DUBLIN–(BUSINESS WIRE)–The “North America Aircraft Maintenance Tooling Market Forecast to 2027 – COVID-19 Impact and Regional Analysis By Tool Type; Users” report has been added to ResearchAndMarkets.com’s offering.
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. 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.
Market Dynamics
Drivers
- Rise in the Production Rate of Commercial Aircraft
- Upsurge in the Requirement of Predictive, Prescriptive, and Condition-Based Maintenance of Aircraft
Restraints
- Stringent Aviation Compliance and Regulations
Opportunities
- Upswing in the Aircraft MRO Services in Emerging Economics
Future Trends
- Growing Usage of Blockchain, IoT, AI, and Big Data Analytics by Maintenance Providers
Companies Mentioned
- AeroWest Mfg Corp
- Farwest Aircraft
- Norbar Torque Tools Ltd.
- PROTO
- Red Box Aviation
- Alberth Aviation
- Hydro Systems KG
For more information about this report visit https://www.researchandmarkets.com/r/ta0tjd
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