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Aircraft jack market is projected to register a CAGR of 3.2?tween 2021 and 2027. Aircraft jacks are an essential component in the maintenance of aircraft. Jacks are installed to lift the aircraft and carry out repair and routine maintenance. Broadly, aircraft jacks are classified as hydraulic and pneumatic. There are different kinds of hydraulic jacks used in aircraft maintenance. Among all hydraulic jacks, the axle jack is one of the most used jacks in the aviation industry. This jack is used in brake service, tire replacement, and other maintenance works.
The increasing demand for new aircraft and growing expenditure on their maintenance are proliferating the market growth. End-users such as military and commercial establishments are increasingly focused on increasing the shelf-life of aircraft. Thus, jacks are indispensable to aircraft maintenance and are expected to be in demand as new aircraft procurement increases globally.
Furthermore, the rising investment in the procurement of new aircraft in developing countries is expected to provide a lucrative opportunity for the market players over the forecast duration. For instance, Boeing predicts that India will witness the demand for 2,230 new aircraft in the next 20 years, of which nearly 80% of aircraft will be narrow-body aircraft.
However, the complexity involved in the operation of aircraft jacks is likely to restrain the market over the forecast duration. Hydraulic jacks, in particular, are more complex and require additional maintenance. In addition, COVID-19 has severely affected the demand for new aircraft and maintenance of existing aircraft, which, in turn, is projected to halt the aircraft jacks demand for the next 2-3 years.
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Growing Number of Aircrafts Worldwide
The Pneumatic Segment is Expected to Record the Higher Growth in the Market: The pneumatic aircraft jack segment is expected to witness higher growth over the forecast period due to its ability to effortlessly lift the weight. Additionally, these jacks are cost-effective as they require less maintenance. Materials used in the manufacturing of pneumatic jacks tend to last longer. With line maintenance activities being a vital part of aircraft maintenance, repair, and overhaul (MRO), pneumatic jacks are expected to continue to get traction over the forecast period.
In addition, unlike hydraulic jacks, pneumatic jacks are less prone to leakage. However, a rapid release of pressure can cause accidents in pneumatic jacks that can be more fatal.
Hydraulic Segment Accounted for the Largest Share in the Market: The hydraulic jack segment accounted for the largest share in the market in 2020. Furthermore, the segment is projected to continue its dominance over the forecast duration owing to its ability to move heavier loads and provide greater force than its pneumatic counterpart.
There are four kinds of hydraulic jacks, namely quadruped, tripod, bipod, and axle. Axle and tripod jacks are the most commonly used hydraulic jacks. To lift the aircraft entirely, tripod jacks are used. In contrast, axle jacks are used to lift certain parts of aircraft. Regardless of the types of hydraulic jacks used in aircraft maintenance, proper inspection is mandatory. These inspections include checking hydraulic fluids level and hydraulic cylinder for bent.
Since hydraulic fluid cannot be compressed, so hydraulic jacks are safer than pneumatic ones while operating at the same power. This factor, in turn, is anticipated to drive the demand for hydraulic jacks in aircraft maintenance.
The Civil Aviation Segment is Expected to Register the Higher Growth in the Market: The civil aviation segment held the larger market share in 2020. Furthermore, the segment is likely to continue its dominance over the forecast duration due to the rise in the number of commercial aircraft globally. Developing countries are witnessing a significant demand for commercial aircraft due to the rise in air traffic. As per the Airbus forecast, air traffic is projected to grow 4.3% annually, with over 39,200 passengers and freight aircraft requiring in the next 20 years. Furthermore, according to Airports Council International (ACI) World, emerging markets will account for over 50% of passenger share by 2022, thereby surpassing matured markets in terms of air traffic. China, in particular, is projected to witness considerable growth over the next few years. As forecasted by the Civil Aviation Administration of China (CAAC), the country will build 2016 new airports by 2035. Therefore, the rise in the commercial aviation industry and subsequent increase in commercial aircraft demand is projected to drive the demand for aircraft jack over the forecast duration.
The Military Segment Provides a Lucrative Opportunity for the Market Players: Military aircraft have witnessed significant growth over the past few years, primarily because of rising demand for fifth-generation fighter jets. Furthermore, the increasing defense expenditure across the globe is driving their demand. Emerging countries such as China, India, Brazil, and Russia have significantly increased their military budget with an aim to procure advanced aircraft to boost their war capability. In order to increase the service life of such military aircraft, frequent MRO services are done. This, in turn, is projected to create a lucrative opportunity for aircraft jack manufacturers as jacks play a vital role in MRO services.
In addition, the rise in the number of aging aircraft and the need for their periodic maintenance are further likely to drive the demand for aircraft jacks. Periodic maintenance tends to increase the overall life of military aircraft.
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