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2024 Global Aviation Test Equipment Global Market Report 2024 Market Size, Share, Trends And Growth Analysis Report
Aviation Test Equipment Global Market Report 2024
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Rolls Royce Holdings LLC; Honeywell International Inc.; Rockwell Collins - RTX corporation; Airbus SE; Boeing Company; Teradyne Inc.; 3M Company; Testek Inc.; Moog Inc.; SPHEREA Test & Services SAS; Lockheed Martin Corporation; General Electric Company; Avtron Aerospace Inc.; DAC International Inc.; Ideal Aerosmith Inc.; DMA-Aero; ATEQ & Cobra Aviation LC; Viavi Solutions Inc.; Avionics Specialist Inc.; AERO Specialties Inc.; Barfield Inc.; National Technical Systems Inc.; Northrop Grumman Corporation; Pacific Southwest Instruments; Parker Hannifin Corporation; CEF Industries LLC; Ultra Electronics Holdings plc; Doble Engineering Company; EADS North America Defense Test & Services Inc.; ECA Group; Esterline Technologies Corporation; Fluke Corporation
Aviation Test Equipment Market 2024 Key Insights:
• The aviation test equipment market size will grow to $10.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Air Passenger Surge Fuels Aviation Test Equipment Market Expansion
• Advanced Flight-Testing Technologies Propel The Aviation Test Equipment Market
• Asia-Pacific was the largest region in the aviation test equipment market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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