The global tool holders market is projected to grow at a CAGR of 5.61% during the period 2018-2022.
One trend in the market use of loT for condition-based monitoring of tool holders. The idea of connected factory has evolved in the past few years. Connected factory utilizes the power of the web to link humans with various components like machines, computers, and sensors to allow better collection, processing, and analysis of information. The connected components mentioned above provide enhanced precision, and can translate the collected data into useful insights. Internet of things or loT holds no relevance without machine learning and intelligence. The concept of loT is not only limited to the collection of data but also focuses on obtaining value from the acquired data.
According to the report, one driver in the market is growing commercial aircraft leasing market. Commercial aircraft leasing is seeing a considerable growth in the past years. Airline companies are leasing aircraft from other airline companies or leasing companies to increase their capacity temporarily and to operate without the financial burden of buying an aircraft. There are two main types of leasing in the airline industry: dry leasing and wet leasing. Wet leasing is used for short-term leasing, whereas dry leasing is used for longer-term leasing. Aircraft leasing offers benefits of reduced CAPEX, reduced maintenance costs, financial liquidity, and the ability to respond to market conditions through fleet expansion.
Use of IoT for condition-based monitoring of tool holders