Commercial and defense sectors are heavily investing in advanced technologies to strengthen their capabilities with advanced aircraft fleet. Companies in the US and the UK are developing advanced aircraft for the global market. New flight inspection aircraft with advanced system integration such as UHF communication, GBAS, and other systems are dominating the commercial airport sector.
The flight inspection market was valued at US$ 4,281.99 million in 2019 and is projected to reach US$ 8,060.80 million by 2027; it is expected to grow at a CAGR of 8.1% from 2020 to 2027.
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Impact of COVID-19 Pandemic on Flight Inspection Market
The COVID-19 pandemic is hindering the economic growth of almost every country. It is adversely affecting the international transportation, which is hampering the commercial aircraft market. The restrictions on transportation and international traffic is disrupting the aerospace industry, whereas military aircraft are experiencing very low impact of this downturn on market growth. The flight inspection market is witnessing mixed impact of the pandemic situation such as the demand for flight inspection services has remained stable or increased owing to standing aircraft fleet. On other hand, the purchase of new aircraft, flight inspection systems, and other investments in the expansion of aircraft fleet are reduced as the pandemic has hindered the aviation revenue. Large number of airlines are facing major loss or a few might shutdown permanently. Lowering number of the aircraft and airlines can lower the demand of flight inspection systems and services, which would restrain the flight inspection market growth in the coming years.
The players operating in the flight inspection market focus on strategies such as partnerships, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In June 2020, Korea Aerospace Industries (KAI) and Safran Group SA agreed a strategic Memorandum of Understanding (MoU) at Paris Airshow to expand collaboration between these two companies. Under this MoU, Safran and KAI agreed to explore potential collaborative opportunities across activities on the various areas in military, commercial, and space activities.
In October 2020, Bombardier Inc. expanded its footprints in APAC by forming new customer service center in Melbourne, Australia.
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.2 Secondary Research
3.3 Primary Research
4. Flight Inspection Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat to New Entrants
4.2.4 Threat to Substitutes
4.2.5 Competitive Rivalry
4.1 Ecosystem Analysis
5. Flight Inspection Market – Key Market Dynamics
5.1.1 Rise in Air Traffic Volume is Supporting the Market Growth
5.1.2 Military Forces Emphasizing Continuous Flight Inspection
5.2.1 Lack of Technical Awareness in Developing Countries
5.2.2 Lack of Focus on Constructing New Airports in Developed Countries
5.3.1 Usage of UAVs to Conduct Flight Inspection
5.4 Future Trends
5.4.1 Reducing the Cost of Flight Inspection Costs
5.5 Impact Analysis of Drivers and Restraints
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