The aircraft maintenance tooling market was valued at US$ 3,177. 70 million in 2019 and is projected to reach US$ 4,340. 71 million by 2027; it is expected to grow at a CAGR of 4. 1% from 2020 to 2027.
New York, March 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aircraft Maintenance Tooling Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Tool Type and Users, and Geography" - https://www.reportlinker.com/p06038310/?utm_source=GNW
Airlines demand enhanced maintenance, repairing, and overhauling (MRO) services to boost the serviceable aircraft life instead of investing in the procurement of new aircraft.Previously, airlines executed MRO activities for their aircraft, which enhanced the operational cost and reduced overall efficiency.
The adoption of software data analytics, which is integrated with the MRO software, allows the airlines to carry out smooth and efficient operations by reducing the turnaround time of aircraft maintenance.The MRO software data analytics permit the airlines to decrease the maintenance costs and focus on fleet operations.
The data analysis software enables the aircraft operators to maintain optimal inventory levels and order frequency as well as manage the staffing requirements for managing the access to information associated with the number of aircraft coming for servicing, thus, tackling issues efficiently regarding staff scarcity and overstaffing.The mounting demand for connected aircraft is boosting the data connectivity delivered by satellite communication and increasing the operational efficiency by empowering faster aircraft maintenance and repairs.
The connected aircraft can easily contact the ground stations and efficiently share data related to the condition of aircraft engines and system components to the MRO service providers. The data captured is used for predictive maintenance planning. The prescriptive maintenance allows the MRO service providers to determine real-time conditions, analyze the information of the system before failure occurs, and monitor the data related to MRO activities. The MRO service providers use condition-based analysis to monitor the health of the aircraft and analyze data based on historical maintenance records.
The aircraft maintenance tooling market is segmented on the basis of tool type and users.Based on tool type, the market is segmented into speed handles, wrenches, safety wire pliers, vibration meters, metalworking tools, and others.
The speed handles segment is expected to hold the largest market share during the forecast period.Based on users, the aircraft maintenance market is bifurcated into MRO service providers and airline operators.
In 2019, the MRO service providers segment accounted for a significant share in the market.
The COVID-19 outbreak has resulted in a massive financial loss in Asia Pacific.The governments in Asia Pacific countries have taken several crucial steps to contain the spread of novel coronavirus by imposing lockdown, which has hindered the manufacturing sector.
China is one of the leading aerospace manufacturing countries in the region.During Q1 of 2020, the manufacturing facilities witnessed severe challenges in generating revenues from different markets due to the spread of the virus.
India, Japan, and several other South East Asian countries are still combating the virus, which is a critical factor toward the slowdown in the growth of aircraft maintenance tooling market.
The aircraft maintenance tool manufacturers are observing noteworthy downfall in respective businesses, which is directly hindering the demand for the same among various end users, including airline operators.The outbreak has substantially disrupted the aircraft maintenance tooling supply chain in the region, which had a negative impact on the market.
The recovery period is expected to be faster than other regions, as several countries are anticipated to gain new airports in the coming years and there is an increasing initiatives undertaken by the governments of countries such as China to reduce the losses from the aviation industry.
The overall aircraft maintenance tooling market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast of the aircraft maintenance tooling market with respect to all the segments.It also provides the overview and forecast for the global market based on all the segmentation provided with respect to five major regions North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the aircraft maintenance tooling market.
A few major players operating in the global aircraft maintenance tooling market are AeroWest Mfg. Corp.; Frank Brown & Son Ltd; Farwest Aircraft; Norbar Torque Tools Ltd; Inspection Technologies Ltd; PROTO; Red Box Aviation; Shanghai kaviation Technology Co., Ltd; Alberth Aviation; and HYDRO SYSTEMS KG.
Read the full report: https://www.reportlinker.com/p06038310/?utm_source=GNW
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