Dallas, TX -- (ReleaseWire) -- 04/30/2014 -- According to a new market research report, "Aviation Test Equipment Market by Segments (Electrical, Hydraulic, Pneumatic, Power), by Application (Military and Commercial) & by Geography (North America, Latin America, Asia-Pacific, Europe, the Middle East, Africa & ROW) - Forecasts & Analysis 2014-2020, published by MarketsandMarkets, is projected to cross $7.15 Billion by 2020
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According to Yajan Dua, research associate, Aerospace and Defense business unit at MarketsandMarkets, the global aviation test equipment market is expected to reach $7.15 billion by 2020. The CAGR for the global aviation test equipment market is expected to register a growth rate of 0.0364% from 2014 to 2020. The growth regions for the test equipment market are Asia-Pacific and the Middle East. Countries like Malaysia, France, China, UAE, and Singapore are expected to show consistent level of growth in the market.
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The U.S. and the Northern European countries will slash their spending in the aviation test equipment.
The platform costs upsurge at a higher rate than test equipment.As test equipment becomes more proficient, and the effects of budget austerity continues to make themselves felt, the (already small) percentage of platform cost spent on the type of equipment; electrical, hydraulic, pneumatic, and power, will plummet, perhaps dramatically. Market dynamics will be governed and measured as a function of demand rather than a ratio against platform cost.
Market players such as Boeing and Airbus among others, are consuming the test equipment market, which is being strengthened by the arrival of new and advanced aircraft in the commercial as well as defense sector.
Test developers in the test equipment market are greatly challenged by the growing demand for advanced avionics systems and calibrated equipment. The developers of test equipment must polish their technologies to support new requirements for the older aircrafts even as they deploy and upgrade the new standard testers to administer the entire commercial and military fleet as well.
According to Yajan Dua, research associate, Aerospace and Defense business unit at MarketsandMarkets “The aviation test equipment market is expected to show substantial growth by 2020 with a CAGR of 0.0364%.”
The declining rate at which the government is procuring aircrafts eventually leads to retardationat the rate at which they need testers. An optimistic approach also details the avionics aircraft segment as the single gigantic area of weapons system procurement sector.
Since the economic environment is in a state of flux,it has buttressed the itch to craft more affordable test equipment solutions, which can be adapted to support multiple programs to help reduce in development and sustenance cost.
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With the changing trends, avionic aspirations have outperformed legacy-testing abilities and it is pre-requisite from modern testers that they must inherit the capabilities and architecture that will swell easily to integrate with the requirements for multiple weapons systems.
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