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Deutschland NEW YORK, Sept. 18, 2019 /PRNewswire/ --
The global aviation test equipment market accounted for US$ 5.38 Bn in 2018 and is expected to grow at a CAGR of 4.1% over the forecast period 2019-2027, to account for US$ 7.69 Bn by 2027. The operational tempo of the global commercial aviation sector continues to soar in recent years. The global aviation test equipment market is led by North America region due to rising aircraft manufacturers and component manufacturers.
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The global aviation sector is witnessing a huge demand for modern aircraft in the both commercial and military sector.Attributing to the fact that the disposable income in the developing countries is increasing substantially, the need for air travel is also increasing at the same pace.
On a global scenario, commercial air traffic is foreseen to maintain constant growth over the period, despite various challenges faced by commercial airlines.However, the challenges are succeeded by the rise in passenger numbers across the globe.
The low-cost carriers (LCC) in the developed economies as well as developing economies are turning the revolution by offering low fare business models which are increasing the demand for air travel among the upper-middle class and middle-class society of developing nations.
The aircraft industry builds aircraft and manufactures aircraft parts, in turn, supports aviation in their maintenance.Boeing, Airbus, Bombardier, Embraer, Beech Aircraft Corporation, and Cessna Aircraft Company are few of the major companies in aircraft manufacturing.
For instance, in 2018, Airbus has exceeded its aircraft manufacturing and delivery targets by supplying 800 aircraft to various customers across the globe as compared to 718 commercial aircraft in 2017.Further, the company expects to deliver 880 to 890 aircraft in 2019.
Moreover, Boeing, the US-based aircraft manufacturer, also delivered over 800 commercial aircraft and anticipates to deliver around 895 to 905 commercial aircraft deliveries in 2019.The growth in production of the number of aircraft is attributed to the replacement of aging aircraft, specifically in North America.
Most of the replacement of the aging fleet of commercial aircraft is due to the revenue requirements of the operating airlines and operating efficiency. Moreover, new regulations, airspace modernizations, and emerging environmental concerns have also contributed to the retirement of older jets. Such factors are anticipated to bolster the demand for aviation test equipment market.
The global aviation test equipment market is segmented based on product type, aircraft type, and end-user.Based on the product type, the aviation test equipment market is segmented into electrical test equipment, hydraulic test equipment, power test equipment, and pneumatic test equipment.
Based on aircraft type, the aviation test equipment market is bifurcated into the manned and unmanned.Based on end-user, the aviation test equipment market is bifurcated into commercial and military.
Geographically, the aviation test equipment market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The well–established market players operating in the aviation test equipment market are Avtron Aerospace, Inc., BAE Systems, Bauer Inc., ECA Group, Hydraulics International Inc., Lockheed Martin Corporation, Astronics Corporation, Teradyne Inc., Testek Inc., and TEST-FUCHS GmbH.
The overall global aviation test equipment market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global aviation test equipment market.
It also provides an overview and forecast for the aviation test equipment market based on all the segmentation provided for the global region.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the aviation test equipment industry.
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