PUNE, India, Dec 05, 2022 (GLOBE NEWSWIRE) — The global aircraft hangar market will be valued at US$703 million in 2021. The market value is expected to increase from $720.3 million in 2022 to $1,000.6 million in 2029 at a CAGR of 4.81% during 2022-2029. The hangar can be stationary or mobile. Inflatable portable hangars are becoming more and more popular due to the ease of installation, short installation time and low cost. Fortune Business Insights™ presents this information in its report titled “Global Aircraft Hangar Market 2022-2028″.
The pandemic has led to a sharp drop in air travel as global efforts to contain the spread of the virus led to travel restrictions and a drop in demand. Both the dynamics of the aviation industry market and the demand for aircraft hangars were significantly affected. Moreover, the pandemic and related supply chain disruptions for the aerospace industry have made it difficult for manufacturers to build new hangars, dampening the overall growth prospects of the market.
By type, the market is divided into assembly, storage and maintenance. The MRO segment is expected to see the largest growth due to increased aircraft safety and maintenance, as well as tightening aviation security regulations.
Depending on the design, the market is divided into portable and stationary. The fixed-line segment, which is expected to account for the largest share of revenue in 2021, will show a similar trend over the forecast period.
In terms of aircraft, the market is segmented into narrow-body, wide-body, general aviation and helicopters. The narrow-body segment is estimated to hold market share in 2022-2029. This can also be explained by the increase in deliveries of narrow-body aircraft.
According to the platform, the market is divided into military and commercial. The commercial segment achieved the largest share of revenue in 2021 and will continue to lead the global market through 2029.
Geographically, the market is divided into North America, Europe, Asia-Pacific and the rest of the world.
The report provides a detailed analysis of the market with a focus on key aspects. Apart from this, the report also provides an insight into the market trends and highlights the key developments in the industry. Apart from the above factors, the report also includes many other factors driving the growth of the market.
Emergency maintenance hangars are hard to come by, increasing the need for inflatable hangars. These hangars provide significant downtime savings compared to traditional hangar buildings. In recent years, the demand for mobile hangars has been increasing. These hangars cost less and take less time to set up than traditional hangars. With the development of technical textiles and high performance materials, the demand for inflatable hangars is increasing. These hangars are made from lightweight and durable materials that can withstand extreme weather conditions.
However, these airport projects are also quite expensive to build and are being completed in phases. Because hangar projects require funding and regulatory approvals, delays by either party will eventually cause them to be delayed, thus hindering the growth of the aircraft hangar market.
North America leads in global aircraft hangar market share in 2021. The North American market is valued at $295.5 million in 2021 and is expected to grow at a mediocre CAGR over the forecast period. The expansion is driven by the presence of key players in the region, including AECOM, Allied Steel Buildings, Rubb Buildings, Clearspan Fabric Structures Inc. and others. The US has the most airports in the world, so it will have a large share of the hangar market in 2021.
The market is dominated by leading aircraft hangar manufacturers including Clear Span Fabric Structures Inc., Centrex Construction Inc. and AECOM Technology Corporation. In terms of new developments, these players are mainly focused on reaching agreements with governments and airport authorities.
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