After a few rollercoaster years, in 2016, the aerospace industry across the United States and the world looks to be showing strong growth, and return to the power it was in previous decades. This is great news for companies, including us at Hi-Tek Manufacturing, involved in the manufacture of hot gas path aviation turbine engine components.
Faster, Farther, More Fuel-Efficient
With the global economy fairly stabilized after a few years of ups and downs, the aerospace industry continues to work towards developing and producing next-generation aircraft. With many fleets across the globe aging, or using older designs, there is a need for newer airframes that can go faster, carry more over a long distance, but that also get better fuel efficiency than current models.
Factors Driving Growth
Deloitte Touche Tohmatsu has forecasted that 2016 will be the year that the aerospace industry returns to positive growth, after a slight decline in 2015. In the coming year there are a number of factors that are expected to spur this growth on, including:
- Relatively stable growth in gross domestic product throughout the world, meaning there is more spending capability.
- Lower crude oil and other commodity prices, reducing cost of manufacture and operation.
- Continued increase in passenger travel demands, which necessitate development and construction of next-generation commercial aircraft.
- Global security threats have driven an increase in defense budgets worldwide, with an expected increase in aerospace demands.
Next Generation Jobs
The next-generation planes will need workers with next-generation skills for research and development – these are not the low-paying, low-skill jobs that so many people think of when they hear the word “manufacturing.” In fact, these are jobs that pay well above the national average, and rely more on math and science skills than one’s ability to turn a wrench. The jobs that are being created by the growth in the aerospace industry are jobs that will power the economy into the future. Some of these jobs are in new, emerging occupations that have not even been part of manufacturing before
Here at Hi-Tek, we have been providing manufacturing solutions and comprehensive support of hot gas path component production for gas turbine engine manufacturers, so growth in the aerospace industry means there is great potential for our company to grow. We look forward to expanding capabilities and tackling the growth head-on, to continue to provide the highest standard in aircraft turbine engine components.