The Aerospace Insurance Market is being driven by Expansion and construction of new airports
The Aerospace Insurance Market is expected to grow at a CAGR of 5.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1056.1 million. The commercial aviation industry faces numerous challenges, including prolonged security checks, frequent flight cancellations, and extended delays. These issues, compounded by the FAA's safety concerns surrounding new aircraft like the Boeing 787 Dreamliner, have led to passenger dissatisfaction and a shift towards non-airline aviation services. Corporate travelers increasingly opt for charter flights, which are often insured, thereby driving growth in the aerospace insurance market. Post-9/11, this trend has gained momentum, with business travelers seeking more reliable and secure alternatives to commercial airlines.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
230 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.4% |
Market growth 2025-2029 |
USD 1056.1 million |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
5.1 |
Key countries |
US, Canada, UK, Germany, China, Saudi Arabia, France, Japan, South Korea, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Aerospace Insurance Market encompasses various types of coverage, including Aerospace Liability and Aviation Liability Insurance for accidents causing harm to third parties. Hull Insurance and Aircraft Insurance protect against property damage to aircraft, while Space Insurance and Satellite Insurance secure assets in space. Private Aviation Insurance covers individual aviation risks, and War Risk Insurance addresses potential conflicts. Passenger Liability Insurance, Airport Liability Insurance, Hangar Keeper's Insurance, and Ground Risk Insurance offer protection against various risks. In-Flight Insurance, Spacecraft Insurance, Launch Insurance, Pre-launch Insurance, and Post-launch Insurance cater to specific aerospace needs. Aviation Underwriters and Aerospace Risk Management firms oversee these policies, addressing concerns such as Aircraft Hull Loss, Ground Damage Coverage, and Public Liability. Premium levels vary for Airline Operators, Charter Flights, Business Jets, and Non-airline Services. Aircraft Manufacturers and Leasing Companies also require coverage for Property Damage and Personal Injury. Safety concerns and Airport Expansion projects further influence the market.
The aerospace and defense industry comprises companies and products involved in the manufacturing and provision of commercial and general aviation aircraft, defense platforms for naval, land, and air applications, arms and ammunition, defense electronics, logistics equipment, and space platforms, equipment, and launch vehicles. Additionally, maintenance, repair, and overhaul (MRO) services for both commercial and defense sectors are included in this market. According to Technavio, the global capital goods market size is determined by the consolidated revenue generated by industry participants in sectors such as aerospace and defense, building and construction, electrical equipment, industrial conglomerates, machinery, trading companies, and distributors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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