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Aircraft Wheel Scanning System Market to Hit $817.0 Million by 2028; Stringent Regulations Governing Aircraft Safety to Foster Strong Growth Prospects: Fortune Business Insights™

Fortune Business Insights
·7 min read

Top companies covered are Shenzhen HOLON Technology Co., Ltd (China), Hexagone AB (Sweden), FARO Technologies, Inc. (The U.S.), Carl Zeiss Optotechnik GmBH (Germany), Autodesk Inc. (The U.S.), Aeroscan (The U.S.), Nikon Metrology NV (Belgium), Fuel3D Technologies Limited (The U.K.), Creaform Inc. (Canada) Capture 3D, Inc. (California), Artec Europe, S.a.r.l (Luxembourg), and more players profiled in aircraft wheel scanning system market research report

Pune, India, May 04, 2021 (GLOBE NEWSWIRE) -- The global aircraft wheel scanning system market size is projected to reach USD 817.0 Million by 2028, exhibiting a CAGR of 6.3% during the forecast period. According to a recent report by Fortune Business Insights™, titled “Aircraft Wheel Scanning System Market, 2021-2028”, the value of the market stood at USD 650.0 Million in 2020.


Increasing Demand for Air Travel to Boost the Market

Traveling by air was a luxury for several decades, accessible and affordable to only a select class of people. Today, however, the aviation industry has transformed and is now able to bring the benefits of air travel to wider swathes of people worldwide. More importantly, the rapidly expanding middle-class populations in emerging economies, such as India and China, have escalated the demand for cheap air travel.

According to the International Civil Aviation Organization (ICAO), in 2019, the total number of air passengers globally increased to 4.5 billion, reflecting a 3.6% spike from 2018. Asia Pacific accounted for 34.7% of world air traffic, the ICAO data show. With passenger safety being the prime concern for governments and airline companies, the development of advanced aircraft inspection technologies, such as aircraft wheel scanning systems, has picked up pace in recent years and is augmenting the prospects of this market.


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Market Segmentation

In terms of system, this market’s segments include laser 3D scanner, structured light 3D scanner, and others. By component, the market has been trifurcated into hardware, software, and services. Based on aircraft type, the market has been segregated into fixed-wing aircraft and rotary-wing aircraft. On the basis of region, the market has been studied across North America, Europe, Asia Pacific, and the Rest of the World.


COVID-19 Impact

The COVID-19 pandemic outbreak has spelled doom for the aviation industry and has, by extension, affected the aircraft wheel scanning system market growth. As per our analysis, the value of this market dropped by a staggering 30.85% in 2020. This is mainly attributable to the steep decline in air travel amid the coronavirus-induced lockdowns, social distancing, and travel bans. For example, in January 2021, the ICAO revealed that international air travel fell by approximately 60% in 2020. As a result, airline companies have been forced to adjust their investment plans, which may end up delaying the adoption of advanced inspection and maintenance solutions.


Highlights of the Report

The report shares quantitative & qualitative analyses of the market size & share and the factors influencing them. Besides this, the report also offers a granular assessment of the different market segments and provides actionable insights into the regional developments in the market. Additionally, the report also incorporates a comprehensive examination of the key players’ profiles and strategies.


List of the Leading Companies Profiled in the Global Aircraft Wheel Scanning System Market are:

  • Shenzhen HOLON Technology Co., Ltd (China)

  • Hexagone AB (Sweden)

  • FARO Technologies, Inc. (The U.S.)

  • Carl Zeiss Optotechnik GmBH (Germany)

  • Autodesk Inc. (The U.S.)

  • Aeroscan (The U.S.)

  • Nikon Metrology NV (Belgium)

  • Fuel3D Technologies Limited (The U.K.)

  • Creaform Inc. (Canada)

  • Capture 3D, Inc. (California)

  • Artec Europe, S.a.r.l (Luxembourg)


Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/aircraft-wheel-scanning-system-market-104068


Driving Factor

Rising Adoption of Next-Generation Fault Detection Solutions to Fuel Growth

Timely maintenance, repair, and overhaul (MRO) of aircraft components are vital functions that aircraft manufacturers have to perform to comply with the increasingly stringent aviation safety standards. To cater to these requirements, companies specializing in inspection technologies, such as aircraft wheel scanning systems, have been actively developing sophisticated fault detection solutions for the bigwigs in the aerospace industry.

For example, in October 2020, Airbus integrated Fraunhofer Institute for Factory Operation and Automation’s sensor and data processing solutions to detect faults in components during the manufacturing process itself. As another example, in April 2020, the 366th Maintenance Squadron of the US Air Force announced the deployment of the Creaform HandySCAN 3D hand-held 3D scanner to identify and eliminate structural flaws in its fleets. The widening adoption of such advanced aircraft inspection systems is thus expanding the scope of the market.


Regional Insights

Strong MRO Infrastructure to Aid North America’s Market Dominance

North America is expected to lead the aircraft wheel scanning system market share during the forecast period. The strong presence of a robust MRO infrastructure and quick adoption of cutting-edge inspection technologies by aviation companies in the region will be the principal growth drivers for the regional market. In 2020, the size of the North America market stood at USD 218.2 Million.

Europe is set to emerge as the second-largest region in the global market owing to the soaring domestic and international tourism in the continent. In Asia Pacific, the market will be propelled by the heavy investments by the Indian and Chinese governments in their respective aviation sectors, which are anticipated to stoke the demand for aircraft wheel scanning systems in these countries.


Competitive Landscape

Top Competitors to Seek Lucrative Expansion Opportunities

The leading participants in this market, such as Creaform and Carl Zeiss, are actively scouting opportunities to expand their businesses in lucrative territories. Their focus is on introducing novel aircraft wheel scanning systems and services in countries where air travel is speedily growing, enabling them to get an early-bird advantage in these markets.


Inquire Before Buying This Research Report:

https://www.fortunebusinessinsights.com/enquiry/queries/aircraft-wheel-scanning-system-market-104068


Detailed Table of Content:

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions and Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Key Industry Developments –Mergers, Acquisitions and Partnerships

    • Latest technological Advancements

    • Porters Five Forces Analysis

    • Supply Chain Analysis

  • Qualitative Insights

    • Impact of COVID-19 on the Aircraft Wheel Scanning System Market

    • Steps Taken by the Industry/Government/Companies to Overcome the Impact

    • Key Developments in the Industry in Response to COVID-19

    • Potential Opportunities due to COVID-19 Outbreak

  • Global Aircraft Wheel Scanning System Market Analysis, Insights and Forecast, 2017-2028

    • Segmental Definitions

    • Market Analysis, Insights and Forecast – By System

      • Laser 3D Scanner

      • Structured light 3D Scanner

      • Other

    • Market Analysis, Insights and Forecast – By Component

      • Hardware

      • Software

      • Services

    • Market Analysis, Insights and Forecast – By Aircraft Type

      • Fixed-wing Aircraft

        • Commercial aircraft

        • Business Aircraft

        • Military aircraft

        • General Aviation Aircraft

      • Rotary-wing Aircraft

        • Commercial Helicopter

        • Military Helicopter

    • Market Analysis, Insights and Forecast – By Region

      • North America

      • Europe

      • Asia-Pacific

      • Rest of the world

TOC Continued…!


Speak to Our Expert:

https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/aircraft-wheel-scanning-system-market-104068


Key Industry Development:

March 2020: TP Aerospace inaugurated its first wheels and brakes MRO facility in Moscow as part of its Green Sunrise strategy. Through this strategy, the company aims at bringing itself in close proximity to airline customers globally and meeting their unique MRO requirements.


Have a Look at Related Research Insights:

Aircraft Landing Gear Market Size, Share & COVID-19 Impact Analysis, By Type (Nose Landing Gear and Main Landing Gear), By Platform (Fixed-Wing, Rotary Wing), By Arrangement (Tail Wheel, Tandem, and Tri-Cycle), By Component (Retraction System, Brakes & wheels, Steering, and Others), By End-User (OEM and Aftermarket), and Regional Forecast, 2020-2027

Aircraft Component MRO Market Size, Share & Industry Analysis, By Aircraft Type (Wide-body Aircraft, Narrow-body Aircraft, Regional Transport Aircraft), By Component (Fuselage, Empennage, Landing Gear, Wings), By Application (Commercial Air Transport, Business & General Aviation, Military Aviation) And Regional Forecast 2020-2027

Aerospace Parts Manufacturing Market Size, Share & Industry Analysis, By Type (Engine, Aerostructures, Cabin Interiors, Avionics, Insulation Components, Equipment, Support & systems), By Aircraft (Commercial, Military, Others) and Regional Forecast, 2021-2028

Military Aircraft Market Size, Share & Industry Analysis, By Type (Fixed-Wing, and Rotary-Blade), By Application (Combat, Multirole Aircraft, Military Transport, Maritime Patrol, Tanker, Reconnaissance & Surveillance, and Others), By System (Airframe, Engine, Avionics, Landing Gear System, and Weapon System), and Regional Forecast, 2019-2026


About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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    (Bloomberg) -- The country with the longest history of negative interest rates just hit a milestone that may offer a glimpse of what’s to come elsewhere.In Denmark, commercial banks have had to absorb negative rates since they were first introduced by the central bank in 2012. By 2019, the industry started sharing the cost of that policy with retail depositors. Today, Danes are the world champions in bearing the burden of negative rates together with their banks, with 35% of deposits affected.Last week, the government in Copenhagen decided to step in. The minister in charge of bank legislation, Simon Kollerup, turned to social media to launch an attack on the financial sector, and the “greed” he said it represents.“Banks have recently been lowering the bar for negative rates,” he said. “And this simply has to stop.”He commented a day after Danske Bank, Denmark’s biggest lender, said it was following others in the industry and more than halving its threshold for imposing a rate of minus 0.6%. As a result, retail depositors with more than 100,000 kroner ($16,000) will pay 0.6% to park savings exceeding that amount with the bank.“My worry is that banks will continue tightening the screws on negative rates so that average Danes need to pay to keep their money in a bank,” the minister said in a written comment to Bloomberg.Kollerup, who summoned the bankers’ association to talks, says there’s no excuse for passing negative rates on to private customers, and rejects the idea that monetary policy plays a role in determining commercial bank rates.Rate PoliticsThe battle that’s now unfolding between Danish banks and the government gives a sense of where the limits of negative rates may lie, and shows that those limits might be political, not monetary.Negative rates have become the lightning rod that Kollerup has seized to wage “a confrontation with greed, income inequality and division in society,” said Helle Ib, a political commentator at Borsen, Denmark’s biggest business newspaper.The bankers’ association, Finance Denmark, has questioned the merits of Kollerup’s economic reasoning. And the central bank issued a reminder on Friday, pointing out that its negative policy rates (which are necessitated by the krone’s peg to the euro) influence deposit and lending rates throughout the broader economy. It also hinted that politicians shouldn’t interfere in the process. “Banks’ interest rates are a matter for them and their customers,” central bank Governor Lars Rohde said.The central bank’s verbal intervention prompted a member of the opposition bloc in parliament to weigh in. Alex Vanopslagh, the leader of the Liberal Alliance party, told Berlingske he’s summoned Kollerup to a hearing to explain his comments on negative rates. “I trust the minister will say that he crossed the line, and that he lacks a basic grasp of how monetary policy works,” Vanopslagh said.Carsten Egeriis, the chief executive of Danske Bank, points out that Danes also enjoy low interest rates on their mortgages, which he called “the other side of the coin.” That dynamic “most of the time far outweighs the cost of negative interest rates on the deposit side,’ he said.Denmark is two years ahead of the euro zone, which first introduced negative rates in 2014. Jesper Rangvid, a professor of finance at Copenhagen Business School, says there are some lessons to be drawn from the Danish experience for euro-zone economies.He also notes that negative bank rates aren’t the destructive force once imagined. In fact, Rangvid points out that after years of zero, and ultimately negative retail deposit rates, Danish deposits have continued to rise.“The most important takeaway is that clients haven’t been leaving banks,” he said by phone. “That was the fear in the beginning, and that has not happened.”Ib at Borsen says it’s not a given that Kollerup will actually intervene. Ultimately, it’s probably more a case of “sending a signal than a hardcore revolution of economic policy,” she said.(Updates with reference to Kollerup being summoned to parliamentary hearing)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Buffett calls SPACs 'a killer,' says they hurt Berkshire's ability to do deals

    Warren Buffett has a warning for would-be SPAC investors

  • Warren Buffett says if something happened to him, Greg Abel would take over Berkshire Hathaway

    On Monday morning, CNBC's Becky Quick reported that when Buffett is no longer able to lead the company the top job will in fact go to 59-year-old Abel, vice chairman of non-insurance operations.

  • Digital Dollar Project to launch five U.S. central bank digital currency pilots

    The U.S. nonprofit Digital Dollar Project said on Monday it will launch five pilot programs over the next 12 months to test the potential uses of a U.S. central bank digital currency, the first effort of its kind in the United States. The private-sector pilots initially will be funded by Accenture Plc and involve financial firms, retailers and NGOs, among others. The aim is to generate data that could help U.S. policymakers develop a digital dollar.

  • Ethanol-Maker’s Sales Slump Shows Why It Wants to Ditch Biofuel

    (Bloomberg) -- Green Plains Inc.’s first-quarter revenue trailed analysts’ estimates after declines in its ethanol business, highlighting volatility that’s prompting the company to shift away from the biofuel.Revenue fell 13% from a year earlier to $553.6 million, compared with the $625.3 million average of estimates compiled by Bloomberg. Ethanol sales volumes slid 26% from the year-earlier period, in part due to winter weather woes that slowed output throughout the industry.The slump comes after U.S. ethanol producers struggled with lower demand as the virus pandemic limited car travel and fuel use. While corn-based ethanol consumption is rebounding with economies reopening and gasoline demand nationwide on the rise, Green Plains Chief Executive Officer Todd Becker has already decided to reduce the company’s reliance on corn-based biofuel as its main product.“Green Plains 2.0 is in sight,” Becker told analysts on an earnings conference call Monday.Becker seeks to reinvent the company into a maker of high-protein and sugar ingredients made from corn for use in products ranging from pet food to candy, with ethanol merely a byproduct. The plan has drawn backing from Wall Street. The stock has more than doubled since the beginning of the year. Shares slipped 0.7% at 12:27 p.m. in New York.First-quarter ethanol crush margins, which includes extracting “ultra-high protein” ingredients from corn, swung to profitability after posting a loss in the same period last year.Key InsightsThe Omaha, Nebraska-based company’s adjusted Ebitda of $15.4 million. Analysts had forecast $16.1 million in ebitda.Company posted a first-quarter loss per share of 17 cents, smaller than the 46-cent loss analysts expected.Lower production volumes of ethanol were likely due to impacts of the February cold snap throughout the central U.S. and plant upgrades and maintenance, Truist Securities analyst Jordan Levy wrote in a note; he has a “buy” rating on the stock.Get MoreClick here for the earnings statementFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • ‘Reopening’ stocks give S&P 500, Dow strong footing, tech names lag

    (Reuters) – Wall Street’s main indexes rose on Monday after a week of largely upbeat earnings strengthened expectations of sustained profit growth for companies, while some high-flying growth stocks lagged a broader rally.