Global Aircraft Hangar Market 2018-2022 | Growing Airport Constructions to Drive Growth | Technavio
LONDON--(BUSINESS WIRE)--Aug 22, 2018-- analysts forecast the global aircraft hangar market to grow at a CAGR of over 3% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
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Technavio has published a new market research report on the global aircraft hangar market from 2018-2022. (Graphic: Business Wire)
The technological advancement is one of the major trends being witnessed in the . In a refreshed approach, the UK-based Monarch Aircraft Engineering (MAEL), with maintenance hangar facilities at London Luton Airport, Birmingham Airport, and Manchester Airport, decided to replace all of its engineers’ personal tools with a new controlled system. With safety a top priority for MAEL and in a move to ensure that Birmingham Airport is a world-class facility for aircraft maintenance, a decision was made to replace all of its engineers’ personal tools with a new controlled system. This ensured complete security and accountability in and around the hangar.
According to Technavio analysts, one of the key factors contributing to the growth of the global aircraft hangar market is the growing number of airport constructions:
Global aircraft hangar market: Incrementing airport constructions
There is an increase in the number of passengers opting for airplane journeys, which has led to an increase in the number of flights being plied. This has increased the pressure on airports across the world. Airports are facing increased demand for parking lots and enhanced transit systems. Increase in passenger traffic requires terminal operations to become more efficient.
According to a senior analyst at Technavio for research on aviation, “With airlines opting for bigger aircraft to accommodate the growing number of passengers, airports need to have larger facilities to house the same. Globally, airports are evaluating their existing infrastructure and determining the need to rehabilitate and upgrade their existing facilities or undertake new construction.”
Global aircraft hangar market: Segmentation analysis
The global aircraft hangar market research report provides market segmentation by product (fixed installation hangar and portable installation hangar) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The fixed installation hangar segment held the largest market share in 2017, accounting for nearly 61% of the market. This product segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 with a market share of nearly 36%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share by nearly 2%.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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PUB: 08/22/2018 07:52 AM/DISC: 08/22/2018 07:52 AM