The Aviation Test Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aviation Test Equipment Global Market Report 2024, 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 in the historic period can be attributed to aircraft fleet expansion, stringent regulatory standards, focus on aircraft safety, aircraft modernization programs, preventive maintenance practices, globalization of aircraft maintenance.
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%. The growth in the forecast period can be attributed to introduction of new aircraft models, adoption of health monitoring systems, shift towards electric and hybrid aircraft, enhancements in portable testing solutions, rising demand for commercial aircraft. Major trends in the forecast period include advancements in avionics technology, integration of internet of things (iot), simulation and training equipment, portable and handheld testing solutions, electromagnetic compatibility (emc) testing.
An increase in air passenger traffic is expected to propel the growth of the aviation test equipment market going forward. Air passenger traffic refers to the volume of air passengers commuting; it comprises both domestic and international flight passengers of air carriers registered in the country. Aviation test equipment helps aircraft in verifying production quality, and identifying systemic issues, and thus supports the increasing air travel. For instance, according to the data published by the Airport Council International (ACI), a Canada-based organization for airport authorities, in 2021, the world’s airports hosted 4.6 billion passengers, up 28.3% from 2020, while aviation freight volumes grew 15.4% year on year, reaching a record 125 million metric tons. Therefore, the increase in air passenger traffic drives the aviation test equipment market.
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The aviation test equipment market covered in this report is segmented –
1) By Product Type: Electrical Or Electronic Test Equipment, Hydraulic Test Equipment, Pneumatic Test Equipment, Power Test Equipment, Other Product Types
2) By Aircraft Type: Manned, Unmanned
3) By End-User: Commercial Sector, Defense Or Military Sector, Other End Users
Technological advancements are a key trend gaining popularity in the aviation test equipment market. Companies operating in the aviation test equipment market are adopting new technologies to sustain their position in the market. For instance, in July 2022, Airbus, a France-based aerospace company and CMF International, a France-based aerospace company launched a technology named ‘Flight Test Demonstrator’. As a component of CFM’s Revolutionary Innovation for Sustainable Engine (RISE) demonstration program, the Flight Test Demonstrator intends to advance and quicken the development of innovative propulsion technologies on board an Airbus A380.
The aviation test equipment market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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