Publication Month: Feb 2021 |
Report Code: TIPRE00019183
| No. of Pages:
| Category: Aerospace and Defense
| Status: Published
No. of Pages 139
The aircraft manufacturing industry across the globe is witnessing huge growth owing to the mounting demand for commercial aircraft. Growing population and mounting disposable incomes in developing countries, including India, are significant factors driving the demand for various aircraft types. Rising demand for air travel worldwide encourages aircraft manufacturers, such as Airbus and Boeing, to increase their production volumes and offer maintenance services for these aircraft as well. With the constant growth in the air traffic, carriers are more liable to maintain the optimum condition of the aircraft so as to extend their life span; otherwise, they would have to procure new aircraft. The cost of procurement of a new aircraft is much higher than the cost for the maintenance of the existing aircraft. Different airports across the world are introducing advanced development processes to further boost the efficiency of the aircraft. Increasing integration of technological systems for capturing real-time data of the health of the aircraft and meet the requirements of next-generation aircraft may lead to the growth of the aircraft maintenance tooling market in the near future.
Several engine development programs are being adopted, owing to the mounting spending toward aircraft modernization, norms and regulations, and environmental concerns for the retirement of older fleets. Most of the engine manufacturers are robustly focusing on the development of economical and efficient engines for new aircraft fleets. The procurement of advanced aircraft parts is expected to double in the next few years, which is driving the retirement of older planes across the globe. Further, the integration of Internet of Things (IoT), blockchain, artificial intelligence (AI), and other advanced technologies into the aircraft is demanding high level of maintenance services, which is further boosting the aircraft maintenance tooling market.
The US is the most affected country in North America with thousands of COVID-19 infected individuals facing severe health conditions across the country. The continuous growth of confirmed cases has led the government to impose lockdown across the nation’s borders during Q2 of 2020. The majority of the manufacturing plants are either temporarily shut or are operating with minimum staff; the supply chain of components and parts is disrupted. These are a few of the critical issues faced by the North American manufacturers.
Since the US has the largest density of aircraft OEMs, component manufacturers, and airports, the outbreak has severely affected the production and revenue generation of each. The lower number of manufacturing staff has resulted in lesser production quantity. The suspension of air travel resulted in loss for the airlines, which restricted the demand for airline associated services. This factor stalled the revenue generation stream of the aircraft maintenance tooling market, which is hindering the growth of the aircraft maintenance tooling market.
The commercial aircraft industry is constantly boosting since the past few years. Several operators in this industry are robustly focusing on the development, manufacturing, overhaul, and rebuilding of airplanes, helicopters, aircraft engines as well as several other components and subsystems for the commercial sector. Increase in air travel in developing economies, rise in production of commercial aircraft, and infrastructure developments are driving the demand for commercial aircraft components. The biggest giants in the aerospace industry, such as Airbus and Boeing, are highly indulged in the production of commercial aircraft. They design, manufacture, and sell the commercial aircraft along with fleet support services, primarily to the commercial airline industry globally. The Boeing family of commercial jet aircraft consists of 737 narrow-body model and 747, 767, 777, and 787 wide-body models. As of March 31, 2020, Boeing produced 10,000 737 commercial jets, which is the first jet to reach this landmark. In 2019, Airbus delivered a massive number of commercial aircraft, which would boost the production of commercial aircraft in the market. Hence, emerging production rate by these top companies is expected to drive the demand for commercial aircraft across the world. Increasing integration of several equipment in the commercial aircraft, such as avionics systems and engine control and monitoring that operate at peak efficiency is demanding the deployment of maintenance tooling for enhanced operation. Thus, rising integration of advanced equipment in the aircraft demands the timely maintenance and replacement of these equipment for proper functioning of the commercial aircraft.
Based on tool type, the aircraft maintenance tooling market is segmented into speed handles, wrenches, safety wire pliers, vibration meters, metalworking tools, and others. The speed handle segment dominates the market. A speed handle enables technicians to spin and eradicate a screw head swiftly with one hand while the other hand is handling other repairs. It is one of the crucial tools, particularly when repairing a high-end engine with numerous screws. One can also offer speed handles with sockets in order to tighten or loosen a nut or bolt. Aircraft Spruce, a US-based company, offers speed handles to fix a nut or bolt.
Based on users, the aircraft maintenance tooling market is bifurcated into MRO service providers and airline operators. The MRO service providers segment continues to hold a significant share in the market. With the growth in the aviation industry, the demand for aircraft MRO services is also surging from the last few years. Several regions are highly focused on extending MRO services for commercial and military aircraft companies. A few aircraft MRO service providers are ST Engineering Aerospace, Lufthansa Technik, HAECO Group, MTU Maintenance, ExecuJet Haite Aviation Services China Co., Ltd., and Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), among others. Growth of the economies, increased spending on aviation infrastructure, and rise in passenger count are the factors propelling the adoption of aircraft MRO services, which would drive the demand for aircraft maintenance tools.
|Market Size Value in||US$ 3,177.70 Million in 2019|
|Market Size Value by||US$ 4,340.71 Million by 2027|
|Growth rate||CAGR of 4.1% from 2020-2027|
|No. of Pages||139|
|No. of Tables||56|
|No. of Charts & Figures||73|
|Historical data available||Yes|
|Segments covered||Tool Type and Users , and Geography|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The players operating in the aircraft maintenance tooling market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In 2020, Norbar Torque Tools ltd company enhanced their product offering for pneutorque pneumatic torque tools with the new PTS series.
In 2019, Alberth Aviation company introduced a new aircraft tooling product for the aircraft manufacturers. The new main gear jack adapter is introduced by the company for the Gulfstream aircraft fleet.
The List of Companies - Aircraft Maintenance Tooling Market