Commercial Aircraft Market Rides High on Burgeoning International Travel for Leisure and Business Reasons
From facilitating global trade to enable economic growth to bringing people together, commercial aviation has changed the world markedly. According to statistics from the International Air Transport Association (IATA), in 2014, the aviation industry accounted for a large chunk of revenue contribution for most countries of the world. With transport of 52 million tons of cargo carried out on more than 50,000 routes, the large volume of trade activity connected a massive 3.3 billion people across the world. To add to this, the sizeable trade activities delivered goods worth US$6.8 trillion and supported 58 million jobs.
Browse Research Report:http://www.transparencymarketresearch.com/commercial-aircraft-market.html
The growth of commercial aviation has been steady and sure, ever since the first powered flight in the early 20th century. From the first powered flight, which happened as a culmination of the Wright brothers’ efforts, to flying airboats that flew only a few feet above the water to passenger flights to modern air travel that involves scheduled overland air services, the jump has been accentuated by a handful of notable breakthroughs. What can be said for certain is that commercial aviation has connected the world like never before.
Commercial Aeronautic Companies Rising due to Incorporation of Information Technology
Since the advent of information technology (IT) in the 1990s, the technology has become the backbone of the services industry, including the airline industry, with the industry continually evolving through the partnership of large airline companies and IT corporations.
Recently, Bombardier, a Canadian aerospace and transportation company, and Tech Mahindra, an Indian IT giant, signed an agreement for the upgrade of the technological capabilities of the aeronautics company. Under the agreement, Tech Mahindra will develop the aircraft ground support system (AGSS) for the aircraft health management system (AHMS) of Bombardier’s C Series aircraft family.
Browse Press Release:http://www.transparencymarketresearch.com/pressrelease/commercial-aircraft-market.htm
The use of AGSS will allow real-time and post-flight recorded management of data, diagnostic reporting, and fault notification. Thus, operators of AHMS will be greatly benefitted in making sound decisions pertaining to the performance and maintenance of the C Series aircraft, using a large amount of data transmitted from the C Series aircraft.
On the structural development of aircraft, technological advancements in engine design to comply with reduced carbon emission requirements has been one of the major reasons for the development of the commercial aircraft market, says Transparency Market Research (TMR).
TMR analysts have described the market dynamics of some design aspects of aircraft that are important for the growth trajectory of the commercial aircraft market:
- First and foremost, increasing international travel has been a reason for airlines to carry out consistent expansion projects, either independently or through a network of multiple airlines. This is driving demand for new and advanced aircraft, such as single-aisle aircraft that operate on fuel-efficient engines.
- For long-distance international travel, the large wide-body aircraft type befits the purpose, while turbofan engine-propelled jets are suitable for short-distance travel, which is benefitting the global commercial aircraft market due to the diversity of application.