Maintenance of the aircrafts is vital as far as safety is concerned. As a result, both military and commercial airlines make sure to keep their crafts up to date with timely analysis of safety and regular security and maintenance checkups. The changing trends in the avionics, change in safety parameters and overall growth of the industry are expected to influence the progress of the aviation test equipment market. As per the experts, the industry will move along at a leisurely rate, thanks to the steady demand from around the world with growing applications. Experts also claim greater growth prospects for the timeframe just after the forecasting period of the next four to five years. This is considered to be a great sign for the new investors, looking for expansion plans and revenue channels.
Scope of Research – Segments and Drivers
The global aviation test equipment market is segmented on the basis of the types of equipments, which include hydraulic, electrical, power and pneumatic equipment. Based on applications, the industry is categorized into commercial and military segments. Apart from that, the experts also gather geographic analysis of the industry based on the regions, including North America, Asia Pacific, Europe, and Middle East and Africa. Analysis of all these aspects of the industry provides information about the latest trends and trends in the market. They also enhance the knowledge about other elements of the industry, which include competitive outlook, threats, opportunities, company profiles and market shares.
Trends and Prospects
Since the industry is set to make slow yet steady growth, the experts are claiming the slowly rising demand from the new market segments to be the prime driver for this market. According to the experts, constant upgrades in the military and commercial aircrafts, timely use of the aviation test materials, improved legacy of these equipment in Asia Pacific and Middle Eastern countries and technological advancements in the global market will the biggest game changers for the industry. Based on the latest market research reports, the aviation test equipment market is set to grow at an unhurried CAGR of around 0.0364% from 2014, which is expected to take it towards $7.15 billion by the end of the year 2020.
As of 2014, the aviation test equipment market is poised at $5.77 billion. During the forecasting period, the industry is expected to witness healthy growth across the emerging markets of China, South Africa and Malaysia. Rapid growth of the military and commercial aviation is expected to create better growth opportunities for this market after the forecasting period of the next five years.