Top 3 trends accelerating flight inspection market share over 2019-2025
Publisher : Fractovia | Published Date : 2019-12-20Request Sample
Over the last few years, flight inspection market has been experiencing strong growth owing to surging use of flight inspection systems which are designed to test the navigational aids of aircrafts. Basically, the system ensures the overall reliability of the guidance systems used to assure safe landing of the aircrafts.
Regulatory organizations like FAA and ICAO govern such inspection and maintenance activities, thus weighing on the passenger safety. Worldwide increasing number of airports complemented by the sharp growth in number of business travels and tourisms are expected to augment the flight inspection industry outlook.
The factors which will fuel the ever-expanding aviation industry will also be responsible for stimulating flight inspection industry growth trends during the forecast period. Some of leading trends proliferating market size are stated underneath.
Surging development of commercial airports to impel market outlook
Commercial airports will emerge as the major revenue pockets for flight inspection market. The rapid growth in number of air travelers is expected to boost new construction activities. Ongoing development of new commercial airports across the globe will favorably drive flight inspection market share over the years ahead. According to the International Air Transport Association (IATA), there were some 3.8 billion air travelers recorded in 2016, which are predicted to swell up to 7.2 billion by the end of 2035.
Asia-Pacific region will emerge as one of the leading industry contributors, owing to the presence of two fastest growing economies, namely China and India. Increasing number of air travelers across the aforementioned countries will further augment the industry trends noticeably. Reportedly China is expected to dethrone U.S from its position of the largest aviation market in the world around 2024, while India will replace U.K for the third place around 2025. The rise in per capita income pertaining to the rapid industrialization is slated to accelerate the number of air travelers using commercial aircraft services.
Driven by the increased middle-class spending on air transportation, the aircraft services are anticipated to skyrocket during the forecast period. Cheaper airfares due to fuel efficient planes and competition have been making flying more accessible over the last few years. Furthermore, the presence of large budget carriers like including Air-Asia, Cebu-Pacific, Jetstar-Asia have been attracting more air travelers. With the rising intensity of air travel, countries like China, India, and Indonesia will also witness the maximum number of first-time fliers.
Rising demand for passenger aircrafts worldwide to accelerate the industry trends
The sharp increase in frequency of air travels will result in more demand for aircrafts. As per a forecast by U.S aircraft manufacturer, Boeing, the worldwide demand for aircraft may reach to 9,000 planes over the next 20 years. Among those newly manufactured planes, over 15,000 orders will emerge from Asia, owing to the ever-expanding commercial aviation industry of the region.
Aircraft manufacturers have been focusing toward Asian market, given the strong buying potential from the emerging economies. Mid-sized airplane manufacturers have not been able to penetrate the South East Asian market, due to the strong hold of established contenders since many decades.
For this reason, companies are trying to generate awareness among the Asian consumers about the advantages they offer, including passenger carrying capacity and fuel efficiency. The promotional activities adopted by the aircraft manufacturers to increase deployment of freight services are slated to enhance flight inspection industry landscape.
The approach of aircraft manufacturers toward implementing promotional activities to increase consumer base has been turning out to be rather profitable. Surging demand for aircrafts from leading air service providers including Lufthansa, Air Baltic, JetBlue, and Air Canada will further strengthen passenger flight inspection industry trends.
Ever increasing expenditure on military aircrafts to drive industry trends
The increased regional tensions after the Cold War have resulted in strong inclinations toward strengthening the air force. Several countries have been seen increasing budgets for developing potent air forces, which is anticipated to boost flight inspection market share.
Recently, U.S. Air Force signaled toward increasing 25 percent of its combat squadrons, to face any situation of major warfare against great powers like China and Russia. The superpower wants to have 386 operational squadrons by around 2025-2030, from its current 312 capacity. The motive of U.S. military toward increasing the strength of air force in the coming years is projected to push the heavy requirement of aircrafts, thus augmenting flight inspection market outlook from military applications.
Similarly, the heightened tensions between the Asian rivalries like India and Pakistan will also lead to promoting a positive market outlook. India, a with a strong defense budget, has been witnessed buying a new generation of advanced fighter planes to counter the growing Chinese interventions in the region. India has been a major buyer of Russian made fighter jets, comprising MIG series planes and the jointly built Sukhoi 30 MKI. The heavy investments by the countries including U.S. India, Russia, and China on military aircrafts and defense airports are poised to strengthen flight inspection market forecast.
Increasing investment from commercial and defense sectors on aircraft services and infrastructure will drive flight inspection industry size over the forecast timeframe. Rising number of air travels coupled by government initiatives to safeguard air travels will boost flight inspection industry outlook. Moreover, heightened tensions between super powers will also escalate demand for flight inspection systems on a large scale. According to a report by Global Markets Insights flight Inspection market size is estimated to grow over USD 1.8 billion by 2025.
