Summary
The UK aerospace industry is currently the second largest in the world, with a turnover in 2004 of $31.8 billion. This represents approximately 13% of the worldwide aerospace market. The sector is forecast to grow by 8% per year from 2003 to 2008 largely due to the growth in the Maintenance, Repair and Overhaul (MRO) market. Increasing demand for air travel underpins this growth, despite high global oil prices. For example, air transport movements at UK airports increased by 5% from January 2005 to January 2006.
The UK is home to several leading British and European companies in the sector, including BAE Systems, Rolls-Royce and Airbus. Defense aerospace represents much of this sector's activity, driven by projects such as Eurofighter Typhoon and F35. Global defense sales of $16.2 billion account for just over half of the industry's output. However, civil aerospace turnover rose to $15.6 billion in 2004 and is expected to continue to grow in the coming years.......
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Approximate Word Count: 3400
Approximate Pages: 14 (260 words per double-spaced page) |