Report : Engine Stand Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product Type (Gasoline Engine Stand and Diesel Engine Stand); Application (Automotive, Aircraft, and Others)
Rise in Aircraft Engine Manufacturing to Provide Growth Opportunities for Engine Stand Market
According to our latest market study on “Engine stand Market Forecast to 2027 – COVID-19 Impact and Global Analysis – By Product Type and Application” the market was valued at US$ 593.3 million in 2019 and it is projected to reach US$ 716.9 million by 2027; it is expected to grow at a CAGR of 3.02% from 2020 to 2027.
The global engine stand market is strongly driven by the increasing maintenance and repair service of global aircraft fleet. The developing regions such as North America, the APAC, and Europe are experiencing a substantial rise in number of aircraft deliveries such in both commercial and defense sector. Europe is a home to both engine stand manufacturers and distributors, and it also has companies offering engine stands on lease. For instance, EngineStands.com offers aircraft engine stands to MROs, airlines, repair shops, and leasing companies freight forwarders amongst others in the world; it offers the machines to the clients according to their preferred time period. Further, SNA Europe group is among the engine strand manufactures operating in Europe; it offers geared engine stands for enabling easy transportation of heavy engines.
Geographically, North America held the largest share of the Engine stand market in 2019, followed by Europe and Asia Pacific. Further, Europe is projected to witness the highest growth rate during the forecast period. Based on product type, the global engine stand market is segmented into gasoline engine stand and diesel engine stand. Based on application, the global engine stand market is segmented into automotive, aircraft, others. Geographically, the global engine stand market is segmented into North America, Europe, APAC, MEA, and SAM.
Impact of COVID-19 Pandemic on Engine stand Market
The COVID-19 outbreak has created enormous disruption across industries, including aerospace and automotive. Every phase of the business model has been witnessing drastic change, including the manufacturing units, capital expenditures, R&D, demand, supply-chain, production decisions, and mergers and acquisitions. Over the past several months, the COVID-19 outbreak had severely challenged the aircraft and automotive manufacturers. The disruption among the raw material suppliers, temporary closure of manufacturing units, limited funding, and weak demand from the customers have showcased adverse impact on the aerospace and automotive manufacturers. According to FAA, the emergence of COVID-19 has caused delay in product releases, disruption in supply chain events, and other industry activities. Several manufacturers have temporarily halted the manufacturing units owing to lesser demand for the products as a result of lockdown measures and limited manufacturing resources. Additionally, the manufacturers of various cars and aircraft, have been experiencing substantial delay in lead times, which has weakened the supply chain. Similar to aircraft and automotive manufacturers, the engine stand manufacturers also observed delay in procuring orders and raw materials. This resulted in lesser production and delay in shipment of the final products. This has had a negative impact on Engine stand market.
AGSE LLC, DAE Industries, Dedienne Aerospace, Frank Brown & Son Ltd, The Brixworth Engineering Company Ltd, Hydro Systems KG, Mahle GmbH, Nextgen Aerosupport, Rhinestahl, and Vega Aviation Products Pvt. Ltd are among the major market players with significant market share in the engine stand market.
The report segments the global Engine stand market as follows:
By Product Type