Pune, March 21, 2022 (GLOBE NEWSWIRE) -- The global airplane machmeter market size was USD 50.10 million in 2020. The market is projected to grow from USD 55.44 million in 2021 to USD 87.83 million in 2028 at a CAGR of 6.8% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™ in its report titled, “Airplane Machmeter Market, 2021-2028” Factors, such as the ability to minimize errors during critical flights and reduce operation costs, will boost the market growth during the forecast period. Additionally, the rising adoption of integrated flight displays will increase the footprint of the market.
COVID-19 Impact
Decreased Air Traffic & Cancelling of Projects to Affect Market Negatively
The COVID-19 pandemic wreaked havoc on the global economy, including the airplane machmeter industry. The aviation industry witnessed an exponential decrease in air traffic due to imposed lockdowns and sudden restrictions of movement on the general population. This led to several airlines shutting down and others canceling their existing commitments regarding projects and orders. The pandemic also forced the shutting of new business plans, further decreasing the value of the market.
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Segments
Type, Application, are Region are Studied
Based on type, the market is divided into analog machmeter and digital machmeter.
By application, the market is broken down into commercial aircraft, general aviation, business jets, and military aircraft.
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage
The report presents a detailed study of the market by presenting crucial aspects such as leading companies, product types, and leading product applications. Additionally, the report encompasses the ongoing market trends and highlights the key industry developments. The report also encompasses various factors that are expected to affect the market in a positive/negative manner.
Drivers & Restraints
Rising Demand for Modern Generation Aircraft to Augment Market Growth
Factors, such as increasing demand for modern aircraft and rising technological, advancements will boost the airplane machmeter market growth during the forecast period. Additionally, rising activities, such as fleet expansions and surge in order for commercial aircraft, will increase the footprint of the market during the forecast period. Also, rising expenditure on military aircraft by emerging economies will fuel the growth of the market.
However, the high development cost is expected to limit the growth of the market during the forecast period. Also, a higher maintenance cost will further hinder the growth of the market.
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List of Key Players Present in the Market
- Mid-Continent Instruments and Avionics (U.S.)
- Aversan Inc. (U.S.)
- Kollsman Inc. (U.S.)
- Astek Corporation (U.S.)
- Honeywell International Inc. (U.S.)
- Aerosonic Corporation (U.S)
- Innovative Solution & Support (U.S.)
- Fore Land Aviation (South Africa)
- Mikrotechna Praha (Czech Republic)
- LX Navigation (Slovenia)
- Thomas Global (Australia)
- Suzhou Changfeng Instruments (China)
Regional Insights
North America to Dominate due to the Presence of Dominant Players
North America is expected to witness the largest airplane mach meter market share during the forecast period due to the increasing defense budget of the U.S. and the presence of major airlines in the region. Also, expanding the existing fleet will further fuel the growth of the market.
Asia Pacific will hold a considerable market share in terms of global contribution, owing to an increasing number of manufacturers setting up shop and rapidly transforming the aircraft sector in emerging economies such as China and Japan.
Europe will depict a sizeable share due to the presence of significant OEMs and rising investment in R&D activities.
Competitive Landscape
Product Development & Collaborations to Bolster Market Growth
The sector for airplane machmeter is occupied by a large number of players looking to maintain a competitive edge; however, a select few have a significant hold over the lion share. These players rely on introducing novel products to stay a curve ahead of their competition. Some players are also focused on expanding their current fleet with the latest generation of products. For example, United Airlines announced that it placed a 720-plane order of Boeing 737 Max and Airbus A320s for replacing its older fleet. Also, some players rely on employing strategic measures, such as mergers & acquisitions and collaborations, to occupy a considerable market share.
Key Industry Development
- October 2021: The FAA plans to issue a Special Airworthiness Information Bulletin along with an Airworthiness Directive regarding the 5G rollout across 46 major metropolitan regions in the U.S.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Airplane Machmeter Market
- Impact of COVID-19 Pandemic on Global Airplane Machmeter Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
- Global Airplane Machmeter Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
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- Market Analysis, Insights and Forecast – By Type
- Digital Machmeter
- Analog Machmeter
- Market Analysis, Insights and Forecast – By Type
TOC Continued…!
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