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According to the new research report titled “Aircraft weighing system Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the global aircraft weighing system market is expected to reach US$ 133.03 million by 2027, registering a CAGR of 4.2% during 2020–2027, the forecast period considered in the report. The scope of study involves understanding the factors contributing to the growth of the aircraft weighing system market; it also includes estimation and forecast of the revenues as well as market size analysis, along with spotting significant market players and their key developments.
North America Accounted for Highest Market Share in 2019
North America is the largest aerospace market in the world as the region has several numbers of defense and commercial aircraft manufactures and MRO service providers. Owing to the positive outlook toward adoption of new technologies coupled with favorable economic policies, presence of skilled workforce, and high GDP per capita in this region, the North American aerospace industry has grown to an influential position. Some of the major aircraft manufacturers operating in the region include Boeing, Airbus, Lockheed Martin, Northrop Grumman, Bombardier, Textron, and Gulfstream Aerospace. These aircraft OEMs have their numerous manufacturing facilities in this region and each manufacturing facility produces noteworthy volumes of aircraft models. This factor is driving the aircraft weighing system market and is also projected to create a huge growth opportunities for the aircraft weighing system market players.
Canadian and US based airline such as Delta Air Lines, American Airlines, Air Canada, United Airlines, and Southwest Airlines have placed numerous orders for commercial aircraft that are scheduled to be delivered between 2021 and 2025. For instance, Delta Airlines placed an order of 95 A220 aircraft, out of which 12 A220 aircraft were supplied by May 2020 and rest are scheduled to be delivered by the end of 2023. United Airlines is focusing on replacing some of its aging Boeing 767s and 757s with newer generation aircraft, such as Boeing 787 or long-range A321LR. Likewise, Frontier Airlines has ~175 A320 family aircraft on orders.
Moreover, MRO contracts secured by StandardAero, Westjet, Collins Aerospace, ST Engineering coupled with increase in inclination towards procuring military aircraft and helicopters in this region is anticipated to drive the aircraft weighing system market in this region.
However, the COVID-19 has significantly affected aerospace industries in this region due to various containment measures imposed by the government. With the economies reopening in this region and travel industry pacing up, the demand for aircraft production and deliveries is surging, which, in turn is boosting the aircraft weighing system market. Also, key market players such as General Electrodynamics Corporation; Intercomp Company; Alliance Scales Inc.; Vishay Precision Group, Inc.; and others operate in the region, which is key factor toward the growth of the aircraft weighing system market.
Impact of COVID-19 Pandemic on Aircraft weighing system Market
Since the US has a larger density of aircraft manufacturers and aircraft associated technology and system manufacturers, followed by Canada and Mexico. The outbreak of the virus has severely affected the production of each. The lower number of manufacturing staff has resulted in lesser production. From the aircraft OEM’s perspective, Boeing, the aviation giant in the region, has witnessed a significant fall in orders and production, which is one of the key restraining factors for the aircraft weighing system market in the region. Apart from Boeing, several other aircraft OEMs such as Bombardier, Textron, and Gulfstream have also experienced tremors of COVID-19 on their orders and production lines. From the supply side, the region has higher numbers of aircraft weighing system market players. The restricted workforce, disruption in the supply chain, and limited volumes of orders have sternly shaken the aircraft weighing system market players in the region.
Key findings of study:
From the past few years, with the rise in the aviation industry, the demand for aircraft maintenance, repair, and overhaul (MRO) services is also mounting. APAC is highly focused on extending MRO services for commercial and military aircraft companies. A few of the aircraft MRO businesses in APAC are Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), China; MTU Maintenance; and ExecuJet Haite Aviation Services China Co., Ltd. Huge spending on aviation infrastructure, economic growth, and increasing passenger count are the factors propelling the adoption of aircraft MRO services. Moreover, the soaring number of middle-class travelers, especially in APAC countries such as China, Singapore, and India, is the main factor contributing to air travel growth, which is consequently increasing the need for aircraft MRO services in the region.
The governments in the countries with high air traffic, as well as other emerging economies, are supporting the growth of aircraft MRO services as a crucial strategy to support the economic goals of the region. The rest of APAC countries, such as Malaysia, Singapore, and Thailand, produce large revenues from aircraft MRO business. For instance, Singapore dominates the MRO market in APAC due to its established MRO hubs, and substantial footprints of major industry players such as GE Aviation, Airbus, and Rolls-Royce in the country. According to Wisconsin Economic Development Corporation (WEDC), Singapore includes 120 aerospace companies, which account for ~25% of the APAC’s MRO business. Additionally, Singapore-based airlines observe a significant growth in passenger counts, which is propelling the airlines to operate their aircraft fleet for a longer period; the increase in flying hours is directly proportional to MRO activity demand.
Aircraft weighing is a crucial and exacting phase of aircraft MRO and must be carried out with precision. Several MRO companies across the regions are engaged in rapid deployment of aircraft weighing systems to ensure efficient and less time-consuming weighing procedure. With a rising fleet of wide-body and narrow-body aircraft, the airlines in APAC are demanding reliable and versatile scales capable of weighing their aircraft airframes. Thus, it creates various business opportunities for vendors in the region to supply their reliable and efficient weighing systems to growing MRO facilities in APAC.
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