Aerospace

The International Air Transport Association (IATA) forecasted that airline industry revenues would reach $964 billion in 2024, up from $865 billion in 2019 and $755 billion in 2017. Net profits were expected to reach $49.3 billion in 2024, and revenue (and profits) will continue to grow in the coming years. The IATA forecasts that global passenger numbers will nearly double by 2037, reaching 8.2 billion annually.

The defense sector is in a strong position as the United States has ramped up spending in recent years. Beyond the United States, other countries also were strengthening their military prowess. Security threats are propelling increased defense spending in Ukraine, China, India, and Japan, and also among NATO countries. Rising geopolitical tensions in areas such as the Korea peninsula, Central Africa, and the Middle East also bode well for this sector of the industry.

The unmanned aircraft sector was poised for strong growth at the end of the decade due to their extensive use by civilians, businesses, and governments (including the armed forces). Revenue in the commercial global drone market size is forecast to increase at a compound annual growth rate of 7.7 percent from 2022–30 and reach $54.6 billion by 2030, according to the Global Drone Market Report 2023-2030 from Drone Industry Insights.

In July 2023, the nonprofit Space Foundation released The Space Report 2023 Q2. According to the report, the global space economy reached $546 billion in revenue, with the commercial space industry comprising 78 percent of the economy (and having revenue of $427.6 billion). "Some of the fastest growth came in the communications sector, which saw rising demand for satellite broadband services," according to the foundation. "This sector grew to $28 billion from $24 billion in 2021, an increase of more than 17 percent. Satellite manufacturing for the commercial sector also boomed with a 35 percent increase in satellites sent to orbit from 2021 to 2022."

The commercial space market is expected to grow from $385 billion in 2017 to at least $1.5 trillion by 2040, according to the U.S. Chamber of Commerce. This growth is being spurred by the continuing expansion of the industry, ongoing public-private partnerships between commercial companies and NASA and other government-funded space programs, and the emergence of space tourism as a revenue-generating subsector.

The space tourism industry is in its early stages, but the field is growing quickly as technology continues to advance, more high-net-worth individuals become interested in embarking on suborbital and orbital adventures, and more companies receive licenses to offer space tourism services. Revenue in the orbital space tourism and travel market is expected to grow from $385 billion in 2021 to $555 million in 2030, according to Statista.com.

Although work on the International Space Station continues, NASA ended the space shuttle program in 2011. The Constellation program, developed to replace the space shuttle and launch new missions to the Moon and Mars, was planned to come online by 2015, but in 2010 the Obama administration ended the program's funding. NASA's Artemis program is currently preparing to send the first woman and next man to the Moon via the Orion, which will launch on NASA’s new heavy-lift rocket, the Space Launch System. The mission will pave the way for humans to explore Mars in the future. NASA has also initiated the Commercial Crew and Cargo Program, which aims to "stimulate efforts within the private sector to develop and demonstrate safe, reliable, and cost-effective space transportation capabilities." Private companies involved in this program include SpaceX, Blue Origin, Boeing, Paragon, United Launch Alliance, and Sierra Nevada Corporation.

The employment outlook is expected to be good for many aerospace careers. For example, the U.S. Department of Labor (DOL) projects that employment for aerospace engineering and operations technicians will grow faster than the average for all careers from 2022 through 2032. "Technological advances have reduced the cost of launching satellites," according to the DOL. "Demand for aerospace engineering and operations technologists and technicians is expected to increase as space becomes more accessible, especially with innovations that make small satellites commercially viable. New developments in types of aircrafts, such as electric hybrids, also are expected to drive an increase in employment. In addition, continued interest in drones is expected to support employment growth for these workers."

The DOL projects that employment for aerospace engineers will also grow faster than the average through 2032. Since many aerospace manufacturers are contracted by the U.S. Department of Defense, their workers require security clearances, thus keeping jobs within the country. Aerospace engineers and associated workers will be needed to help redesign aircraft to reduce noise pollution and increase fuel efficiency.

Job opportunities for avionics technicians and aircraft mechanics and service technicians are expected to increase by 4 percent from 2022 through 2032, which is as fast as the average for all careers.