Why Military Aerospace & Defense Lifecycle Management has been a bustPosted by Mrudula Anil Karmarkar on April 30th, 2021 The global military aerospace and defense lifecycle management market size is anticipated to reach USD 14.2 billion by 2027, registering a CAGR of 8.4% from 2020 to 2027, according to a new report by Grand View Research, Inc. The growing demand for Product Lifecycle Management (PLM) software solutions from the defense equipment manufacturers and suppliers is expected to drive the market growth. PLM software solutions help the defense equipment manufacturers and suppliers in every facet of the process, right from the initial concept to development and testing processes, and efficient manufacturing. Manufacturers of military aerospace and defense (A&D) equipment often have to deal with several complex components. PLM software solutions can potentially enable all these manufacturers with the capabilities that can be implemented with complex systems and facilities and help them in reducing energy consumption. The product lifecycle management software solutions can also aid in carrying out the maintenance processes efficiently and driving down the associated costs. The military aerospace and defense OEMs are gradually realizing the importance of lifecycle management solutions in managing the existing and new programs in the most efficient manner. They are also implementing lifecycle management solutions to create additional business value for the organization by improving the operations throughout the product/ service lifecycle. They are particularly striking long-term agreements with lifecycle management solution providers to implement the solutions and enhance their capabilities. Such solutions may typically be the Internet of Things (IoT)-based solutions, Artificial Intelligence (AI)-based solutions, and other automation solutions designed to manage critical activities. The implementation of these solutions for maintenance and overhaul activities has been rising continuously as these solutions can help in ensuring the management and dissemination while improving the productivity of equipment throughout the entire lifecycle. Warfighting vehicles and weapons have been evolving continuously to feature various features driven by the latest technologies and reliable communication capabilities. Hence, the aerospace and defense industry has also been evolving rapidly with the integration of cutting-edge technologies that can build faster and lighter connected tools. Military Aerospace and Defense OEMs are aggressively adopting product lifecycle management (PLM) solutions as part of a well-established and mature technology strategy they are pursuing in managing the product or service lifecycle, right from the early stages of concept generation to retirement. The OEMs are adopting additive manufacturing to print complicated parts and components that would otherwise require complex machining processes and incur extensive time and cost. Some of the major lifecycle management solution providers are integrating additive engineering and advanced manufacturing capabilities in their offerings as part of the efforts to cater to the end-customers’ requirements. Military Aerospace & Defense Lifecycle Management Market Report Highlights
OEMs and tier-1 suppliers are increasingly demanding highly tailored solutions that would help in addressing use-case specific issues related to their end products. As a result, the lifecycle management solution providers are pursuing a customer-centric approach to cater to the evolving needs of their clients. Leading lifecycle management solution providers, such as Siemens, offer a broad range of technology solutions to cater to the requirements of both small and large-scale companies operating in the aerospace and defense industry. They are particularly focusing on delivering solutions that improve efficiency and reduce total ownership costs. Prominent military and defense companies, such as Lockheed Martin and The Boeing Company, have been utilizing PLM/SLM solutions for more than a decade to improve collaboration and enhance workflow management. Defense applications are gradually switching from conventional communication protocols to ethernet connections that can potentially offer reliable and faster connectivity options. Additionally, the continued digitization and emergence of Industry 4.0 and connected value chain are enabling solution providers to offer advanced capabilities by incorporating emerging technologies, especially for military aerospace and defense companies. The latest technologies, such as AR/VR, IoT, and big data analytics, are expected to play a pivotal role in shaping the operations associated with the aerospace and defense industry, including aftersales and maintenance services. These digital transformation technologies are expected to augment the efficiency and intelligence of service, design, testing, and production processes. The ability of these technologies to address product complexity and successfully streamline the product lifecycle is anticipated to create immense opportunities to implement lifecycle management solutions. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450941/ibb The market is consolidating gradually with a few market participants accounting for a significant market share. The rising demand has triggered an intense competition among the market players, with each player focusing on providing quality solutions. Prominent companies are pursuing various strategies, such as strategic collaborations and long-term agreements with established aerospace and defense OEMs and service providers as part of the efforts to strengthen their foothold in the market. At the same time, startups are gradually discovering the market potential and are keen on leveraging the growing investor confidence to tap the opportunities presented by the industry. Some of the prominent players in the military aerospace and defense lifecycle management market include:
Grand View Research has segmented the global military aerospace and defense lifecycle management market by type and region. Military A&D Lifecycle Management Type Outlook (Revenue, USD Million, 2016 - 2027)
Military A&D Lifecycle Management Regional Outlook (Revenue, USD Million, 2016 - 2027)
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