The Asia Pacific aircraft maintenance tooling market is expected to grow from US$ 629.29 million in 2019 to US$ 998.80 million by 2027; it is estimated to grow at a CAGR of 4.8% from 2020 to 2027. The aircraft maintenance tooling market is witnessing a huge adoption of data analysis, owing to rising integration of blockchain, Internet of things (IoT), augmented reality (AR), artificial intelligence (AI), and big data analytics. Growing adoption of aviation maintenance software is boosting the development of digital solutions for ERP-based software. The integration of AI with the aircraft maintenance tooling consists of prescriptive and predictive analytics, communication features, automated reporting, voice recognition, and deep learning. The maintenance service providers are robustly focusing on digitalizing their software to permit them to facilitate task recognition, intelligent memory use, and improved scalability. The maintenance tooling software powered by AI are used to monitor health as well as aviation asset management applications. For instance, the aircraft maintenance sector is integrating AI to boost the response time and reduce costs rising due to human error. Also, aircraft engine manufacturers are procuring smart engines to analyze data generated from sensors installed on them. Thus, the mounting trend of adoption of blockchain, IoT, AI, and big data analytics by maintenance providers is boosting the aircraft maintenance tooling market across Asia Pacific.
The MRO service providers segment led the Asia Pacific aircraft maintenance tooling market based on users in 2019. With the growth in the aviation industry, the demand for aircraft MRO services is also surging from the last few years. Several regions are highly focused on extending MRO services for commercial and military aircraft companies. A few aircraft MRO service providers are ST Engineering Aerospace; Lufthansa Technik; HAECO Group; MTU Maintenance; ExecuJet Haite Aviation Services China Co., Ltd.; and Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), among others. Growth of the economies, increased spending on aviation infrastructure, and rise in passenger count are the factors propelling the adoption of aircraft MRO services, which would drive the demand for aircraft maintenance tools. With the rising air traffic, carriers are inclined toward maintaining the aircraft fleet; thus, propelling the demand for MRO service providers. Several countries in Asia Pacific, generate huge revenues from aircraft MRO business.
The overall Asia Pacific aircraft maintenance tooling market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Asia Pacific aircraft maintenance tooling market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific aircraft maintenance tooling market. Norbar Torque Tools Ltd.; PROTO; Shanghai kaviation Techology Co.,Ltd; and Hydro Systems KG. are among the players present in the Asia Pacific aircraft maintenance tooling market