In terms of revenue, the global engine stand market was valued at US$ 593. 3 million in 2019 and is projected to reach US$ 716. 9 million by 2027; it is expected to grow at a CAGR of 3. 0% from 2020 to 2027.
New York, March 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Engine Stand Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product Type ; Application" - https://www.reportlinker.com/p06038322/?utm_source=GNW
The engine stand is basically a tool utilized to repair large and bulky both diesel and gasoline engines.The stand uses heavy cantilevered support structure that assists engine to be in midair so that concerned mechanic can successfully reach to exposed surface of engine.
Aircraft engine manufacturers, production plants, assembly plants are major application areas of engine stand.Automotive plants are other users of engine stands existing in the market.
Factors such as growing aircraft deliveries and orders across the globe is amongst the prominent factor which is encouraging the demand for more aircraft engines.Owing to the fact that, aerospace industry is amongst the prominent end user of engine stands, the aircraft engine manufacturers are procuring engine stands.
In addition, growing aircraft production and assembly plants in countries like the US is amongst the prominent factor contributing towards the market growth. Moreover, advent of tracking system for engine stands to track real-time information about the engine stand is expected to create lucrative business prospects for the manufacturers. In addition, the scope of maintenance, repair, and overhaul centers is rising across the globe especially in South East Asia market including Thailand, Malaysia, Indonesia, and Singapore. Increasing maintenances, repair, and overhaul centers in mentioned South East Asian market is expected to propel the growth of engine stand, and overall market growth.
The adoption of advanced systems such as tracking devices in various equipment that are used in the aerospace industry is emerging as an important trend in the engine stand market.EngineStands24, one of the companies in the engine stand market, has recently improved its engine stands by adding new tracking devices in their existing stand offerings.
EngineStands24is a subsidiary of Magnetic MRO who is a Total Technical Care provider for aircraft operators & lessors- has updated their engine stands by integrating new tracking devices.The tracking feature enables operators to trace engine stands in real-time, especially when it is transported/stored.
Moreover, the tracking feature in devices also enables them to check the temperature of a place where the engine stand is stored.Tracking of engine during complete loan period is another benefit provided by the tracking device integrated engine stand.
Therefore, the development of such systems and their integration into engine stand is expected to contribute toward the market growth during the forecast period.
Overall size of the engine stand market 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 overview and forecast for the engine stand market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts and key opinion leaders specializing in the 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 key market players profiled during this market study.
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