July 2022, Research Report on the Global Flight Inspection Market.
Flight Inspection Market is projected to reach USD 8.0 Billion by 2032 at a CAGR of 4.30%. Increasing government initiatives towards enhancing flight safety and the development of new airports are some of the key drivers which are propelling the growth of the market. The growing demand from emerging economies such as India and China is also expected to boost the growth of the market. Furthermore, technological advancements in flight inspection are also expected to fuel the growth of the market. For example, in June 2020, ST Engineering received authorization from the Civil Aviation Authority of Singapore (CAAS) to perform aircraft inspection using drones during aircraft maintenance at its MRO facilities in Singapore.
However, issues arising due to technical challenges faced during flight inspection and stringent aviation regulations might hamper the growth of the Flight Inspection Market.
The increasing development of new airports and modernization of existing airports is expected to drive the growth of the market. Furthermore, a rise in flight inspection and calibration operations are also expected to drive the growth of the market.
Growth Opportunities in the Market
The Defense Airports Segment to Register the Higher Growth During the Forecast Period: The defense airports segment is expected to register the higher CAGR during the forecast period, 2020 to 2026, owing to factors such as increasing defense budgets and the spending on military infrastructure in emerging economies. The need for defense airports, along with their modernization and development for strategic purposes, is increasing with the rising defense budgets, which is expected to drive the growth of the segment.
The Systems Segment to Register the Higher CAGR During the Forecast Period: The systems segment is expected to exhibit the higher growth rate during the forecast period, 2020 to 2026 owing to the growing number of new airport development programs and the increasing deliveries of new aircraft. These factors are expected to fuel the demand for flight inspection systems to offer enhanced safety and security to passengers and comply with stringent aviation regulations regarding aircraft safety.