With $4,340.71 Million, Aircraft Maintenance Tooling Market is Set to reach at a CAGR of 4.1% by 2027

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iCrowdNewswire   Mar 1, 2021  6:00 PM ET

The aircraft manufacturing industry across the globe is witnessing huge growth owing to the mounting demand for commercial aircraft. Growing population and mounting disposable incomes in developing countries, including India, are significant factors driving the demand for various aircraft types.

Rising demand for air travel worldwide encourages aircraft manufacturers, such as Airbus and Boeing, to increase their production volumes and offer maintenance services for these aircraft as well. With the constant growth in the air traffic, carriers are more liable to maintain the optimum condition of the aircraft so as to extend their life span; otherwise, they would have to procure new aircraft. The cost of procurement of a new aircraft is much higher than the cost for the maintenance of the existing aircraft. Different airports across the world are introducing advanced development processes to further boost the efficiency of the aircraft. Increasing integration of technological systems for capturing real-time data of the health of the aircraft and meet the requirements of next-generation aircraft may lead to the growth of the aircraft maintenance tooling market in the near future.

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Impact of COVID-19 Pandemic on Aircraft Maintenance Tooling Market

The US is the most affected country in North America with thousands of COVID-19 infected individuals facing severe health conditions across the country. The continuous growth of confirmed cases has led the government to impose lockdown across the nation’s borders during Q2 of 2020. The majority of the manufacturing plants are either temporarily shut or are operating with minimum staff; the supply chain of components and parts is disrupted. These are a few of the critical issues faced by the North American manufacturers.

Since the US has the largest density of aircraft OEMs, component manufacturers, and airports, the outbreak has severely affected the production and revenue generation of each. The lower number of manufacturing staff has resulted in lesser production quantity. The suspension of air travel resulted in loss for the airlines, which restricted the demand for airline associated services. This factor stalled the revenue generation stream of the aircraft maintenance tooling market, which is hindering the growth of the aircraft maintenance tooling market.

Market Segmentation:

The aircraft maintenance tooling market is segmented on the basis of tool type and users. Based on tool type, the market is segmented into speed handles, wrenches, safety wire pliers, vibration meters, metalworking tools, and others. The speed handles segment is expected to hold the largest market share during the forecast period. Based on users, the aircraft maintenance market is bifurcated into MRO service providers and airline operators. In 2019, the MRO service providers segment accounted for a significant share in the market.

The aircraft maintenance tool manufacturers are observing noteworthy downfall in respective businesses, which is directly hindering the demand for the same among various end users, including airline operators. The outbreak has substantially disrupted the aircraft maintenance tooling supply chain in the region, which had a negative impact on the market. The recovery period is expected to be faster than other regions, as several countries are anticipated to gain new airports in the coming years and there is an increasing initiatives undertaken by the governments of countries such as China to reduce the losses from the aviation industry.

Strategic Insights:

The players operating in the aircraft maintenance tooling market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In 2020, Norbar Torque Tools ltd company enhanced their product offering for pneutorque pneumatic torque tools with the new PTS series.

In 2019, Alberth Aviation company introduced a new aircraft tooling product for the aircraft manufacturers. The new main gear jack adapter is introduced by the company for the Gulfstream aircraft fleet.

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