Aircraft Wheel Scanning System Market to Hit $817.0 Million by 2028; Stringent Regulations Governing Aircraft Safety to Foster Strong Growth Prospects: Fortune Business Insights™
Pune, India, May 04, 2021 (GLOBE NEWSWIRE) -- The global aircraft wheel scanning system market size is projected to reach USD 817.0 Million by 2028, exhibiting a CAGR of 6.3% during the forecast period. According to a recent report by Fortune Business Insights™, titled “Aircraft Wheel Scanning System Market, 2021-2028”, the value of the market stood at USD 650.0 Million in 2020.
Increasing Demand for Air Travel to Boost the Market
Traveling by air was a luxury for several decades, accessible and affordable to only a select class of people. Today, however, the aviation industry has transformed and is now able to bring the benefits of air travel to wider swathes of people worldwide. More importantly, the rapidly expanding middle-class populations in emerging economies, such as India and China, have escalated the demand for cheap air travel.
According to the International Civil Aviation Organization (ICAO), in 2019, the total number of air passengers globally increased to 4.5 billion, reflecting a 3.6% spike from 2018. Asia Pacific accounted for 34.7% of world air traffic, the ICAO data show. With passenger safety being the prime concern for governments and airline companies, the development of advanced aircraft inspection technologies, such as aircraft wheel scanning systems, has picked up pace in recent years and is augmenting the prospects of this market.
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In terms of system, this market’s segments include laser 3D scanner, structured light 3D scanner, and others. By component, the market has been trifurcated into hardware, software, and services. Based on aircraft type, the market has been segregated into fixed-wing aircraft and rotary-wing aircraft. On the basis of region, the market has been studied across North America, Europe, Asia Pacific, and the Rest of the World.
The COVID-19 pandemic outbreak has spelled doom for the aviation industry and has, by extension, affected the aircraft wheel scanning system market growth. As per our analysis, the value of this market dropped by a staggering 30.85% in 2020. This is mainly attributable to the steep decline in air travel amid the coronavirus-induced lockdowns, social distancing, and travel bans. For example, in January 2021, the ICAO revealed that international air travel fell by approximately 60% in 2020. As a result, airline companies have been forced to adjust their investment plans, which may end up delaying the adoption of advanced inspection and maintenance solutions.
Highlights of the Report
The report shares quantitative & qualitative analyses of the market size & share and the factors influencing them. Besides this, the report also offers a granular assessment of the different market segments and provides actionable insights into the regional developments in the market. Additionally, the report also incorporates a comprehensive examination of the key players’ profiles and strategies.
List of the Leading Companies Profiled in the Global Aircraft Wheel Scanning System Market are:
- Shenzhen HOLON Technology Co., Ltd (China)
- Hexagone AB (Sweden)
- FARO Technologies, Inc. (The U.S.)
- Carl Zeiss Optotechnik GmBH (Germany)
- Autodesk Inc. (The U.S.)
- Aeroscan (The U.S.)
- Nikon Metrology NV (Belgium)
- Fuel3D Technologies Limited (The U.K.)
- Creaform Inc. (Canada)
- Capture 3D, Inc. (California)
- Artec Europe, S.a.r.l (Luxembourg)
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Rising Adoption of Next-Generation Fault Detection Solutions to Fuel Growth
Timely maintenance, repair, and overhaul (MRO) of aircraft components are vital functions that aircraft manufacturers have to perform to comply with the increasingly stringent aviation safety standards. To cater to these requirements, companies specializing in inspection technologies, such as aircraft wheel scanning systems, have been actively developing sophisticated fault detection solutions for the bigwigs in the aerospace industry.
For example, in October 2020, Airbus integrated Fraunhofer Institute for Factory Operation and Automation’s sensor and data processing solutions to detect faults in components during the manufacturing process itself. As another example, in April 2020, the 366th Maintenance Squadron of the US Air Force announced the deployment of the Creaform HandySCAN 3D hand-held 3D scanner to identify and eliminate structural flaws in its fleets. The widening adoption of such advanced aircraft inspection systems is thus expanding the scope of the market.
Strong MRO Infrastructure to Aid North America’s Market Dominance
North America is expected to lead the aircraft wheel scanning system market share during the forecast period. The strong presence of a robust MRO infrastructure and quick adoption of cutting-edge inspection technologies by aviation companies in the region will be the principal growth drivers for the regional market. In 2020, the size of the North America market stood at USD 218.2 Million.
Europe is set to emerge as the second-largest region in the global market owing to the soaring domestic and international tourism in the continent. In Asia Pacific, the market will be propelled by the heavy investments by the Indian and Chinese governments in their respective aviation sectors, which are anticipated to stoke the demand for aircraft wheel scanning systems in these countries.
Top Competitors to Seek Lucrative Expansion Opportunities
The leading participants in this market, such as Creaform and Carl Zeiss, are actively scouting opportunities to expand their businesses in lucrative territories. Their focus is on introducing novel aircraft wheel scanning systems and services in countries where air travel is speedily growing, enabling them to get an early-bird advantage in these markets.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Qualitative Insights
- Impact of COVID-19 on the Aircraft Wheel Scanning System Market
- Steps Taken by the Industry/Government/Companies to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities due to COVID-19 Outbreak
- Global Aircraft Wheel Scanning System Market Analysis, Insights and Forecast, 2017-2028
- Segmental Definitions
- Market Analysis, Insights and Forecast – By System
- Laser 3D Scanner
- Structured light 3D Scanner
- Market Analysis, Insights and Forecast – By Component
- Market Analysis, Insights and Forecast – By Aircraft Type
- Fixed-wing Aircraft
- Commercial aircraft
- Business Aircraft
- Military aircraft
- General Aviation Aircraft
- Rotary-wing Aircraft
- Commercial Helicopter
- Military Helicopter
- Fixed-wing Aircraft
- Market Analysis, Insights and Forecast – By Region
- North America
- Rest of the world
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Key Industry Development:
March 2020: TP Aerospace inaugurated its first wheels and brakes MRO facility in Moscow as part of its Green Sunrise strategy. Through this strategy, the company aims at bringing itself in close proximity to airline customers globally and meeting their unique MRO requirements.
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