of the COVID-19 pandemic, the green transition to more sustainable mobility and the restructuring of the way we travel are opening up new challenges and opportunities for the aviation industry.
- Decline in commercial aviation: Reduced space availability, low demand and a preference for domestic over international travel has led to a reduction of up to 60% in occupancy. This will mark a slow but gradual recovery, largely conditional on the evolution of the pandemic and global vaccination rates.
- Defence and space, pillars of growth: The defence sector has been one of the sectors that has best withstood the crisis. Political tensions between states are forcing countries to maintain defence spending, so much so that by the end of 2021, a 2.8% increase is expected worldwide.
Like defence, the space sector has managed to maintain a similar pace of activity to the pre-pandemic years. Dependent on investment, they are expected to remain solid and even increase, and could reach a year-on-year growth of 15.7%. Both sectors remain key pillars in the recovery of the aerospace industry and its future evolution.
- Technological developments and innovation: New processes in information management and the use of artificial intelligence have not gone unnoticed by the aerospace industry. Blockchain technology, a data structure grouped in a blockchain, is put at the service of the sector with the intention of achieving cost reduction and greater data accuracy, with the aim of making the supply chain as precise as possible.
AI, as in most industries, also facilitates the management of tasks and the prevention of potential errors, such as the detection of bad parts, wrong parts or even the proper management of a work floor.