The flight inspection market was valued at US$ 4,281. 99 million in 2019 and is projected to reach US$ 8,060. 80 million by 2027; it is expected to grow at a CAGR of 8. 1% from 2020 to 2027. Governments as well as private and public companies are investing huge amounts in strengthening their commercial aircraft fleet for global market reach.
New York, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Flight Inspection Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Solution [System and Services ] and End User" - https://www.reportlinker.com/p06027536/?utm_source=GNW
Further, increased safety standards and improved guidelines for airport terminals are enhancing the importance of flight inspection systems.
Besides, the increased use of automatic flight inspection systems helps reduce operational time, improve process efficiency, and save cost.Therefore, there is an increase in demand for automatic flight inspection systems from airport facilities.
For instance, according to the Federal Aviation Administration (FAA), Air Traffic Control Tower at CLT has managed more than 500,000 flights in 2018 and the number of flights is expected to grow by ~745,000 flights in the coming 15 years. Also, in June 2020, FAA and Boeing Co. initiated the three-day certification test for 737 MAX to assure if it is fit to fly. The inspection operations are performed to certify that the equipment performance is meeting the defined standards. Thus, increasing demands from manufacturers for flight inspection systems and its supporting services are boosting the growth of the flight inspection market.
The COVID-19 outbreak pandemic is creating severe impact on the international transportation of flight, which is hampering the commercial aircraft market.The restrictions on transportation and international traffic are disrupting the aerospace industry, whereas military aircraft sector is experiencing a very low negative impact of this downturn.
The flight inspection market is witnessing mixed impact of the pandemic situation such as the demand for flight inspection services has remained stable or increased owing to standing aircraft fleet.On other hand, the purchase of new aircraft, flight inspection systems, and other investments in the expansion of aircraft fleet are reduced as the pandemic has hindered the aviation revenue.
Large number of airlines are facing major loss or a few might shutdown permanently. Lowering number of the aircraft and airlines can lower the demand of flight inspection systems and services, which would restrain the flight inspection market growth in the coming years.
The flight inspection market is segmented on the basis of solution and end user.Based on solution, the market is bifurcated into system and services.
The system segment held a larger market share in 2019.By end user, the flight inspection market is bifurcated into defense airport and commercial airport.
In 2019, the commercial airport segment held a larger market share.
The overall flight inspection market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the flight inspection market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic.The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the flight inspection market.
A few major players operating in the global market are AERODATA AG; Airfield Technology, Inc.; Bombardier; ENAV S.p.A.; Norwegian Special Mission AS; Radiola Limited; Rhode & Schwarz; Safran; FCS; and Textron Aviation Inc.
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