The aerospace testing market was valued at US$23.470 billion in 2018 and is expected to grow at a CAGR of 0.09% during the forecast period to reach a total market size of US$23.591 billion in 2024. Increasing number of aircraft deliveries owing to growing global travel and tourism industry is one of the major drivers of aerospace testing market. Stringent aviation regulations regarding aircraft safety across different countries is further boosting the demand for aerospace testing service, thus positively impacting the growth of aerospace testing market. Technological advancements in aircraft testing such as magnetic optic imagers and 3D scanning will further bolster the growth of aerospace testing market during the next five years.
Growing global travel and tourism industry
Stringent aviation regulations
In August 2019, Element announced the expansion of its bleed air testing capabilities and capacity at its Jupiter, Florida laboratory.
In June 2019, TDM Aerospace signed a partnership agreement with SGS for certification and testing services.
The major players profiled in the Aerospace Testing market include NTS, Element Materials Technology, Intertek Group plc, Aerospace Testing Lab, Inc., AeroTEC, Honeywell International Inc., Lockheed Martin Corporation, MTS Systems Corporation, SGS SA, MISTRAS Group, Inc., and TESTIA.
The aerospace testing market has been analyzed through the following segments: