7 Things You Need to Know About the Aerospace Industry

Since the 1950s, aerospace has seen significant developments in both technology and business. A variety of tendencies have emerged to assist in creating and sustaining an expanding aerospace sector, including space exploration, increased international travel and trade, and global expansion of businesses.

This article will cover 7 things you need to know about the aerospace industry.

1. The aerospace industry is a huge sector of the economy

Because of the vastness of the aerospace industry now, employment is not limited to those who work directly on aircraft. In fact, nearly 10% of American workers are employed within this sector – which means that the aerospace industry employs more people than retail and construction jobs combined! This makes it an important economic force in both Washington and across the country.

The industry also accounts for significant amounts of the economy. According to a study by the Aerospace Industries Association, aerospace manufacturing “generated an economic impact of more than $219 billion in 2016, representing 1.8 percent of total U.S. Gross Domestic Product (GDP).

2. Many Sectors

Aerospace companies are involved in designing and manufacturing aircrafts, spacecrafts, missiles, and other military equipment.

According to the 2017 U.S. Aerospace & Defense Industry Employment Report, a large proportion of aerospace employees work in aviation activities, which include manufacturing and maintaining commercial and military aircrafts.

Another important sector within the industry is space-related technologies, which design and manufacture satellites for scientific research, weather forecasting, telecommunications, and national defense purposes.

3. Resources

The U.S. aerospace industry commands more than half of the worldwide market share, which is worth over $146 billion per year.

Although most countries have at least one aeronautics company, only a handful are considered global leaders in research and manufacturing. This includes Boeing, Airbus Group, SpaceX, Lockheed Martin Corporation, United Technologies Corporation, and Northrop Grumman.

4. Secure, with Good Money

Aerospace engineers can make an average salary of $85k per year, with the top 10% typically earning over $120k per year. With an ever-expanding industry, this field is expected to grow by as much as 17% over the next decade.

Aerospace engineering has a number of benefits that other engineering fields simply can’t compete with. For one thing, it offers a high degree of job security and several branches that relate to different fields of work.

For example, commercial aviation engineers develop and test aircraft to ensure they are safe for takeoff and landing. Meanwhile, military aerospace engineers look to improve the speed, range, maneuverability, reliability, or weapons capabilities of aircraft used by armed forces.

5. The top employers in the aerospace industry

Lockheed Martin Corporation, Boeing Company, Northrop Grumman Corporation, and General Dynamics Corporation are the top four employers in the aerospace industry. The contracts these companies hold with NASA alone are enough to keep them afloat. Working for any of these companies ensures you won’t be unemployed any time soon!

6. Aerospace engineers are in demand

Currently, aerospace engineers can take their pick of job opportunities and employers. Because the world relies on air transportation and armed forces for defense and security, the need for qualified aerospace engineers is present almost everywhere. This demand won’t be going anywhere in the foreseeable future, as the world becomes more reliant on technological advances in the industry.

7. The aerospace industry is worth $622 billion

$622 billion is spent on projects like the SLS, Falcon 9 rockets, and space tourism initiatives by companies in the United States alone. That does not include government spending on defense, which would add another $100 billion in spending in the US alone. The future looks bright for the aerospace industry in terms of growth and opportunity in a market that continues to grow by leaps and bounds every year.

The Bottom Line

The aerospace industry is complex and requires a unique set of skills to participate in any facet within the supply chain. There are millions of products that can be manufactured with aerospace tooling, including medical devices, satellites, firearms, airplanes, spacecraft, engines for cars and boats, missiles, and even prosthetics. If you want to work for a top aeronautics company, you should have an understanding of your own skills and interests to determine what position would be the best fit.

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