Aviation Test Equipment Market will reach at a CAGR of 3.7% during 2016 and 2021: Zion Market Research
Sarasota, FL -- (SBWIRE) -- 09/06/2016 -- Zion Market Research has published a new report titled "Aviation Test Equipment (Electric Systems, Hydraulic Systems, and Pneumatic Systems) Market for Commercial and Military Application: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021." According to the report, global demand for aviation test equipment market was valued at USD 5,631 million in 2015 and is expected to generate revenue of USD 7,254 million by the end of 2021, growing at a CAGR of slightly above 3.7% between 2016 and 2021.
Aviation test equipments play very crucial role in assuring the safety of an aircraft in its operation. These test equipments are mainly used for aircraft, artificial satellites, and spacecraft testing. Advancement in testing technology helps to support the needs of commercial and military aircraft manufacturers globally. Aviation is the practical aspect of aeronautics, which includes design, production, development, the operation of aircraft, particularly heavier than air aircraft.
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The aviation test equipment market is mainly driven by rising R&D activities of aviation test equipments, and growth in worldwide aerospace and defense industry. Rising demand from commercial aerospace and increasing use of software adaptable solution is expected to fuel the aviation test equipment market in the near future. However, sustainment of legacy platforms may pose a challenge to the market growth in the near future. Several test developers in the test equipment market are greatly challenged by the rising demand for advanced calibrated equipment and avionics systems.
The aviation test equipment market is segmented on the basis of different types of system including electric systems test equipment, hydraulic systems test equipment, and pneumatic systems test equipment. In term of revenue, hydraulic systems test equipment was the largest segment in 2015 and accounted for over 38.49% share of the overall market in 2015. Electric systems test equipment was another key outlet for aviation test equipment market. The aviation industry is revolutionizing energy systems on board aircraft, which would expect to see pneumatic and hydraulic power slowly being replaced by electricity.
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Various application segments of aviation test equipment market include commercial and military sectors. In terms of revenue, commercial aviation test equipment was leading segment in aviation test equipment market and accounted for over 58.9% market share of the total market in 2015.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. North America obtained the majority of share aviation test equipment market in 2015 and accounted for over 35.26% of the overall market. The merger of major airlines in the U.S. has made the airline industry in this region the most profitable in the worldwide. North America followed by Europe. Asia Pacific is predicted to be the fastest-growing region in the estimated period.
This market is highly competitive where players are competing on the basis of cost, reliability, product quality, and aftermarket service. Some of the key players in aviation test equipment market include Boeing, Honeywell International, Inc., Moog Inc., SPHEREA Test & Services (SPHEREA), Rockwell Collins, Airbus, and Teradyne Inc.
The report segments the global aviation test equipment market as:
Aviation Test Equipment Market: System Segment Analysis
Electric Systems Test Equipment
Hydraulic Systems Test Equipment
Pneumatic Systems Test Equipment
Aviation Test Equipment Market: Product Segment Analysis
Commercial Aviation Test Equipment
Military Aviation Test Equipment
Aviation Test Equipment Market: Regional Segment Analysis
Middle East and Africa
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