The aircraft maintenance tooling market size is projected to reach US$ 4.70 billion by 2031 from US$ 3.30 billion in 2023. The market is expected to register a CAGR of 4.6% in 2023–2031. Rising investment in increasing the aircraft fleet across the globe to fulfill the demand for rise in air travellers across the globe is among the key trends driving the aircraft maintenance tooling market.
Aircraft Maintenance Tooling Market Analysis
The aircraft manufacturing sector worldwide is experiencing huge growth due to the rising demand for commercial aircraft. Rising population & increasing disposable incomes in developing regions, including India, are key factors fueling the need for various types of aircraft. Increasing demand for air travel worldwide encourages manufacturers of aircraft, such as Airbus and Boeing, to raise their production volumes and offer maintenance tooling services for these aircrafts as well. With the continued growth in air traffic, carriers are expected to maintain the optimum condition of the aircraft to extend the life span of aircrafts; otherwise, the companies would have to procure new aircrafts. The cost of procurement of a new aircraft is much higher than the maintenance cost of the existing aircrafts. Different airports across the globe are launching advanced development processes to further fuel the efficiency of the aircraft.
Aircraft Maintenance Tooling Market Overview
Increasing integration of technologies for capturing real-time data on the health of the aircraft and meeting the increasing requirements of next-generation advanced aircrafts is expected to propel the aircraft maintenance tooling market growth in the near future. The availability of a large number of component suppliers enables the aircraft maintenance tooling manufacturers to choose the appropriate supplier. This enhances the supply chain of components. Upon procuring components, the aircraft maintenance tooling OEMs produce significant volumes of maintenance services; thereby, meeting respective customer demands. The end users include MRO service providers and airline operators. With the growing production rate of commercial aircraft, the demand for aircraft maintenance tooling is expected to increase steadily during the forecast period.
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Aircraft Maintenance Tooling Market: Strategic Insights
Market Size Value in US$ 3,177.70 Million in 2019 Market Size Value by US$ 4,340.71 Million by 2027 Growth rate CAGR of 4.1% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Aircraft Maintenance Tooling Market: Strategic Insights
| Market Size Value in | US$ 3,177.70 Million in 2019 |
| Market Size Value by | US$ 4,340.71 Million by 2027 |
| Growth rate | CAGR of 4.1% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Aircraft Maintenance Tooling Market Drivers and Opportunities
Surging Aircraft MRO Services in Emerging Economies
With the growing technological advancements in the aviation sector, the demand for aircraft maintenance tooling is also rising. Asia Pacific is highly focused on expansion of MRO services for commercial & military aircraft manufacturers. Major aircraft MRO businesses in Asia Pacific include Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), ExecuJet Haite Aviation Services China Co., Ltd and MTU Maintenance are spending heavily on aircraft infrastructure, together with economic growth, and increase in air passenger travellers are the factors fueling the adoption of aircraft maintenance tooling. Moreover, the soaring number of middle-class travelers—especially in APAC countries, such as China, Singapore, and India—is the key factor contributing to air travel growth, which in turn is consequently raising the need for aircraft maintenance tooling services in the region.
The governments in the economies with huge air traffic, as well as other emerging countries, are fueling the growth of aircraft maintenance tooling as a key strategy to fuel the economic goals of the region. The Rest of Asia Pacific countries, including Malaysia, Singapore, and Thailand, generates large revenues from aircraft maintenance tooling business. For instance, Singapore consists of well-established MRO hubs and substantial footprints of major players, such as GE Aviation, Airbus, and Rolls-Royce, in Singapore. As per the Wisconsin Economic Development Corporation (WEDC), Singapore consists of 120 aerospace companies, which account for ~25% of the APAC’s aircraft maintenance tooling business.
Growing Adoption of Blockchain, IoT, AI, and Big Data Analytics by Maintenance Providers
The aircraft maintenance tooling market is experiencing a huge adoption of data analysis, owing to the fueling integration of blockchain, machine learning, Internet of things (IoT), artificial intelligence (AI), and big data analytics. The increasing adoption of aviation maintenance tooling software is propelling the development of digital solutions for ERP-based software. The integration of AI with aircraft maintenance tooling comprises predictive analytics, communication features, automated reporting, voice recognition, & deep learning. The maintenance tooling service providers are robustly focusing on digitalizing the software to permit them for task recognition, intelligent memory usage, and improved scalability. The maintenance tooling software powered by AI is used for monitoring health and aviation asset management. For instance, the aircraft maintenance tooling industry is integrating AI to boost response time and reduce costs due to human errors. Also, aircraft engine developers are procuring smart engines for analyzing data generated from sensors and softwares installed on them. Thus, the increasing trend of adoption of advanced technologies as mentioned above by maintenance tooling providers is boosting the aircraft maintenance tooling market across the world.
Aircraft Maintenance Tooling Market Report Segmentation Analysis
Key segments that contributed to the derivation of the aircraft maintenance tooling market analysis are tool type and users.
- On the basis of tool type, the aircraft maintenance tooling market has been divided into speed handles, wrenches, safety wire pliers, vibration meters, metalworking tools, and others. The speed handle segment held a larger market share in 2023.
- Based on the users, the aircraft maintenance tooling market has been divided into MRO service providers and airline operators. The MRO service providers segment held a larger market share in 2023.
Aircraft Maintenance Tooling Market Share Analysis by Geography
The geographic scope of the aircraft maintenance tooling market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and South America.
North America will dominate the aircraft maintenance tooling market in 2023. The North America region includes the US, Canada, and Mexico. North America is known for having the largest fleet of commercial, general, & military aircraft globally, and hence it needs regular MRO services for operational availability. The presence of various aircraft OEMs in the United States makes the region the highest aircraft manufacturer globally, which is likely to boost the aircraft maintenance tooling market in the North American region. Various contracts & agreements are regularly signed between aircraft maintenance tooling providers, airlines, & defense agencies for the launching and procurement of new aircraft fleet. These factors are fueling the market in North America region. The adoption of regulations and stringent safety standards and the introduction of new government laws by legislative government authorities are also projecting the aircraft maintenance tooling market growth in the region.
Aircraft Maintenance Tooling Market Report Scope
Aircraft Maintenance Tooling Market News and Recent Developments
The aircraft maintenance tooling market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for aircraft maintenance tooling market and strategies:
- In July 2023, Shift5 launched a predictive maintenance platform for commercial aircraft. This product will offer a predictive maintenance module with distinctive capabilities.
- In April 2022, Lufthansa Technik launched new condition-monitoring tools for Airbus and Boeing operators. This strategy has enhanced the product offering of the company in the aircraft maintenance tooling market.
Aircraft Maintenance Tooling Market Report Coverage and Deliverables
The “Aircraft Maintenance Tooling Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Tool Type and Users , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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