According to the new research report published by The Insight Partners, titled “Commercial Aircraft Maintenance Tooling Market Forecast to 2028 – COVI
According to the new research report published by The Insight Partners, titled “Commercial Aircraft Maintenance Tooling Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Tool Type, Users, and Application,” the market is expected to grow from US$ 1,456.40 million in 2021 to US$ 2,020.46 million by 2028; it is estimated to grow at a CAGR of 4.8% from 2021 to 2028.
The global commercial aircraft maintenance tooling market is segmented into five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. In 2020, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. The modern aircraft models require regular check and maintenance of parts and components to preserve their life span as long as possible along with safe and efficient operations. Also, different commercial aircraft components require common maintenance tools and specific tools to perform maintenance, repair, and overhaul operations. Therefore, commercial aircraft maintenance tooling plays a crucial role in maintaining the required modifications and repairs in an aircraft to retain its life span and support the airlines, aircraft OEMs, and MRO service providers to retain efficient operations that lead to better aircraft performance. Moreover, the rising awareness related to predictive aircraft maintenance is one of the major trends propelling the demand for aircraft maintenance across the global aviation sector. In addition, the deployment of new technologies in commercial aircraft and demand for refurbishment of old generation commercial aircraft fleet are expected to drive the growth of the commercial aircraft maintenance tooling market in the future.
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North America comprises a notable volumes of commercial aircraft maintenance facilities encompassing independent service providers, engine maintenance service providers, landing gear maintenance services, and aircraft OEMs and airlines with in-house maintenance shops. The civil aviation industry across the region experienced dramatic changes in the first half of 2020. According to Bureau of Transportation Statistics (BTS), US, the domestic air travel across the US experienced a 97% decrease in passenger revenue from February to April 2020. The Canadian and Mexican aviation industry also experienced similar trends. This impacted the civil aviation manufacturers leading to decline in demand for commercial aircrafts from the region. The supply chain of several maintenance-related tools and machineries was also restricted as a result of significantly lower volume of aircraft movement. Therefore, the COVID-19 pandemic impacted negatively in the commercial aircraft maintenance tooling market heavily.
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, and Snap-On Tools are among the major companies operating in the commercial aircraft maintenance tooling market.
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