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.
AEROWEST MFG CORP., FRANK BROWN & SON LTD., FARWEST AIRCRAFT, NORBAR TORQUE TOOLS LTD., INSPECTION TECHNOLOGIES LTD., PROTO, RED BOX AVIATION, SHANGHAI KAVIATION TECHOLOGY CO.,LTD., ALBERTH AVIATION, AND HYDRO SYSTEMS KG-PROMINENT MARKET PARTICIPANTS IN AIRCRAFT MAINTENANCE TOOLING MARKET
Several engine development programs are being adopted, owing to the mounting spending toward aircraft modernization, norms and regulations, and environmental concerns for the retirement of older fleets. Most of the engine manufacturers are robustly focusing on the development of economical and efficient engines for new aircraft fleets. The procurement of advanced aircraft parts is expected to double in the next few years, which is driving the retirement of older planes across the globe. Further, the integration of internet of things (IoT), Blockchain, artificial intelligence (AI), and other advanced technologies into the aircraft is demanding high level of maintenance services, which is further boosting the aircraft maintenance tooling market.
The aircraft maintenance tooling market is segmented into tool type, user, and geography. Based on tool type, the market is segmented into speed handle, wrenches, safety wire pliers, vibration meter, metalworking tools, and others. Based on user, the aircraft weighing system market is segmented into MRO service providers and airline operators. In terms of region, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). AeroWest Mfg Corp., Frank Brown & Son Ltd., Farwest Aircraft, Norbar Torque Tools Ltd., Inspection Technologies Ltd., PROTO, Red Box Aviation, Shanghai kaviation Techology Co.,Ltd., Alberth Aviation, and HYDRO SYSTEMS KG are among the major market players that are profiled in this study. In addition to these players, several other important market players were studied and analyzed during this market research study to get a holistic view of the global aircraft maintenance tooling market and its ecosystem.
Most of the market initiatives were observed in North America region, which have a high potential of Aircraft Maintenance Tooling providers. Few of the important market initiatives and product developments from the industry are mentioned below:
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Red Box International company introduced a new office in Hampshire |
Red Box International company introduced a new office in Hampshire, the UK location. The company expanded its premises to enhance its production capacities. |
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