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Aircraft Jack Market Overview
Aircraft Jack Market is projected to exhibit a CAGR of 3.2% between 2020 and 2030. Aircraft jacks are used for ground support for routine maintenance and inspections. Most used jacks are tripod jacks and axle jacks. Usually, aircraft jacks are used for the maintenance of tires, struts, and wheels. Jacks are attached to the main landing gear or nose gear to lift the aircraft.
The aircraft jack market has registered high growth over the past few years due to the rise in the number of aircraft and the growing focus on aircraft maintenance. Aircraft maintenance is fueled by the growing investment by MRO providers and original equipment manufacturers in technology.
However, the complexity involved in the installation is projected to restrain the Aircraft Jack Market growth over the forecast duration. Jacking and safety procedures vary depending on the aircraft. Factors such as using jacks in A level position, use of proper jacking points, and the need for stabilizers make the installation of jacks a complex process.
COVID-19 Analysis Aircraft Jack Market
The adverse impact of COVID-19 on the aerospace and defense sector is likely to halt the progress of Aircraft Jack Market over the next few years.
The aviation industry has witnessed an unprecedented decline in the last year due to the COVID-19 pandemic. The outbreak of the virus has significantly impacted airline companies. The average number of flights per day in March 2020 was 145,000, which is 17.61% lower than that of 176,000 in March 2019. Moreover, after several governments worldwide announced restrictions on air travel, commercial air traffic registered a 41% decrease compared to the 2019 levels in the last two weeks of March.
Due to this drastic decrease in air passenger traffic globally, the revenues of airline companies are expected to decrease in 2020 and 2021. According to the International Air Transport Association (IATA), the COVID-19 crisis reduced airline passenger revenues by USD 314 billion in 2020, a 55% decline compared to the revenue recorded in 2019. This is also expected to decrease the demand for new aircraft by the airline companies during this year. Moreover, there will be delays in aircraft deliveries by aircraft manufacturers such as Airbus SAS and Boeing. Thus, delay aircraft delivery and a decrease in aircraft operation are reducing the demand for aircraft jack.
Government support is expected to play a vital role in the recovery of airlines and Original Equipment Manufacturers (OEMs). As estimated by the International Air Transport Association (IATA), the industry needs USD 200 billion cash infusion and loan guarantees to come out of the pandemic effect. Furthermore, the government stimulus package to revive the economy is projected to have a positive impact on the industry. For example, the US introduced Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide USD 2.2 trillion economic stimuli. Thus, increasing purchasing power would result in an increase in air travel, which, in turn, is anticipated to drive the demand for aircraft maintenance.
Growing Number of Aircrafts Worldwide
- Growing Number of Aircrafts Worldwide:Globally, there has been significant growth in the number of aircraft. This growth is fueled by rising air traffic and increasing military expenditure. Currently, there are over 25,000 commercial aircraft in operation. Over the next ten years, commercial aircraft are projected to increase with a CAGR of 3.4%. Additionally, procurement of military aircraft is also on the rise. Emerging countries are projected to account for most of this demand. Therefore, a rise in the number of aircraft is likely to spur market growth.
- Increasing Focus on Aircrafts Maintenance:Aircraft MRO providers and OEMs are increasingly investing in maintenance to increase the shelf-life of aircraft. Periodic maintenance helps in increasing the self-life of aircraft. The rising focus on aviation maintenance has led to an increase in the demand for aircraft jacks.
- Complexity Involved in the Installation of Aircraft Jacks:Aircraft jacks are intricate to install. To avoid damage to the aircraft and prevent injuries, the maintenance engineer must follow the safety procedure. Jacking requirements vary from aircraft to aircraft. Safety precautions such as not aligning the jack under the aircraft by pounding the jack legs, avoiding placing hands on top of the jacks while lowering it, and tailoringthe nose stand for stability make the installation and removal of the aircraft jack complex. Therefore, jacking is done by trained professionals. The complexity involved in the aircraft jacking is likely to restrain the market over the forecast duration.
Aircraft Jack Market Opportunities
- Growing Expenditure in Aircraft Industry in Emerging Countries: The demand for new aircraft is projected to traction globally. Leading airplane manufacturer Boeing predicts that over 39,000 new planes will be in demand for the next 20 years. Out of which, 15,000 will be from Asian markets. China’s aviation industry is expected to be valued at over a trillion dollars in the next 20 years. In addition, the aviation industry is witnessing rapid growth in emerging countries such as India, Brazil, and South Africa. Thus, emerging countries are projected to provide the lucrative opportunity for the growth of the aircraft industry, which is likely to propel the demand for aircraft jacks over the forecast duration.
Aircraft Jack Market Segmentation
- Hydraulic: The segment accounted for the larger market share in 2019. These jacks are used to lift the aircraft by applying force with the help of a hydraulic cylinder. Hydraulic jacks are often heavy and not easy to maintain. However, factors such as their ability to lift the heavy load, fewer space requirements, and their ability to jam less owing to screw thread are projected to drive their demand over the forecast duration.
- Pneumatic: The segment is expected to record a higher CAGR during the forecast period. These jacks are powered by compressed air. Since pneumatic jacks do not carry liquid, such as their hydraulic counterparts, the former tends to be cost-effective and easy to operate. In addition, pneumatic leaks are less dangerous as compared to hydraulic leaks. Thus, the pneumatic jacks segment is anticipated to register the higher growth over the forecast duration due to their ability to lift the weight effortlessly.
- Civil Aviation: Based on application, the civil aviation segment is projected to dominate the market over the forecast duration. This is due to the rise in the number of commercial aircraft globally and growing spending on their maintenance and repair. Emerging countries are witnessing a significant demand for civil aircraft. These commercial aircraft require periodic maintenance, which, in turn, is likely to propel the demand for aircraft jacks.
- Military: The segment is expected to register a steady CAGR during the forecast period. This is due to the modernization of existing military aircraft with advanced systems. Growing maintenance, repair, and operations (MRO) of military aircraft focusing on extending their lifespan is likely to drive the segment growth. In addition, countries such as China, Russia, India, and Brazil have significantly increased their spending on procurement of military aircraft, which, in turn, is further projected to drive the segment growth.
- North AmericaDominates the Aircraft Jack Market: North America dominates the aircraft jackmarket. This trend is projected to continue during the forecast period due tothe presence of prominent playerssuch as Malabar International, Solair Group LLC, and others. Additionally, high growth in the region is attributed to many commercial and military aircraft.
- Rise in Commercial Air Transportation Bode Well for the Region’s Growth: Europe accounted for a significant share in the overall market in 2019. The increasing commercial air transportation drives the growth of the region in countries such as the UK, Spain, Germany, and France. Furthermore, European countries have increased their spending significantly on the procurement of military aircraft, which, in turn, is anticipated to fuel the regional market growth.
- Asia-Pacific is Projected to Register the Highest Growth Owing to an Increase in the Number of Aircraft Deliveries : The Aircraft Jack Market in this region is projected to exhibit the highest CAGR during the forecast period. The increasing demand for new aircraft and increasing defense expenditure in countries such as India and China are expected to drive market growth. Asia-Pacific provides a lucrative opportunity for aircraft jack manufacturers to invest in. In addition, the region has increased its spending on the procurement of military aircraft, which is anticipated to bode well for the growth of aircraft jacks.
- Latin America is Likely to Register Considerable Growth Over the Forecast Duration: In Latin America, there has been considerable growth in civil aviation. Due to the growth in the number of commercial aircraft, the demand for MRO services has increased, which is supplementing the regional growth.
Aircraft Jack Market Competitive Landscape
Key players operating in the aircraft jack market are:
- Chiarlone Officine
- Malabar International
- Semmco Limited
- HYDRO SYSTEMS KG
- SOLAIR GROUP, LLC.
- Langa Industrial, S.A.
- Makro Aero
- Dedienne Aerospace
- GSE Composystem
May 2020- Stertil-Koni introduced its heavy-duty shop equipment line that includeshydraulic commercial Aircraft Jack Market for main landing and nose gear with a load capacity of 143,000lbs. and 55,000 lbs. respectively.The company has introduced these offering in response to the rising demand for aircraft jacks for main landing and nose gear.
Frequently Asked Questions (FAQ) :
Aircraft Jack Market is worth at a CAGR of 3.2% between 2020 and 2030
Chiarlone Officine,Malabar International,Semmco Limited,Stertil-Koni,HYDRO SYSTEMS KG,SOLAIR GROUP, LLC.,Langa Industrial, S.A.,Makro Aero,ColumbusJACK/Regent,Dedienne Aerospace,GSE Composystem
May 2020- Stertil-Koni introduced its heavy-duty shop equipment line that includeshydraulic commercial Aircraft Jack Market for main landing and nose gear with a load capacity of 143,000lbs. and 55,000 lbs.
North America dominates the aircraft jackmarket. This trend is projected to continue during the forecast period
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