Sunday, July 21, 2024

Aerospace sector on an upswing globally; recession impact unlikely: Eaton’s Goh

Desmond Goh, Managing Director-Asia Pacific, Aerospace Group, Eaton.

Desmond Goh, Managing Director-Asia Pacific, Aerospace Group, Eaton.

The aerospace industry, comprising research, development and manufacturing of the entire gamut of systems, electronics and equipment for both civil and defence segments, is currently witnessing an upswing globally and is unlikely to see any alarming signs of recession, said Desmond Goh, Managing Director-Asia Pacific, Aerospace Group, Eaton, a Dublin-based intelligent power management company that reported annual revenue in excess of $20 billion in 2022, in an interview. Edited excerpts:

What will be the impact of global recession and geopolitical tension on the aerospace sector?

The aerospace industry typically has a much longer business cycle, compared to many other industries including software, e-commerce, retail, fintech etc. In fact, the aerospace industry has just gotten out of the recession, after the pandemic. It is currently on an upswing and expected to continue to see a rising market for some time. We are continuing to monitor the situation, however, from the overall aerospace industry perspective or from the market perspective, we don’t see any near-term alarming signs.

Q: What are the emerging trends in the aerospace industry?

Sustainability is one of the most dominant trends that is sweeping across the global aerospace industry today. It’s about developing the most sustainable aircraft, designing the best energy-efficient engines and deploying more eco-friendly systems. It is about electrification, additive manufacturing and 3D printing, to minimise the use of aviation fuel, reduce the weight of the overall aircraft, and therefore bring down the overall impact of flying on the planet. Sustainability is one clear and key trend we’re seeing across the entire value chain of the global aerospace industry.

How eager are aerospace firms to embark on additive manufacturing and 3D printing?

If the industry can increase efficiency, it can reduce costs, it can make things commercially viable and also will be able to customise better for clients. Additive manufacturing and 3D printing are the way to go, where you don’t need to spend all the time and effort and it is equally easy, simple and quick. These will also drive efficiencies and cost saving in the aerospace production front.

Is India on the same page yet as the global aerospace industry?

India is already becoming a significant player in the global aerospace industry. For instance, Aero India 2023 held recently in Bengaluru, witnessed a substantial presence of the entire ecosystem and not just traditional market segments like say, Boeing, Airbus, and Cummins, but a whole lot of new players representing the entire aero ecosystem were participating. So, we can see the vibrancy of the aerospace environment already in India. There was the entire range at the display, from the Urban Air Mobility to unmanned aircraft tech. I think this is a very good reflection of how the industry has been evolving globally over the last couple of years with India certainly well-representing it.

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