The Insight PartnersAccording to our latest market study on “Aircraft Maintenance Tooling Market Forecast to 2027 – COVID -19 Impact and Global Analysis – by Tool Type (Speed Handle, Wrenches, Safety Wire Pliers, Vibration Meter, Metalworking Tools, and Others) and Users (MRO Service Providers and Airline Operators),” the market was valued at US$ 3,177.70 million in 2019 and is projected to reach US$ 4,340.71 million by 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027.
Airlines demand enhanced maintenance, repairing, and overhauling (MRO) services to boost the serviceable aircraft life instead of investing in the procurement of new aircraft. Previously, airlines executed MRO activities for their aircraft, which enhanced the operational cost and reduced overall efficiency. The adoption of software data analytics, which is integrated with the MRO software, allows the airlines to carry out smooth and efficient operations by reducing the turnaround time of aircraft maintenance. The MRO software data analytics permit the airlines to decrease the maintenance costs and focus on fleet operations.
The data analysis software enables the aircraft operators to maintain optimal inventory levels and order frequency as well as manage the staffing requirements for managing the access to information associated with the number of aircraft coming for servicing, thus, tackling issues efficiently regarding staff scarcity and overstaffing. The mounting demand for connected aircraft is boosting the data connectivity delivered by satellite communication and increasing the operational efficiency by empowering faster aircraft maintenance and repairs.
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Surge in Demand from Emerging Countries Offer Business Opportunities to Market Players
The aircraft industry is growing at a faster rate in Asia Pacific, North America, and Europe with the rising integration of blockchain, Internet of Things (IoT), augmented reality (AR), artificial intelligence (AI), and big data analytics in maintenance operations. China, India, the US, Germany, and the UK are among the countries that are strongly adopting aircraft maintenance tooling systems in the commercial aircraft sector. Furthermore, rising airline services in Asian countries are strongly supporting market growth. In addition, government is also playing vital role to support aviation industry even in the COVID-19 outbreak pandemic. For instance, government of South Korea announced the financial support up to US$ 269 million or smaller local air carriers.
The connected aircraft can easily contact the ground stations and efficiently share data related to the condition of aircraft engines and system components to the MRO service providers. The data captured is used for predictive maintenance planning. The prescriptive maintenance allows the MRO service providers to determine real-time conditions, analyze the information of the system before failure occurs, and monitor the data related to MRO activities. The MRO service providers use condition-based analysis to monitor the health of the aircraft and analyze data based on historical maintenance records.
The growth of the aircraft maintenance tooling market is mainly attributed to increasing investments in the aviation industry in developed and developing nations. Aircraft maintenance tooling is done to maintain the optimum condition of an aircraft to extend their life span; otherwise, airlines would have to procure new aircraft. Thus, it has major adoption in commercial aircraft fleet. With the immense growth in the aircraft technology, each country is witnessing the increased demand for aircraft maintenance tooling solutions.
The cost of procurement of a new aircraft is much higher than the cost for the maintenance of the existing aircraft. Therefore, market players are developing advanced aircraft maintenance tools to conduct timely and efficient maintenance activities for the aircraft. The COVID-19 pandemic is hindering the market growth as many airlines are suspended in several countries due to travel restrictions. Moreover, the growing demand for aircraft maintenance tooling services from developing countries such as India and China are compelling aircraft maintenance tooling providers to improve their offerings with modern technology. The aircraft maintenance tooling companies adopt various marketing strategies such as new product developments, partnerships, and acquisitions to optimize their existing offerings and expand their portfolio to meet the demand from a significant number of customers. For instance, in July 2018, PROTO Industrial Tools introduced a new range of 1,500+ aerospace-compliant (AS) mechanics tools for the aerospace industry. The newly developed wrenches, sockets, ratchets, extensions, torque tools, and accessories are launched for the aviation industry.
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