Engine Stand Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The engine stand market size is projected to reach US$ 840.7 million by 2031 from US$ 644.9 million in 2023. The market is expected to register a CAGR of 2.9% in 2023–2031. The increasing popularity of aircraft MRO facilities in Asia Pacific countries is among the key factors driving the engine stand market.

Engine Stand Market Analysis

Factors such as raising aircraft deliveries and orders across the globe are among the prominent factors that are encouraging the demand for more aircraft engines. Owing to the fact that the aerospace industry is among the prominent end users of engine stands, aircraft engine developers are engaged in procuring engine stands. In addition, increasing aircraft production and assembly plants in countries like the US are among the prominent factors contributing to the market growth. Moreover, the advent of a tracking system for engine stands to track real-time information about it is expected to create lucrative business opportunities for the developers. In addition, the rise in scope of maintenance, repair, and overhaul facilities is increasing across the globe, especially in the Southeast Asia market, including Thailand, Malaysia, Indonesia, and Singapore. Similarly, in other regions, the rise in the expansion of maintenance centers is also expected to drive market growth during the forecast period.

Engine Stand Market Overview

With the mounting population and increase in spending power, the demand for vehicles is also rising at the global level. In addition, a rise in demand for engine stands for maintenance and repair of gasoline and diesel engines from automotive, aerospace, and other industries is anticipated to fuel the engine stand market growth during the analysed timeframe. Moreover, contractual alliances, joint ventures, and investment in MRO are other factors that are expected to contribute to the demand for engine stands. In support of this aspect, Thai Airways International (THAI) and Airbus have inked an agreement to inaugurate a new joint venture MRO facility at the U-Tapao International Airport near Bangkok. Growth in MRO centers is expected to increase the procurement of engine stands, thereby influencing market growth.

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Engine Stand Market: Strategic Insights

Market Size Value in	US$ 593.3 Million in 2019
Market Size Value by	US$ 716.9 Million by 2027
Growth rate	CAGR of 3.0% from 2020-2027
Forecast Period	2020-2027
Base Year	2020

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Engine Stand Market Drivers and Opportunities

Increasing Orders Deliveries of Aircraft

The global aircraft industry is experiencing significant growth, recording a rise in production volumes of commercial and military aircraft fleets. The commercial aircraft fleet has experienced massive growth in the past 10 years owing to the introduction of new low-cost carriers (LCCs) and aircraft fleet expansion strategies which are adopted by the full-service carriers (FSCs). Commercial aviation is expected to surge in the upcoming years owing to the increasing number of air travellers and aircraft procurement. In regions including North America, Europe, MEA, and Asia Pacific, air passenger traffic has been raising with time, which is fueling the demand for commercial aircraft. In APAC, primarily in China and India, commercial aircraft have been proven to be cost-effective.

The aviation industry is evolving rapidly and dynamic across the globe. The increase in the production of commercial & military aircraft fleets is significantly expanding the scope of aircraft engine manufacturing. The procurement of aircraft is increasing worldwide, especially in developing regions such as Asia. As per forecasts of Boeing, predicts the global demand for 41,000 new aircraft by 2037; of this, APAC is likely to procure over 16,000 aircraft. These projections are encouraging the aircraft companies to expand their production and assembly plants for aircraft manufacturing.

Growing Popularity of MRO Facilities in APAC Countries

The exponential growth of the aviation sector has complemented the establishment of MRO facilities in the world over the years. The scope of MRO facilities is expected to rise in different parts of the world especially in Asia. Owing to the rising adoption of low-cost carriers (LCCs), the outlook of the civil aviation industry has evolved drastically in Asian countries. The rise with the aviation sector is rapidly accelerating the aircraft maintenance business growth, especially in APAC. Countries such as China and India are emerging as economic powerhouses for fleet acquisition. AirAsia (Malaysia) and Lion Air (Indonesia), among others, have placed huge orders of aircraft in the last few years. Therefore, with the growing fleet acquisition, need for having sufficient MRO capabilities is also on rise. Southeast Asian countries such as Malaysia, Indonesia, and Thailand are emerging as destinations for making significant investments for the establishment of MRO facilities.

In line with this, Thai Airways International (THAI) and Airbus signed an agreement to inaugurate new joint venture MRO facility at the U-Tapao International Airport near Bangkok. Moreover, Singapore houses over 100 aerospace companies that have apprehended quarter of the Asian MRO market. Goodrich Corp. and ST Aerospace are a few of the prominent players in the MRO market in Singapore; they offer services ranging from aircraft modifications and conversions to airframe maintenance and engine overhaul.

Engine Stand Market Report Segmentation Analysis

Key segments that contributed to the derivation of the engine stand market analysis are product type and application.

• Based on product type, the engine stand market has been divided into gasoline engine stand and diesel engine stand. The gasoline engine stand segment held a larger market share in 2023.
• Based on application, the engine stand market has been divided into automotive, aircraft, and others. The aircraft segment held a larger market share in 2023.

Engine Stand Market Share Analysis by Geography

The geographic scope of the engine stand market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.

North America has dominated the engine stand market in 2023. The North America region includes the US, Canada, and Mexico. The technological advancements across the region have resulted in a highly competitive market for all sectors. At present, there is high adoption of engine stands in the US and Canada across industries such as energy & power, automotive, and aircraft. Additionally, favorable government initiatives to standardize the performance and safety requirements of engines and other automotive devices are influencing the growth of the market over the region. In addition, the rising stringent government regulations for the safety of automotive and aircraft engines are contributing to the rise in the adoption of engine stands across the region over the years. Moreover, natural gas vehicles currently operate in a range of applications, including marine, rail, medium and heavy-duty, light-duty, and off-road vehicles. This has led to the high adoption of gasoline engines across industries in the country, thereby creating demand for gasoline engine stands, which in turn is anticipated to fuel the engine stand market growth during the forecast period.

Engine Stand Market Report Scope

Engine Stand Market News and Recent Developments

The engine stand 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 engine stand market and strategies:

• In February 2024, EngineStands24 introduced PW1100 engine stands in Asia Pacific. This strategy has strengthened the product offering of the company in the engine stand market.
• In April 2024, HYDRO Systems signed an agreement with PRATT & WHITNEY. The agreement aimed at supporting HYDROS's strategy in expanding its engine stand portfolio and meeting its customer needs.

Engine Stand Market Report Coverage and Deliverables

The “Engine Stand Market Size and Forecast (2021–2031)” report provides a detailed market analysis covering below areas:

• Market size and forecast at global, regional, & 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