The North America aircraft maintenance tooling market is expected to grow from US$ 801. 21 million in 2019 to US$ 1,064. 34 million by 2027; it is estimated to grow at a CAGR of 3. 7% from 2020 to 2027. The commercial aircraft industry is constantly boosting since the past few years.
New York, April 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Aircraft Maintenance Tooling Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Tool Type ; Users" - https://www.reportlinker.com/p06064997/?utm_source=GNW
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 in North America. 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.
The speed handle segment led the North America aircraft maintenance tooling market based on tooling type in 2019.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 to tighten or loosen a nut or bolt.
Aircraft Spruce, a US-based company offers speed handles to fix a nut or bolt.Rising air travel in developing markets and increasing production of aircraft are expected to drive the demand for aircraft maintenance tools.
The biggest giants in the aerospace industry, such as Boeing and Airbus, are highly indulged in producing aircraft. The demand for aircraft maintenance tools has been increasing to ensure the aircraft safety before take-off. Thus, above factors are likely to surge the demand for speed handle tools during the forecast period.
The overall North America 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 overview and forecast for the North America Aircraft maintenance tooling 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 who typically take part in such a process include industry expert 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 North America aircraft maintenance tooling market. AeroWest Mfg Corp., Farwest Aircraft, Norbar Torque Tools Ltd., PROTO, Red Box Aviation, and Alberth Aviation and Hydro Systems KG are among the key players present in the North America aircraft maintenance tooling market.
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