Aircraft Line Maintenance Market to Experience Regression; COVID-19 Pandemic to Severely Affect Airline Deals and Forecast 2020 to 2027
Posted on Nov 26 2020 11:19 PM
"Aircraft Line Maintenance Market to Rise Excellently; Implementation of IoT to Brighten Growth Prospects, Opportunity and Industry Reach USD 23.67 Billion by 2027. The rising improvements and advancements in the maintenance, repair, and overhaul (MRO) of the aviation industry will support the growth of the market. "
The Global Aircraft Line Maintenance Market Size is expected to reach USD 23.67 billion by 2027, exhibiting a CAGR of 5.06% during the forecast period. The growing concerns regarding public safety and management will spur opportunities for the market during the forecast period, states Fortune Business Insights in a report, titled “Aircraft Line Maintenance Market Size, Share & Industry Analysis, By Type (Transit Checks, and Routine Checks), By Aircraft Type (Commercial, Military), By Platform (Traditional Line Maintenance, Digital Line Maintenance), By Service (Engine and APU Service, Component Replacement and Rigging Services, Aircraft On Ground Service, and Others) and Regional Forecasts, 2020-2027”.
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Integration of Big Data and IoT to Enhance Market Potential:-
The rising utilization of big data to store chunks of data and processing will have a tremendous impact on the growth of the market. The escalating demand of IoT for its predictive techniques and methods to reduce maintenance delays will enable speedy expansion of the market in the forthcoming years. The development of wearable technologies will boost the MRO services, which, in turn, will create opportunities for the market during the forecast period. The evolving industry regulations will create lucrative business opportunities for the market in the foreseeable future. The utilization of advanced technologies by the industry such as google glass or pebble watch for immediate responses and resolution of critical issues will subsequently foster the growth of the market during the forecast period.
Modernization of Contemporary Aircraft Systems to Foster Growth in Europe:-
North America is likely to hold the largest share in the global market owing to the increasing technological advancement in the aviation industry. The market in Europe is predicted to witness high growth during the forecast period owing to the upgradation of conventional aircraft systems. The growing investment in robust airports and services will influence healthy growth in Europe. The market in Asia Pacific is predicted to hold the lion’s share during the forecast period owing to the surge in aircraft deliveries. The booming aviation industry in India will have a positive impact on the market in the foreseeable future. The improvement in airport infrastructure and services will accelerate the aircraft line maintenance market growth in Asia Pacific. Nonetheless, the coronavirus crisis is likely to hamper the growth of the global market.
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The report Lists the Main Companies in the Market:
- ANA Line Maintenance Technics Co., Ltd. (Japan)
- Ameco (China)
- BCT Aviation Maintenance Ltd (The U.K.)
- Monarch Aircraft EngineeringLtd (Germany)
- STS Aviation Group, Inc. (The U.S.)
- United Airlines, Inc. (The U.S)
- Nayak Group (Germany)
- Delta TechOps (The U.S.)
- Hong Kong Aircraft Engineering Company Limited (China)
The global airport industry has faced with multi-billion-dollar losses in the first quarter of 2020, but it is predicted that the impact of COVID-19 will extend till 2021. The recovery may take a year or more to reach pre-COVID-19 air traffic levels, and the industry may not achieve pre-COVID-19 traffic volumes again before the end of 2021. In corresponding with the ongoing crisis in Asia-Pacific, there is also a major impact of the COVID-19 pandemic in several European and the Middle East countries. Thus, these regions are also anticipated to be considerably impacted by traffic downfall.
Many new aircraft are expected to enter into service by 2027, this rise in the number of aircraft increases not only the workload of aviation mechanics but also the skillset required to support the expanding fleet. The increase in the global fleet size is outpacing the maintenance technician supply. This shortage of labor may drive up the maintenance cost and increase turnaround times for maintenance, which results in slow growth for the industry and is a restraining factor for the market.
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Airlines are responsible for protecting their trade secrets, data of the passengers, and also the lives of the passengers. Airlines today face an ever-changing field of cyberattacks from criminals of all kinds, which has made ensuring the safety of the passengers more challenging than ever.
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