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Aerospace Market Report
Key Note Publications Ltd, Jan 1998
The apparent UK market for the aerospace industry in 1998 was estimated by Key Note to be £21.6bn. The importance of the aerospace industry in UK manufacturing can be gauged by the fact that aerospace contributes over 10% of the UK manufacturing gross domestic product (GDP) and some 2% of the total UK GDP. Military sales form around half of the total product sales of the UK aviation sector, with British Aerospace (BAe) military sales helping it become the UK's largest exporting company.
The aerospace market, as defined for the purposes of this report, includes airframe manufacture, aircraft components and engines, missiles, avionics, satellite equipment and refurbishment work. Avionics covers electrical and electronic control systems for use on aircraft, and also ground-based software and systems for flight management. Space equipment covers communications and earth observation satellites, but does not cover launchers. Refurbishment work includes maintenance work carried out by the major manufacturers where such work cannot be distinguished from the remainder of the company's turnover.
Technical excellence and exposure to market forces (compared to the government backing of certain European aerospace firms) has resulted in a strong UK aerospace sector that has survived a period of severe defence budget cut-backs and civil airline order cancellations. A willingness to form consortia with traditional rivals has led to the industry gaining a number of overseas defence contracts and has widened the scope of Rolls-Royce sales. A commitment to Airbus by the Government, has seen a healthy return on the original £250m loan to BAe for A320 design work.
Airbus Industrie has had a particularly good year, with market share finally approaching that of Boeing. It looks set to overtake Boeing over the next 3 or 4 years. The decision by Boeing to drop the 500-seater version 747 has laid open that market opportunity to Airbus and thus to British Aerospace, Rolls-Royce and to all the other UK suppliers to Airbus. In other markets, the failure of the consortium, of which BAe was a part, to be considered for the JSF project proved a bitter blow, but BAe is still hopeful to gain part of the contract.
Total UK output, including exports, for the aerospace industry has been forecast to be £35.4bn in 2002. This takes into account Airbus predictions for future civil aircraft growth, including an assumption that the economic difficulties in the Asian market will have little effect on civil aircraft sales.
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