Growth of the aviation landscape in 2019
As the world becomes increasingly globalised, air travel is gaining prominence. This has resulted in a rise of aviation demand, which is set to further increase in the coming year. As 2019 arrives in less than a month’s time, let’s look at how the aviation industry is going to further evolve in the coming year.
Increase in Global Aircraft Fleet
The increase in Global Aircraft Fleet is driven by the combination of strong air travel demand and the need to replace ageing aircraft. According to international aircraft manufacturer Boeing, global commercial aircraft fleet is forecasted to increase to over 35,000 by 2027. Over the next decade, more than 41,000 aircraft will be built, delivering a fleet growth of 3.7% and a market value of $6.5 Trillion. By 2030, 29,350 new airplanes are expected to be built at a cost of $3.8 Billion.
Rise of Predictive Maintenance
In all industries, there has been an upward trend of increasing reliance on predictive maintenance capabilities. The aviation industry is no exception. As technology proliferates the avaiation industry, predictive maintenance capabilities are employed to automate maintenance processes and make airline maintenance records more reliable. According to Oliver Wyman’s 2015 MRO Survey, 66% of MRO professionals see predictive maintenance technology as the most prominent by 2020 while 65% of respondents indicated that airlines are best positioned to benefit from predictive maintenance.
Growing MRO Market
The MRO market for the aviation industry is expanding. With the advent of new aircraft and a burgeoning global aircraft fleet, greater MRO demand will follow suit. According to ICF’s MRO Market Update & Industry Trends, the global MRO market is predicted to grow to $96 billion by 2025. There is uneven growth of the MRO market geographically, where the Asia-Pacific region will have the largest MRO market share, overtaking Europe and the United States. This can be attributed to the rise of demand for air travel in the region and the Asia-Pacific region establishing themselves as an emerging player in the long-haul international market.
At the upcoming RFID in Aerospace and Defence 2018 Conference this week , RFID technology will be on display as companies present how it can improve work-in-process (WIP) tracking, inventory management and supply chain operations, while reducing costs. Executives from aviation companies such as Airbus and Boeing will attend the conference in their search for RFID solutions to automate and streamline their operations. At Xerafy, our RFID technology adds value to the aviation industry where our durable, high-performance, Spec 2000-compliant and ATEX-certified (for hazardous environment) RFID tags are used for inspection, asset management, tool tracking, and MRO operations. Our high-quality and experience in providing inventory management solutions gives us a good standing in riding on these trends in the coming year.
How can Xerafy add value to your aviation business? How will the aviation sector continue to transform in the coming years? Leave a comment below or drop us an email at email@example.com.