Research Nester has released its report titled “Global Aerospace Insurance Market: Global Demand Analysis & Opportunity Outlook 2020-2027” that delivers detailed overview of the global aerospace insurance market in terms of market segmentation by insurance type, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global aerospace insurance market is estimated to register a notable CAGR over the forecast period, owing to rising number of passengers witnessed who are preferring to travel by air over the past decade and huge investments being made in development and expansion of new airports around the world. Moreover, the number of airports and aircrafts have been increasing across various regions, which is anticipated to increase the demand for maintenance of airports and aircrafts, thereby estimated to aid the growth of the market over the forecast period.
The global aerospace insurance market is anticipated to observe significant growth over the next decade, owing to several factors such as rising number of passengers preferring to travel by air and huge investments being made in development of new airports. Additionally, with prosperity of nations becoming more dependent through connectivity by air according to IATA, the demand for aerospace insurance across many regions is set to rise over the next few years.
Further, growth in purchase of aircrafts in order to meet the demands of increasing passenger traffic is estimated to raise the demand for aerospace insurance, owing to the potential for risks such as accident, damage to property and public, including problems arising out of maintenance and usage of aircrafts over the forecast period.
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However, some of the factorsare estimated to dampen the growth prospects of the market such as inadequate awareness still prevalent about aerospace insurance across various regions. Additionally, inordinate delays carried out many times in providing services to clients including in some cases where there could be slow processing of insurance claims which has to move across various public departments for obtaining approval which could develop a lack of faith and interest in choosing insurance coverage for their aircrafts.
The global aerospace insurance market comprises of two segments which are segmented by insurance type and by end user. The airport operators falling under end user segment is predicted to hold a significant market share over the forecast period, on account of construction and expansion of several airports across various regions globally.
Moreover, the increasing number of airports is set to witness high demand for aircrafts and airport operators in order to operate and handle the management of airports. This is expected to raise the demand for insurance coverage for aircrafts and airports for their operations and maintenance, which is predicted to drive the growth of the market over the forecast period.
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