![]() In addition, government is also playing vital role to support aviation industry even in the COVID-19 outbreak pandemic. Furthermore, rising airline services in Asian countries are strongly supporting market growth. China, India, the US, Germany, and the UK are among the countries that are strongly adopting aircraft maintenance tooling systems in the commercial aircraft sector. The aircraft industry is growing at a faster rate in Asia Pacific, North America, and Europe with the rising integration of blockchain, Internet of Things (IoT), augmented reality (AR), artificial intelligence (AI), and big data analytics in maintenance operations. Surge in Demand from Emerging Countries Offer Business Opportunities to Market Players The newly developed wrenches, sockets, ratchets, extensions, torque tools, and accessories are launched for the aviation industry. For instance, in July 2018, PROTO Industrial Tools introduced a new range of 1,500+ aerospace-compliant (AS) mechanics tools for the aerospace industry. The aircraft maintenance tooling companies adopt various marketing strategies such as new product developments, partnerships, and acquisitions to optimize their existing offerings and expand their portfolio to meet the demand from a significant number of customers. Moreover, the growing demand for aircraft maintenance tooling services from developing countries such as India and China are compelling aircraft maintenance tooling providers to improve their offerings with modern technology. The COVID-19 pandemic is hindering the market growth as many airlines are suspended in several countries due to travel restrictions. Therefore, market players are developing advanced aircraft maintenance tools to conduct timely and efficient maintenance activities for the aircraft. The cost of procurement of a new aircraft is much higher than the cost for the maintenance of the existing aircraft. ![]() With the immense growth in the aircraft technology, each country is witnessing the increased demand for aircraft maintenance tooling solutions. Thus, it has major adoption in commercial aircraft fleet. Aircraft maintenance tooling is done to maintain the optimum condition of an aircraft to extend their life span otherwise, airlines would have to procure new aircraft. The growth of the aircraft maintenance tooling market is mainly attributed to increasing investments in the aviation industry in developed and developing nations. The report highlights the key factors driving the market growth and prominent players with their developments in the market. Dublin, Ap(GLOBE NEWSWIRE) - The "Aircraft Maintenance Tooling Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Tool Type and Users, and Geography" report has been added to 's offering.Īccording to this report the global aircraft maintenance market was valued at US$ 3,177.70 million in 2019 and is projected to reach US$ 4,340.71 million by 2027 it is expected to grow at a CAGR of 4.1% from 2020 to 2027. ![]()
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