Airplanes have revolutionized the way in which we travel. At any given time, there are up to 20,000 airplanes in the skies. Airplanes allow passengers to quickly travel long distances. Of course, there are manufacturing companies that are responsible for producing airplanes. Known as aerospace manufacturing companies, they play a critical role in both the commercial and private aviation industry. Aerospace manufacturing companies produce airplanes that are sold to commercial airlines and private pilots. Below are five facts about the aerospace manufacturing industry.
#1) Airbus Is the World’s Largest Aerospace Manufacturing Company
With a reported revenue of $79.9 billion for the 2019 fiscal year, Airbus is the world’s largest aerospace manufacturing company. Not surprisingly, Boeing is right behind its European counterpart. Boeing generated $76.6 billion in revenue last year, making it the world’s second-largest aerospace manufacturing company. Trailing behind Boeing in terms of annual revenue is Lockheed Martin, United Technologies and Northrop Grumman, respectively.
#2) Airliners Are the Industry’s Top-Selling Product
Aerospace manufacturing companies focus primarily on designing and producing airliners. Roughly 60% of all products sold by aerospace manufacturing companies consist of airliners. With that said, aerospace manufacturing companies sell other types of products as well. Many of them, for instance, produce and sell satellites, military aircraft components and rotary-wing aircraft.
#3) NASA Is One of the Biggest Consumers of Aerospace Products
The National Aeronautics and Space Administration (NASA) is one of the biggest consumers of aerospace products. NASA has an annual budget of over $22 billion. While it products some of its aircraft and satellite components in-house, NASA outsources many of these production tasks to aerospace manufacturing companies. Boeing, for example, has multiple contracts with NASA. Boeing works side by side with the space agency to satisfy its needs for aerospace products.
#4) Nearly a Half-Million Jobs Created in the US
To say the aerospace manufacturing industry has created a lot of jobs would be an understatement. According to the Bureau of Labor Statistics (BLS), over 444,000 Americans are employed in the country’s aerospace manufacturing industry.
#5) The US Is Ranked as the Leading Country for Aerospace Manufacturing
A PwC report ranked the United States as the world’s leading country for aerospace manufacturing. Researchers found that the United States is the most attractive country for aerospace manufacturing because of its strong demand for consumption; a highly educated workforce; a robust transportation infrastructure; a healthy economy; and a low geopolitical risk.