Zion Market Research, the market research group announced the analysis report titled “Aviation Test Equipment Market: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”.
Sarasota, FL -- (SBWIRE) -- 01/12/2018 -- Zion Market Research has published a new report titled "Aviation Test Equipment Market (Electric Systems Test Equipment, Hydraulic Systems Test Equipment, Pneumatic Systems Test Equipment) for Commercial Aviation Test Equipment and Military Aviation Test Equipment Application: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends 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 equipment are used in the aviation industry to maintain and upgrade the pneumatic, electrical power systems and hydraulic systems. They are used for testing aircraft, artificial satellites, and spacecraft. Aviation is the practical aspect or art of aeronautics, design, development, production, operation and use of aircraft, particularly heavier than air aircraft. Aviation test equipment manufacturer has been developing innovative test technology to support the needs of commercial and military aircraft manufacturers, component OEMs, and MRO facilities worldwide.
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Growth in worldwide aerospace and defense industry and rising R&D activities of aviation test equipment are expected to be the major drivers for the global aviation test equipment market. Rising demand from commercial aerospace and increasing use of software adaptable solution is expected to support the aviation test equipment market growth in the near future. In addition, increasing trends towards software-adaptable solutions, multi-use test systems for multiple weapons platform and overall technological advancement is also expected boost the demand for the aviation test equipment. However, long-term investment funding may curb the demand for aviation test equipment within the forecast period. Nonetheless, the greening of aerospace and defense products are expected open new avenues for the market growth over the next few years.
Based on the system, aviation test equipment market has been segmented into electric systems test equipment, hydraulic systems test equipment, and pneumatic systems test equipment. In 2015, hydraulic systems test equipment was the major segment of the global aviation test equipment market in terms of revenue. It accounted for 38.49% share of the overall aviation test equipment market in the same year. Electric systems test equipment is expected to grow at the highest rate in the forecast period. Different application segments of the aviation test equipment market include commercial and military aviation application. Commercial aviation segment dominated the aviation test equipment market in 2015, which accounted for 58.9% market share of the total market. It is expected to grow at a significant rate during the forecast period.
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Demand for aviation test equipment was the highest in North America, accounting for around 35.26% of the market share in 2015. In terms of revenue, Asia-Pacific is expected to emerge as the fastest growing region in the forecast period. The Middle East and Africa are projected to grow at the moderate rate, due to increasing aerospace activity in these regions.
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.
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