The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Flight Inspection (FI) Market.
It was estimated prior to this unanticipated outbreak that the Flight Inspection (FI) Market was likely to witness an impressive CAGR of 6.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. Increase in expenditure on new airport developments as well as existing airport infrastructure developments, along with the surge in routine and commissioning inspection activities and special flight inspection programs are likely to propel the flight inspection (FI) market in the coming five years.
Flight Inspection (FI) Market Segment Insights:
By Solution Type:
The system segment is estimated to grow at a higher CAGR during the forecast period and is likely to command the market. Increasing number of new airport development programs and increasing expenditure by emerging economies on airport infrastructure are the prime factors boosting the growth of the flight inspection market.
By End-User Type:
The defense airports segment is estimated to dominate the market during the forecast period, driven by the increasing number of tactical forward airbases and defense airports, triggered by the increase in the expenditure on military infrastructure.
By Region:
The Americas accounted for the largest share of the FI market in 2018, followed by Europe and Asia Pacific. This growth of the market was owing to rising passenger traffic in countries such as Brazil and Mexico and the development and modernization of airports in the US and Canada. In Americas, the US is dominating the overall market in the region. The reason for this enormous dominance of the US is primarily due to the airport expansion programs and presence of flight inspection system manufacturers in the country.
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