LONDON, Aug. 20, 2020 (GLOBE NEWSWIRE) -- Aircraft maintenance and repair demands have been low since the pandemic. This setback has also been caused due to the standstill of all kinds of cargos during the quarantine period, as there is a possibility that the transportation of such cargos through air could be carrying the virus from one port to another. All such goods that were previously carried conveniently on an aircraft have to follow a set standard of rules and procedure, which has limited the demand for such cargos. Further, aircrafts equipment manufacturers depend on supply of raw materials and parts from different countries across the globe. As many governments restricted travelling across countries, airports had to shut down and cease all activities. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021.
The global aerospace market size declined from $342.4 billion in 2019 to $296.1 billion in 2020. The global aerospace market growth rate is expected to be affected by government-imposed lockdowns and the economic implications of the pandemic which has caused several airlines to file for bankruptcy and cease operations due to COVID-19 outbreak. For instance, in May 2020, LATAM, a Chilian airline, filed for U.S. bankruptcy protection due to the pandemic.
The Business Research Company’s report titled Aerospace Global Market Report 2020-30: Covid 19 Impact And Recovery covers major aerospace companies, aerospace market share by company, aerospace equipment manufacturers, 2020 global aerospace and defense industry outlook, aerospace market size, aerospace and defense market size, and aerospace market forecasts. The report also covers the global aerospace market and its segments. The aerospace market share is segmented by type into commercial aircraft manufacturing, aircraft maintenance, repair and overhauling services, aerospace support and auxiliary equipment manufacturing; by size into wide-body, narrow-body, regional, others; by end-user into government, private sector; by operation into autonomous aircraft, manual. Subsegments covered include passenger aircrafts, commercial helicopters, commercial gliders and drones, aircraft turbines, aircraft engines, rocket engines, commercial aircrafts MRO services, commercial helicopters MRO services, commercial gliders and drones MRO services, aircraft turbines MRO services, aircraft engines MRO services, rocket engines MRO services, commercial radars, and satellites.
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The airliner or the commercial aircrafts industry has been highly affected by the global pandemic, with numerous contributing factors. The pandemic has resulted in a decline in the number of air travelers, affecting passenger air traffic. Many airline service providers filed for bankruptcy owing to cash-flow liquidity challenges due to the pandemic. On 4 August 2020, Virgin Atlantic, a British airline which also includes Virgin Atlantic Cargo services, filed for protection under chapter 15 of the US bankruptcy code. Demand for new commercial aircrafts has also suffered due to the reduced commercial passenger and freight traffic. For instance, in June 2020, Boeing reported nine aircraft orders against 18 cancellations due to the pandemic.
Companies in the aerospace industry are increasingly investing in new designs to promote social distancing, in the wake of COVID-19. To allow passengers to travel safely, companies in the market are launching new products which allow passengers to maintain adequate social distancing, while keeping the fares low. For instance, North Carolina-based HAECO Cabin Solutions unveiled a new line of products in April 2020. These products aim to make it easier to carry cargo and passengers at the same time. The company has launched flexible cargo stowage which would allow airlines to suitably separate booked passengers on board, while also making use of the unsold seats for transportation of cargo. This would enable replacing the loss of an unsold passenger ticket, helping to keep the rest of the fares down.
According to a survey by the International Air Transport Association (IATA), in June 2020, passengers themselves have shown a willingness to play a role in ensuring safe flying through following measures in place. 43% of air travelers were willing to undergo temperature checks before boarding, 42% of them were wearing masks during travel, and 40% of air passengers checked-in online to minimize interactions at the airport. 39% of them took a COVID-19 test prior to travel and 38% of them sanitized their seating areas.
Commercial aircraft manufacturing companies who have also resumed work at their production facilities are doing so with precautions such as increased physical distance between employees. These companies have added hand sanitizing stations and are encouraging their workers to bring face coverings as a precaution towards the spread of COVID-19. For example, in April 2020, Boeing announced to resume work in its manufacturing units in Washington state with 27,000 employees.
Aerospace Global Market Report 2020-30: Covid 19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Aerospace & Defense Global Market Report 2020-30: Covid 19 Impact And Recovery
Aerospace Support And Auxiliary Equipment Global Market Report 2020-30: Covid 19 Impact And Recovery
Autonomous Aircraft Market Global Report 2020-30: COVID-19 Growth And Change
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