PUBLISHER: The Business Research Company | PRODUCT CODE: 1414035
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414035
“Aviation Test Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aviation test equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aviation test equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The aviation test equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Aviation test equipment encompasses a range of tools utilized for the maintenance of an aircraft's hydraulic and electrical systems. These tools are instrumental in calibrating, inspecting, testing, and evaluating various aviation components.
The primary product categories of aviation test equipment include electrical or electronic test equipment, hydraulic test equipment, pneumatic test equipment, power test equipment, and others. Hydrostatic test equipment is specifically designed to perform standard tests ensuring pressure pipes are free from defects or leaks. Aircraft types span across manned and unmanned categories. These tools find application across various end-user sectors, including commercial aviation, defense and military sectors, and other specialized industries.
The aviation test equipment market research report is one of a series of new reports from The Business Research Company that provides aviation test equipment market statistics, including aviation test equipment industry global market size, regional shares, competitors with an aviation test equipment market share, detailed aviation test equipment market segments, market trends, and opportunities, and any further data you may need to thrive in the aviation test equipment industry. This aviation test equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The aviation test equipment market size has grown steadily in recent years. It will grow from $8.25 billion in 2023 to $8.64 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth observed in the historical period can be attributed to several factors, including the expansion of aircraft fleets, the implementation of stringent regulatory standards, heightened emphasis on aircraft safety measures, ongoing aircraft modernization initiatives, the adoption of preventive maintenance practices, and the globalization of aircraft maintenance operations.
The aviation test equipment market size is expected to see steady growth in the next few years. It will grow to $10.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. Anticipated growth in the forecast period is expected to be driven by several factors, including the introduction of new aircraft models, increased adoption of health monitoring systems for aircraft, a shift towards electric and hybrid aircraft technologies, improvements in portable testing solutions, and a growing demand for commercial aircraft.
The surge in air passenger traffic is poised to drive the aviation test equipment market. Air passenger traffic encompasses the volume of domestic and international travelers using air carriers registered within a country. Aviation test equipment plays a pivotal role in verifying production quality and identifying systemic issues, crucial in supporting the escalating demand for air travel. For instance, data published by the Airport Council International (ACI) in 2021 revealed a substantial 28.3% increase in global airport passengers, reaching 4.6 billion, with aviation freight volumes climbing 15.4% to a record 125 million metric tons. Hence, the escalating air passenger traffic significantly influences the aviation test equipment market.
The upsurge in military expenditure is expected to propel the aviation test equipment market's growth. Military expenditure encompasses government spending on defense and military-related activities, facilitating advancements in aviation test equipment through funding projects and enabling the use of high-quality materials and components. For example, data from the Stockholm International Peace Research Institute (SIPRI) in April 2023 indicated North American military expenditures reaching $904 billion in 2022, marking a 0.7% increase from 2021. Canada's $26.9 billion allocation for military budgets in 2022 reflected a 3% surge from 2021. Consequently, the rising military expenditure significantly fuels growth in the aviation test equipment market.
Technological advancements emerge as a dominant trend in the aviation test equipment market. Companies within this sector are embracing new technologies to fortify their market presence. For instance, Airbus and CMF International jointly launched the 'Flight Test Demonstrator' in July 2022, part of CFM's Revolutionary Innovation for Sustainable Engine (RISE) demonstration program. This initiative aims to expedite the development of innovative propulsion technologies aboard an Airbus A380.
Major players in the aviation test equipment market are focusing on innovative products, including AI-based aircraft engine analysis tools, to gain a competitive edge. These sophisticated software applications utilize AI to analyze and assess aircraft engine performance and efficiency. Pratt & Whitney's recent launch of 'Percept' in June 2023 exemplifies this trend. Percept, operating on the Awiros Video Intelligence Operating System (OS), captures engine images and videos, offering real-time assessments on parts availability. This AI tool streamlines engine inspections, leading to cost-efficiency and faster evaluations.
In April 2021, Raptor Scientific, a US-based manufacturer specializing in air data test technology and radar cross-section measurement instruments, completed the acquisition of TestVonics Inc. The specific financial details of the acquisition were undisclosed. This strategic move by Raptor aims to augment its customer relationships by offering a comprehensive suite of test and measurement products and services through a single supplier. TestVonics Inc., also based in the US, is recognized for designing and developing exceptionally precise air data test systems and laboratory calibrators. These cutting-edge systems cater to needs within both commercial and military environments. This acquisition expands Raptor's portfolio, enabling a more comprehensive and unified approach to serving customer demands in the test and measurement sector.
Major companies operating in the aviation test equipment market report are Rolls Royce Holdings LLC, Honeywell International Inc., Rockwell Collins - RTX corporation, Airbus SE, Boeing Company, Teradyne Inc., 3M Company, Testek Inc., Moog Inc., SPHEREA Test & Services SAS, Lockheed Martin Corporation, General Electric Company, Avtron Aerospace Inc., DAC International Inc., Ideal Aerosmith Inc., DMA-Aero, ATEQ & Cobra Aviation LC, Viavi Solutions Inc., Avionics Specialist Inc., AERO Specialties Inc., Barfield Inc., National Technical Systems Inc., Northrop Grumman Corporation, Pacific Southwest Instruments, Parker Hannifin Corporation, CEF Industries LLC, Ultra Electronics Holdings plc, Doble Engineering Company, EADS North America Defense Test & Services Inc., ECA Group, Esterline Technologies Corporation, Fluke Corporation
Asia-Pacific was the largest region in the aviation test equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global aviation test equipment market during the forecast period. The regions covered in the aviation test equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the aviation test equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The aviation test equipment market consists of sales of air data test sets, altimeter test sets, altitude encoders or testers, antenna analyzers, and automated test sets. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.