The engine stand market in North America is expected to grow from US$ 196. 41 million in 2019 to US$ 230. 63 million by 2027; it is estimated to grow at a CAGR of 2. 7% from 2020 to 2027. The North America aviation industry is experiencing swift growth, recording significant production volumes of commercial and military aircraft fleet.
New York, April 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Engine Stand Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type, and Application" - https://www.reportlinker.com/p06065008/?utm_source=GNW
The commercial aircraft fleet has witnessed massive growth in the past few years owing to the emergence of new low-cost carriers (LCCs) and fleet expansion strategies adopted by the full-service carriers (FSCs). Commercial aviation is foreseen to surge in the coming years due to the mounting number of air travel passengers and aircraft procurement. In North America, air passenger traffic has been surging with time, which is propelling the demand for commercial aircraft. Apart from the commercial aviation sector, the military aviation sector is consistently growing in terms of aircraft manufacturing and deliveries. Airbus and Boeing are the two aircraft manufacturing giants with significant volumes of orders and delivery statistics. The aviation industry is dynamic and is evolving rapidly. Rise in the production of commercial and military aircraft is significantly expanding the scope of aircraft engine manufacturing. The procurement of aircraft is increasing across Normal America. In May 2020, Airbus opened a production plant in Alabama (US) for A2220. Thus, the rise in number of production and assembly plants of major aircraft companies is fueling the adoption of engine stands. Additionally, increasing aircraft engine manufacturing is among the other factors expected to fuel the demand for engine stands in North America.
Based on product type, the gasoline engine stand segment led the North America engine stand market in 2019.Gasoline engine stand is a tool commonly used for repairing heavy gasoline engines.
It uses a strong cantilevered support system to keep the engine midair; this provides the mechanic an access to every exposed surface of the engine.The increasing adoption of gasoline as a fuel in automotive products is mainly due to constantly rising petrol prices, encouraging the use of this sustainable fuel.
The rising government initiatives across all major economies to reduce carbon emission levels caused by petrol combustion also boost the adoption of gasoline as an alternative to other conventional fuel types, thereby contributing to the growth of the market for this segment.
The ongoing COVID-19 pandemic has severely affected the North America region.Owing to favorable government policies to boost innovation and reinforce infrastructure capabilities, North America has the highest acceptance and development rate of emerging technologies.
Any impact on industries is, therefore, projected to have a negative influence on the region’s economic development.Currently, due to the COVID-19 outbreak, the US is the world’s worst affected country, thus affecting the sudden stands still across all the industries present in the region.
It is becoming apparent with the COVID-19 pandemic spreading across the US that few can escape its scope, presenting significant challenges to all industries.This had temporarily closed all production plants across all industries and also affected the supply chain and logistics industry of the country adversely.
Additionally, the closure of all transportation routes such as roads and airways has decreased the demand for engine stands from the major end-use industries such as automotive and aircraft. Also, owing to nationwide lockdown across major economies like the US and Canada, the supply chain of major components of engine stands was adversely affected, thereby impacting the manufacturing of the same. Thus, the above-mentioned factors indicate that the COVID-19 pandemic has adversely impacted the market across North America.
The overall North America engine stand 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 for the North America engine stand market with respect 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 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 North America engine stand market. AGSE LLC, DAE Industries, DEDIENNE AEROSPACE, HYDRO SYSTEMS KG, Mahle GmbH, NextGen Aerosupport, and Rhinestahlare are among the key players operating in the North America engine stand market.
Read the full report: https://www.reportlinker.com/p06065008/?utm_source=GNW
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