According to the latest research report titled “Aircraft Maintenance Tooling Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 4,340.71 million by 2027, registering a CAGR of 4.1% during 2020–2027.
Increasing Air Traffic Volume to Drive Market Growth
Aircraft maintenance tooling is vital to smoothen the operationality of aircraft movements. Airlines demand enhanced maintenance, repairing, and overhauling (MRO) services to boost the serviceable aircraft life instead of investing in the procurement of new aircraft. With the growing advancements in the aviation industry, the demand for aircraft maintenance tooling is also boosting. Countries such as India, China, the UAE, and Taiwan are strongly expanding aviation industry, which is creating strong growth opportunities for the aircraft maintenance tooling market players. Increase in air travel in developing economies, rise in production of commercial aircraft, and infrastructure developments are driving the demand for commercial aircraft components.
Advancements in maintenance tolling solution with the help of AI (artificial intelligence) are offering lucrative opportunities for the market players to develop advanced maintenance tooling solution. The integration of AI with the aircraft maintenance tooling consists of prescriptive and predictive analytics, communication features, automated reporting, voice recognition, and deep learning. Aircraft maintenance tools are witnessing strong demand from MRO service providers to improve their service speed and accuracy. Also, aircraft maintenance tooling services are experiencing significant demand from developing nations to enhance and maintain their aircraft fleet performance.
Aircraft maintenance tooling is an affordable solution for the airline owners. As the cost of procurement of a new aircraft is much higher than the cost for the maintenance of the existing aircraft. Increasing aircraft production and rising MRO service providers and airline operators are surging the demand for various tools used for aircraft maintenance. However, the growing shift toward advanced tools for aircraft part manufacturing is likely to change the maintenance techniques in the near future. With the growth in the aviation industry, the demand for aircraft MRO services is also surging from the last few years. Several regions are highly focused on extending MRO services for commercial and military aircraft companies. These factors are surging the demand for maintenance tooling in MRO service provider segment.
Key Findings of Study:
• Countries from the different regions are forming partnerships to develop advanced military aircraft technologies. The increasing number of aircraft and airlines service providers are increasing the demand for aircraft maintenance tooling solution. For instance, in August 2019, Red Box Aviation expanded its business in the Asia market, specifically in china, through the introduction of a new distributor, Melchers Aviation Technical Service (MATS). The company is expanding its business operation in China. The MATS will handle all technical inquiries, assistance, sales, and services to customers throughout China.
• According to the Boeing aviation market forecast, APAC countries will require 16,930 more airplanes by 2037 to accommodate the increasing number of travelers. The region is expected to account ~40% of future airline production to meet the aircraft demand. Growing number of aircraft in Asian countries is further expected to boost the growth of the aircraft maintenance tooling market during the forecast period.
• The aircraft maintenance sector is integrating AI to boost the response time and reduce costs rising due to human error. Also, increasing integration of blockchain, Internet of Things (IoT), augmented reality (AR), artificial intelligence (AI), and big data analytics in maintenance services is creating new development in tooling solutions. Thus, the mounting trend of adoption of blockchain, IoT, AI, and big data analytics by maintenance providers is boosting the aircraft maintenance tooling market across the world.