In this article, we will look at the 11 highest paying countries for aerospace engineers. We have also discussed the global aerospace markets and the recent developments. If you want to skip our detailed analysis, head straight to the 5 Highest Paying Countries for Aerospace Engineers.
From designing cutting-edge spacecraft for space exploration to enhancing aviation safety and efficiency, aerospace engineering professionals drive progress in both civilian and military applications. Their contributions are integral to pushing the boundaries of human knowledge, facilitating global connectivity, and expanding the frontiers of exploration beyond Earth’s atmosphere. Owing to their critical roles, it is one of the highest-paying jobs in the world.
For example, the average aerospace engineering salary per month is $7192 in the US, according to Indeed.com. In fact, the base salary for Entry Level Aerospace Engineer ranges from $74,402 to $88,002 with the average base salary of $82,302. Moreover, The average Aerospace Engineer base salary at SpaceX is $142,000 per year.
Before getting into our list of the highest paying countries for aerospace engineers, let’s explore the global aerospace market first.
The aerospace market is predicted to reach new heights, with the global market size estimated at $321.5 billion in 2022, projected to reach around $678.17 billion by 2032, representing a strong CAGR of 7.80%. North America led the market in 2022, contributing over 46% of the revenue share, while the Asia-Pacific region is set to witness the fastest CAGR growth between 2023 and 2032.
Commercial aircraft dominated the market, holding 43.5% share in 2022. However, the Aerospace Support segment is also set for a sizeable growth, with an anticipated CAGR of 8.5% during the forecast period. Narrow-body aircraft currently holds the largest market share, accounting for over 78.2% of revenue in 2022, but the Wide-body segment is projected to grow rapidly.
In terms of end-users, the private sector leads the pack with a 65.4% market share in 2022, while the government sector is expected to expand at the fastest rate moving forward. Manual aircraft operations remain dominant, generating 68.5% of revenue in 2022, but the Autonomous Aircraft segment is primed for accelerated growth. With dynamic developments like space tourism and urban air mobility on the horizon, the aerospace industry is set for continued innovation and expansion, fueled by technological advancements and growing global demand.
In 2022, the US Aerospace and Defense (A&D) industry saw a strong increase in its workforce, surpassing pre-pandemic levels with 101,700 new hires, totalling 2.2 million employees. This growth was a 4.87% rise from 2021 and hence, outpaced the employment figures of 2019, which stood at 2.18 million.
However, with this expansion, talent shortages loom as a critical challenge for A&D companies. The industry faces difficulties in attracting professionals across various roles, from technicians to engineers. This scarcity could impede production capacities, particularly concerning increased domestic travel and global armament demands.
Surveys such as the National Association of Manufacturers’ 2023 third-quarter outlook indicate that a significant portion of US manufacturers view talent acquisition and retention as their primary business obstacle. As such, A&D firms must innovate recruitment strategies, recognizing that the competition for skilled individuals extends beyond their sector, encompassing fields like automotive and life sciences. Offering competitive salaries, while important, may need to be complemented with targeted campaigns emphasizing the industry’s mission and values to effectively draw in talent.
One of the key players in the global aerospace industry is Boeing Co (NYSE:BA) which has recently joined forces with European partners on seven SESAR 3 Joint Undertaking projects to enhance aviation sustainability and efficiency. These initiatives aim to optimize air traffic management, integrating autonomous aircraft and improving fuel usage.
Boeing Co (NYSE:BA)’s collaboration with industry leaders such as Airbus and Collins Aerospace confirms its dedication to advancing aviation technology. As part of the Digital European Sky program, Boeing Co (NYSE:BA) is capitalizing on its expertise to shape a smarter, more sustainable future for European airspace. Through innovation and partnership, Boeing Co (NYSE:BA) continues its legacy of driving progress in the global aerospace sector.
Moreover, Boeing Co (NYSE:BA) is also anticipating a remarkable increase in Southeast Asia’s commercial airplane fleet, projecting a quadrupling to over 4,000 jets by 2042, driven primarily by the expansion of low-cost carriers (LCCs). This growth is anticipated at 6.9% annually and is outpacing the global rate, fueled by the region’s burgeoning middle class and increased connectivity. LCCs are set to dominate the market, with projections indicating they will account for 56% of passenger traffic by 2042, up from 22% in 2012. The demand for single-aisle jets is particularly pronounced, with LCCs expected to add over 2,000 such aircraft over the next two decades.
In addition, Boeing Co (NYSE:BA)’s 2023 Commercial Market Outlook (CMO) outlined a strong demand for aviation services, estimating a need for $310 billion in services including maintenance, repair, and training, driven by fleet growth and modernization.
On the other hand, Lockheed Martin Corp (NYSE:LMT) has recently achieved a major milestone in its Next Generation Interceptor (NGI) program, advancing towards the Critical Design Review (CDR) with the successful completion of the first Knowledge Point (KP1) ahead of schedule. Through rigorous evaluation and technological maturation, Lockheed Martin Corp (NYSE:LMT) has demonstrated its commitment to delivering transformative defence solutions. As they enter the detailed design phase, Lockheed Martin Corp (NYSE:LMT) remains focused on testing integrated hardware and software components.
Moreover, Lockheed Martin Corp (NYSE:LMT) is set to trim its workforce by 1% throughout the year to slash costs and streamline operations. This reduction will affect various positions across its business and enterprise operations, with measures such as hiring freezes and voluntary separations being implemented. With a workforce of 122,000 worldwide, the Maryland-based firm anticipates these cost-cutting measures to facilitate its digital transformation efforts. The decision comes amidst a forecasted profit dip for 2024, attributed partly to supply chain disruptions in its aeronautics segment manufacturing F-35 jets. To read more about aerospace technologies, see the Most Advanced Countries in Space Exploration.
It is also worth mentioning that the average Aerospace Engineer base salary at Lockheed Martin (NYSE:LMT) is $117K per year.
A complex assembly line producing aircraft structures for aerospace applications.
Our Methodology
To list the highest paying countries for aerospace engineers, we identified the countries with the highest demand for aerospace engineers and then made a list for 20 countries with the average salaries for aerospace engineers. Of those 20, the 11 with the highest average salaries were selected and have been ranked. We acquired the data for average salaries of aerospace engineers for each country from Worldsalaries.com. The list is presented in ascending order.
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11. Australia
Average Salary: $75,305
Australia offers a conducive environment for aspiring aerospace engineers as it has a robust aerospace industry and renowned educational institutions. Companies like Boeing Australia and Airbus Group Australia Pacific provide ample opportunities for hands-on experience and career growth. Moreover, universities such as The University of Sydney and Monash University offer rigorous aerospace engineering programs with cutting-edge research facilities and industry partnerships.
Australia is one of the countries with the highest minimum wages in the world.
10. Norway
Average Salary: $78,140
Two important aerospace engineering companies in Norway are Kongsberg Defence & Aerospace and Nammo. Kongsberg Defence & Aerospace specializes in defense systems, like aerospace technologies such as missiles and aircraft systems. Nammo focuses on propulsion systems, ammunition, and space applications, offering opportunities in aerospace engineering within Norway’s strong aerospace industry. It is one of the highest paying countries for aerospace engineers in Europe.
9. Netherlands
Average Salary: $79,271
Becoming an aerospace engineer in the Netherlands offers unique advantages. The country has a rich history in aviation and space exploration, providing a vibrant environment for learning and innovation. Dutch universities offer world-class aerospace engineering programs and provide collaboration with industry leaders like Airbus and ESA. Additionally, the Netherlands’ central location in Europe facilitates networking opportunities and access to cutting-edge research projects, making it an ideal choice for aspiring aerospace professionals. It is also one of the countries where aerospace engineers get paid the most.
8. Luxembourg
Average Salary: $84,833
Established in 2018, the Luxembourg Space Agency is a crucial player in driving the country’s space endeavors forward. Its primary focus lies in allocating state funds to support private firms, startups, and entities involved in space exploration, particularly in asteroid mining. Luxembourg’s vision is to establish space as a vital economic sector, leveraging its resources to bolster the industry. With over 70 entities and approximately 1,400 employees, the country’s space industry is significant.
It is also one of the highest paying countries for pilots.
7. United Arab Emirates
Average Salary: $85,953
The United Arab Emirates (UAE) offers high salaries for aerospace engineers owing to its strategic investment in aviation and space industries, driven by lucrative oil revenues and ambitious development projects like Dubai’s aviation hub and the Mars mission. It is one of the best countries for aerospace engineering jobs.
6. Denmark
Average Salary: $93,164
Denmark pays high salaries to aerospace engineers due to the country’s focus on innovation, strong economy, and demand for skilled professionals in its growing aerospace industry. Additionally, high living standards and competitive global market dynamics contribute to the attractive compensation packages offered to aerospace engineers in Denmark.
It is one of the countries with the highest salary for aerospace engineers.
Click here to see the 5 Highest Paying Countries for Aerospace Engineers.
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Disclosure: None. 11 Highest Paying Countries for Aerospace Engineers is originally published on Insider Monkey.