Aviation asset management is a commercial aircraft consultancy service. Companies such as Aviation Asset Management Limited (AAM) undertake surveys of leased aircraft and check maintenance documentation under this management. The concept of asset management is gaining importance with the rise in number of air passengers. Growth in aviation asset management can be attributed to the rise in focus of commercial airline operators on increasing their service offerings due to the rise in demand for aerial cargo movement and inflight passengers. Major companies dealing with aircraft operations in the commercial airspace are searching for ways to outsource aviation asset management services. Asia-Pacific is anticipated to capture a significant market share, demonstrating an accelerated growth rate over the coming years due to development in the aviation industry across the region. Airline operators are actively expanding their operational fleet to support the market demand on regional roots. Efforts taken by regional governments to improve their manufacturing and operational capabilities in the aviation industry are attracting huge brownfield and greenfield investments, favorably influencing the market. China Airlines is associated with IFS for aviation asset management services. This contract assisted China Airlines to increase its management process efficiency by 10%, A checks delivery efficiency by 3%, and a 30-day average reduction of layover in scheduled aircraft maintenance.
COVID-19 Impact Analysis
- Tech firms are increasing their focus on high-demand technologies and finding new ways to support their consumers, despite the crisis of the COVID-19 problems across sectors leading to a decline in high technology investment. Software Vendors such as IBM, SAP, and Microsoft are ready to use these emerging technologies to provide value to their customers. Supply-side shocks are among the most noticeable impacts of the pandemic on the defense sector. Businesses that are based in countries which have been badly affected by the virus or those reliant on supply chain operations based in the affected countries are the victims of the pandemic. Major nations like the U.S. have already halted all troop movements, missions, and exercises. Ceasing or reducing military exercises is expected to reduce the engagement time, informal testing, and evaluation of equipment and reduce the aviation asset management market development potential.
Top Impacting Factors
Rise in air traffic, procurement of new aircraft models equipped with advanced features, increase in emphasis on competitive intelligence and analytical solutions, and technological development drive the growth of the market.
Stringent government regulations hinder the growth of the aviation asset management market.
Increase in aviation passenger traffic, pending deliveries of aircraft, and demand for reduction in fixed & variable management cost act as an opportunity for the market investments.
The Aviation Asset Management Market Trends are as Follows:
Increase in Emphasis on Competitive Intelligence and Analytical Solutions
- Participants of the global aviation asset management market are increasingly focusing on competitive intelligence and real-time analytical solutions to improve the profitability by increasing revenue and reducing cost in areas such as forecast demand, tracking, fraud detection, marketing, and improved data management.
- Increase in Aviation Passenger Traffic
- The continuous increase in passenger traffic will create a large amount of data and participants of the aviation industry to use analytical solutions for many factors such as predicting customer preferences, reducing operational cost, managing fuel cost, and others.
- Technological developments in various connected technologies enable companies to integrate their systems with the cloud, the Internet of Things (IoT), predictive analysis, and other data management tools, supporting industry competition. For instance, IFS labs launched a program to integrate blockchain technology into several aviation asset management processes. A modern aircraft consists of about two to three million parts, which need to be managed properly for smooth operations. This generated a demand for a verifiable, secure, and traceable database protocol, which can be fulfilled by blockchain technology. Furthermore, International Air Transport Association (IATA) released a document stating potential applications for blockchain in the aviation industry, which included certification, smart contracts, tokenization, digital ID, and provenance. The market is growing as a result.
Key Benefits of the Report:
- This study presents the analytical depiction of the aviation asset management market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the aviation asset management market.
- The current market is quantitatively analyzed to highlight the growth scenario of the aviation asset management market.
- The report provides a detailed aviation asset management market analysis based on competitive intensity and the competition that will take shape in coming years
Questions Answered in the Aviation Asset Management Market Research Report:
- Who are the leading market players active in the aviation asset management market?
- What would be the detailed impact of COVID-19 on the market?
- What are the current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the aviation asset management market?
- What are the future projections that would help in taking further strategic steps?
Aviation Asset Management Market Report Highlights
By End Use
By Service Type
Key Market Players
Skyworks Capital, LLC., Charles Taylor Aviation (Asset Management) Ltd., AerData (Boeing Company), BBAM Aircraft Leasing & Management, AerCap Holdings N.V, GA Telesis, LLC, Aviation Asset Management Inc, GE Capital Aviation Services (General Electric Company), Acumen, Airbus Group