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According to the new research report titled “Engine stand Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 8,779.61 million by 2027, registering a CAGR of 12.6% from 2020 to 2027.
The global aviation industry is experiencing swift growth, recording significant production volumes of commercial and military aircraft fleet. The commercial aircraft fleet has witnessed massive growth in the past few years owing to the emergence of new low-cost carriers (LCCs) and fleet expansion strategies adopted by the full-service carriers (FSCs). Commercial aviation is foreseen to surge in the coming years due to the mounting number of air travel passengers and aircraft procurement. In regions such as North America, Europe, and APAC, air passenger traffic has been surging with time, which is propelling the demand for commercial aircraft. In APAC, primarily in China and India, the commercial aircraft has been proven to be cost-effective owing to rising number of customer base.
Apart from the commercial aviation sector, the military aviation sector is consistently growing in terms of aircraft manufacturing and deliveries. For instance, in 2018 and 2019, the global military aircraft volume was ~453 units and ~632 units, respectively. Airbus and Boeing are the two aircraft manufacturing giants with significant volumes of orders and delivery statistics. These two aircraft original equipment manufacturers (OEMs) are continuously encountering orders for various aircraft models from different civil airlines. The following table highlights the count of commercial aircraft orders and deliveries of Airbus and Boeing in 2018 and 2019. Mounting international trade and businesses are also adding to the demand for business jets or corporate jets, which is increasing the extent of travel of managerial executives to various countries across the world. According to the General Aviation Manufacturers Association (GAMA), the business jet manufacturers delivered 676 aircraft in 2017, 703 aircraft in 2018, and 809 aircraft in 2019. According to a source from GAMA, the production and delivery of business jets are further foreseen to grow in the coming years.
The COVID-19 outbreak has created enormous disruption across industries, including aerospace and automotive. Every phase of the business model has been witnessing drastic change, including the manufacturing units, capital expenditures, R&D, demand, supply-chain, production decisions, and mergers and acquisitions. Over the past several months, the COVID-19 outbreak had severely challenged the aircraft and automotive manufacturers. The disruption among the raw material suppliers, temporary closure of manufacturing units, limited funding, and weak demand from the customers have showcased adverse impact on the aerospace and automotive manufacturers. According to FAA, the emergence of COVID-19 has caused delay in product releases, disruption in supply chain events, and other industry activities. Several manufacturers have temporarily halted the manufacturing units owing to lesser demand for the products as a result of lockdown measures and limited manufacturing resources. Additionally, the manufacturers of various cars and aircraft, have been experiencing substantial delay in lead times, which has weakened the supply chain. Similar to aircraft and automotive manufacturers, the engine stand manufacturers also observed delay in procuring orders and raw materials. This resulted in lesser production and delay in shipment of the final products. This has had a negative impact on Engine stand market.
Key Findings of Study:
The global Engine stand market is fragmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM). North America held the largest share of the Engine stand market in 2019, followed by Europe and Asia PAcific. Further, Europe is projected to witness the highest growth rate during the forecast period.
Nevertheless, significant strategic initiatives by several industry players are observed in the market; for instance, on February 2020, Rhinestahl CTS and EngineStands24 signed an engine stand maintenance and repair agreement. The agreement has been signed at MRO Middle East stating that Rhinestahl CTS is accountable for handling and ensuring readiness of entire engine stand fleet of EngineStand24 including CFM56, CF6, CF34, and LEAP. Moreover, in June 2020, Dedienne Aerospace has received an award of new license agreement for the nacelle GSE with Collins Aerospace’s Aerostructures division. The new license agreement empowers Dedienne Aerospace to give GSE and associated services on E190, E2, A220, MRJ nacelle programs, as well as legacy nacelle programs PW4000, V2500, CF680E1/E2, CF34, CFM56, Trent 700, RB211, and 737.