In 2018, the global aviation test equipment market was valued at US$ 5.38 billion and is projected to expand at a compound annual growth rate (CAGR) of 4.1% from 2019 to 2027, reaching an estimated US$ 7.69 billion by the end of the forecast period.
The pace of operations within the global commercial aviation industry has been on the rise in recent years. North America is currently the leading region in the aviation test equipment market, driven by an increase in both aircraft and component manufacturers.
There is a significant surge in demand for advanced aircraft across both commercial and military sectors. This growth is largely fueled by the rising disposable incomes in developing nations, which in turn boosts the demand for air travel. Globally, commercial air traffic is expected to experience steady growth throughout the forecast period, despite the various challenges that commercial airlines encounter. These challenges are often overshadowed by the increasing number of passengers worldwide. Low-cost carriers (LCCs) in both developed and developing markets are transforming the industry by providing affordable travel options, thereby enhancing air travel accessibility for the upper-middle and middle classes in emerging economies.
The aircraft manufacturing sector is responsible for producing aircraft and their components, which are essential for the maintenance of aviation operations. Major players in this industry include Boeing, Airbus, Bombardier, Embraer, Beech Aircraft Corporation, and Cessna Aircraft Company. For example, in 2018, Airbus surpassed its aircraft production and delivery goals by delivering 800 aircraft to various clients globally, compared to 718 in 2017. The company anticipates delivering between 880 and 890 aircraft in 2019. Similarly, Boeing, a prominent US aircraft manufacturer, also delivered over 800 commercial aircraft and expects to achieve between 895 and 905 deliveries in 2019. The increase in aircraft production is primarily due to the need to replace aging fleets, particularly in North America. The replacement of older commercial aircraft is driven by the revenue needs of airlines and the quest for operational efficiency. Additionally, new regulations, modernization of airspace, and growing environmental concerns have led to the retirement of older aircraft. These factors are expected to further stimulate the demand for aviation test equipment.
The global aviation test equipment market is categorized by product type, aircraft type, and end-user. In terms of product type, the market includes electrical test equipment, hydraulic test equipment, power test equipment, and pneumatic test equipment. Regarding aircraft type, the market is divided into manned and unmanned categories. For end-users, the aviation test equipment market is split into commercial and military segments. Geographically, the market is segmented into five regions: North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Key players in the aviation test equipment market include Avtron Aerospace, Inc., BAE Systems, Bauer Inc., ECA Group, Hydraulics International Inc., Lockheed Martin Corporation, Astronics Corporation, Teradyne Inc., Testek Inc., and TEST-FUCHS GmbH.
The overall size of the global aviation test equipment market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the aviation test equipment market. This research also provides an overview and forecast of the market based on the various segments identified for the global region. Additionally, primary interviews are conducted with industry participants and experts to validate the data and analysis. Participants typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the aviation test equipment sector.