DUBLIN--(BUSINESS WIRE)--The "Commercial Aircraft Maintenance Tooling Market Forecast to 2028 - COVID-19 Impact and Global Analysis" report has been added to ResearchAndMarkets.com's offering.
The commercial aircraft maintenance tooling market was valued at US$ 1,456.40 million in 2021 and is projected to reach US$ 2,020.46 million by 2028; it is expected to grow at a CAGR of 4.8% from 2021 to 2028.
Factors such as the rising number of aircraft MRO hangars and increasing demand for vibration meters are driving the growth of the commercial aircraft maintenance tooling market. The construction of new aircraft MRO hangars and MRO bays is directly proportional to the demand for various maintenance tools, which is one of the critical catalysers' of the commercial aircraft maintenance tooling market. In addition, the continuous investments by companies in the commercial aircraft MRO industry in the expansion of their existing MRO hangars with new bays fuel the commercial aircraft maintenance tooling market growth.
For instance, in 2020, Guangzhou Aircraft Maintenance Engineering Co. Ltd (GAMECO) launched and started operations in Asia's largest MRO hangar at Beijing Daxing Airport, China. The hangar can handle/service 2 Airbus A380s, 3 Boeing 777s, and 3 Airbus 320s or up to 12 A320 series narrow-body aircraft fleet simultaneously. Thus, with the continuous rise in construction of new commercial aircraft hangars, the demand for new commercial aircraft maintenance tools is on the rise, which is boosting the commercial aircraft maintenance tooling market growth. Moreover, the rising inclination toward the adoption of advanced vibration meters by the MRO service providers and airline operators with in-house MRO facilities is driving the commercial aircraft maintenance tooling market.
The COVID-19 pandemic is affecting most of the businesses across the world. The aviation industry witnessed tremor with minimal resources to foresee the future. Several MRO units/activities in the US, France, Germany, Russia, and China were temporarily paused to adhere to the government rules in respect to lockdown and physical distancing. Similarly, the commercial aircraft manufacturers witnessed 30%-50% reduction in demand for most of the aircraft models. The lower production and delivery of aircraft volume resulted in a lower number of aircraft fleet undergoing MRO.
Nonetheless, as the commercial aviation industry started to gain traction in 2021, as vaccinations measures roll out, the MRO facilities experienced substantial demand for their services, which resulted in a fair demand for maintenance tooling. Hence, the revenue generation gained pace among the commercial aircraft maintenance tooling market players.
The commercial aircraft maintenance tooling market is segmented on the basis of tool type, user, application, and geography. Based on tool type, the market is segmented into speed handle, wrenches, safety wire pliers, vibration meter, metalworking tools, NDT tools, and others. Based on user, the market is bifurcated into MRO service providers and airline operators. Based on application, the market is segmented into engine, airframe, landing gear, line maintenance, and others.
Geographically, the global commercial aircraft maintenance tooling market is broadly segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and the Rest of APAC), the Middle East and Africa (South Africa, Saudi Arabia, the UAE, and the Rest of MEA), and South America (Argentina, Brazil, and the Rest of SAM). In 2021, North America accounted for the significant share in the global market.
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- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Market Dynamics
Drivers
- Surge in Number of Aircraft MRO Hangars
- Rise in Demand for Vibration Meters
Restraints
- Shortage of Skilled Laborers
Opportunities
- Delivery of New Aircraft Fleets
Future Trends
- Increase in Demand for Tools for Engine and Line Maintenance
Companies Mentioned
- Hydro Systems KG
- Red Box Tools
- Stanley Black & Decker
- Shanghai Kaviation Technology Co. Ltd.
- STAHLWILLE Eduard Wille GmbH & Co. KG
- Field International Group Limited
- Henchman Products
- Dedienne Aerospace
- FRANKE-Aerotech GmbH
- German Gulf Aviation Services
- Tronair
- Snap-On Tools
For more information about this report visit https://www.researchandmarkets.com/r/rjqkxn
