Global Aerospace Wind Tunnel Testing Services Market 2018-2022
LONDON, Dec. 11, 2018 /PRNewswire/ -- About this market
The growing need for achieving low-noise and emission-free air travel has seen a rise in electrifying aircraft propulsion systems. Hence, the increasing use of virtual system models for optimizing drives, developing electrical networks, environmental control systems (ECS), reliable fuel systems control, and sensor technology as well as other subsystems and components. Therefore, the increasing efforts in developing electric aircraft is a major trend in the aerospace wind tunnel testing services market. Technavio 's analysts predict this market to grow at a CAGR of more than 3 % by 2022.
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Market overview
Development of new generation aircraft and associated components
The new designs that are meant for use in the aerospace industry require experimental validation. Consequently, wind tunnels are used by engineers to test designs for aircraft, materials, and shapes of components. Therefore, the development of new generation aircraft and associated components is driving the growth of the aerospace wind tunnel testing services market.
High cost in setting up and maintaining facilities
Aerospace wind tunnel testing equipment is considered capital-intensive. In addition to purchasing equipment, setting up a testing facility is even more expensive. This compels wind tunnel service providers to price their offerings at higher brackets to secure better profits. This, in turn, will challenge the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the aerospace wind tunnel testing services market during 2018-2022, view our report.
Competitive landscape
The aerospace wind tunnel testing services market appears to be fragmented since the market has a number of companies. Some of the factors that are impacting the growth of the market include the increasing efforts in developing electric aircraft along with the development of new generation aircraft and its associated components. BAE Systems, Boeing, GKN, QinetiQ, and RUAG Group are some of the top companies in the market.
'With the presence of a considerable number of companies, this market appears to be fragmented. This market research report will help clients identify new growth opportunities. Several companies in the aerospace wind tunnel testing services market are focusing on utilizing the increasing development of electric aircraft.'
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