Docking System Market Sees Promising Growth by 2030
The global docking system market size was valued at USD 56.45 million in 2022. The industry is expected to expand from USD 65.04 million in 2023 to USD 139.91 million by 2030, exhibiting a CAGR of 11.6% over the study period. The market expansion can be credited to the growing focus of leading companies on offering fully customized ADS to suit individual customer specifications for single module accessibility and standard work platforms.
Fortune Business Insights™ provides this information in its research report titled “Docking System Market, 2023-2030”.
Informational Source:
https://www.fortunebusinessinsights.com/docking-system-market-108457
List of Key Players Mentioned in the Report:
- Kawasaki Heavy Industries, Ltd. (Japan)
- NIJL Aircraft Docking (Netherlands)
- Semmco (U.K.)
- Fortal (France)
- Shanghai Ifly GSE Co., Ltd. (China)
- Airbus (Netherlands)
- Boeing (U.S.)
- Instant Upright (Irelands)
- CTI Systems S.A. (Luxembourg)
- Zarges (Germany)
Segmentation:
Substantial Overhauls in Engine Docks to Proliferate the Segment Growth
In terms of type, the market is classified into wing docks, fuselage docks, tail docks, engine docks, nose docks, and others. The engine docks segment held the largest docking system market share in 2022. Cleaning, servicing, and disassembling are required for an engine after every 3,000 or more flight cycles based on the type. Thus, substantial overhauls are made in engine docks every five years for fewer radical visits. This factor is impelling the segment growth.
Rising Number of Aircraft Fleet to Escalate Segment Growth
Based on aircraft type, the market is divided into wide body, regional jet, narrow body, and others. The narrow body segment accounted for the largest market share in 2022. The number of aircraft fleets by different airlines is increasing. This factor is propelling the segment growth.
Surging Number of Scheduled Maintenance Checks to Boost the MRO Segment Growth
In terms of end user, the market is divided into MRO and OEM. The MRO segment is poised to hold the largest market share during the forecast period. The growing number of scheduled and routine maintenance checks is bolstering the segment growth.
Regionally, the market is divided into the Asia Pacific, Europe, Latin America, the Middle East & Africa, and North America.
Report Coverage:
The report offers comprehensive coverage of the impact of driving and restraining factors on the market growth. It also provides vital insights into the key segments, the latest trends, and the strategic initiatives undertaken by leading market players to capture the largest share.
Drivers and Restraints:
Growth of New Airport Infrastructure and Aircraft Fleet to Drive the Market Growth
The docking system market growth is driven by the expanding new airport infrastructure coupled with a growth in aircraft fleet. To cater to the high demand for air travel, airlines across the globe are constantly focusing on the expansion of their fleets. Moreover, the demand for dependable and technologically advanced ADS is rising owing to the large aircraft fleet.
Despite such growth opportunities, the steep cost associated with product integration and customization needs may hinder the market growth.
Regional Insights:
North America to Emerge as a Prominent Growth Hub Owing to Robust Presence of Major Aircraft Companies
North America market for docking system accounted for the largest share in 2022. The strong presence of leading aircraft MRO companies and OEMs in Canada and the U.S. is driving the regional growth.
The Asia Pacific market for docking system is poised to expand at the highest CAGR during the forecast period. The aviation infrastructure in countries such as Japan, China, and India is growing. This factor is impelling the regional expansion.
Competitive Landscape:
Notable Players Emphasize Partnerships to Strengthen Their Market Positions
The leading docking system market players are deploying different strategies such as product innovations, mergers and acquisitions, joint ventures, and others. Partnership strategies are also being deployed by major market players to outshine the competition.
Key Industry Development:
November 2022- GE Aerospace announced the revision of a long-term contract worth USD 1 billion with Tata Advanced Systems Ltd for supplying and producing a number of commercial aircraft engine parts.
