The Aerospace & Defense market has grown from $884 billion in 2023 to $985.56 billion in 2024 driving the need for much needed talent.
As critical areas of the global economy, these industries are continuing to rapidly expand, and are now set to overcome their previous supply chain, technology, and workforce challenges.
Here are some key points to note about the growth of the sector.
- The value of aerospace, defence, security, and space sectors in the UK is up by 50% over 10 years - The aerospace, defence, security, and space sectors have significantly bolstered the UK economy. According to ADS Group, these sectors contributed £38.2 billion to the UK economy in 2023, a 50% increase over the past decade. This growth underscores the industries' role in driving innovation and economic progress.
- The active commercial airline fleet is now around 30,000 globally - Data from the Midlands Aerospace Alliance (MAA) reveals that the global commercial airline fleet has reached approximately 30,000 aircraft. Airlines are investing in modern aircraft to boost profitability and meet the rising demand for air travel, reflecting the sector’s robust recovery.
- Aircraft orders up 64% - By the end of 2023, aircraft orders hit a 12-year peak, with a 64% increase in April 2024 compared to the previous year. This surge indicates continued confidence and demand within the sector, despite numerous strategic and political challenges.
- Increase in MRO demand - The aviation market's recovery has led to a significant rise in demand for maintenance, repair, and overhaul (MRO) services. This growth benefits the supply chain and service providers involved in MRO activities, correlating with the increase in flight volume.
- Space is the limit - The UK space sector employs 48,800 people in highly skilled roles, with a labour productivity 2.5 times the national average. Global satellite services support at least 18% of the UK GDP (£370 billion), underpinning essential services like mapping and weather forecasting. Commercial space applications and investments are also on the rise.
- Recruitment challenges - Global skills shortages, especially in engineering and MRO, remain a significant challenge. Despite the increased demand for product development, manufacturing, and maintenance, hiring skilled talent is difficult. LinkedIn data shows that the average number of recruiters InMail’s sent to aerospace and defence professionals is above average, highlighting the high demand.
- Decline in aviation and aerospace component manufacturing workforce - Data from LinkedIn and internal sources indicate a 28% drop in professionals in aviation and aerospace component manufacturing, with numbers falling from approximately 138,500 to 99,750. The median tenure in this sector is 1.8 years, and gender diversity remains an issue, with 78% male and 22% female representation. Highlighting the need to attract more females into the sector.
- 24% increase in defence and space manufacturing workforce Conversely, the defence and space manufacturing sector has seen a 24% increase in professionals year-on-year, rising from approximately 100,000 to 125,000. The median tenure is 2.1 years, with gender diversity showing a slight improvement (76% male and 24% female).
Sourced from: 10 Facts you need to know about the aerospace and defence sectors in 2024
As the aerospace and defence sector continues this rapid growth, the demand for top talent has never been more important.
With the industry's expansion outpacing the availability of skilled professionals, the need for specialist recruiters to identify and secure the best talent is paramount. This sector presents an excellent opportunity for establishing a recruitment business, providing a rewarding environment for those dedicated to connecting exceptional talent with innovative companies.
If you have the experience, now is the perfect time to start or scale in the aerospace and defence recruitment market, where your expertise can make a significant impact on the industry's future success.
