(MENAFN - GetNews) Global Aircraft MRO Market Research Report Covers Historical Market Trends, Current Market Dynamics, Market Valuation by Segmentation as Well as Region, Country-level Analysis for Every Segment, Key Player's Market Share Analysis, Competitive Landscape and Supply Chain Analysis.
Aircraft MRO sales market size is expected to expand owing to increase in fleet numbers of aircraft. It is anticipated to exceed a valuation of USD 95 Bn by 2023. Maintenance, repair, and overhaul (MRO) services are deemed vital by aviation agencies for maintenance of the aircraft and prevention of crashes. Different MRO centers use their own technologies for providing rapid and efficient services to carriers.
The launch of new airlines coupled with replacement of legacy aircraft likely to reflect favorably on the market in the years to come. Increased efforts by original equipment manufacturers (OEMs) to provide such services is anticipated to bode well for major airlines. Increase in trade activities and frequent air travel opted by consumers are factors expected to bolster market growth in the coming years. Demand from private airline operators and chartered plane owners is expected to lead to MRO centers in countries with high air traffic. On the flip side, scarcity of skilled personnel can pose a challenge to market growth in the coming years.
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The aircraft MRO market is segmented on the basis of MRO type, aircraft type, application, and region. By MRO type, the market is divided into airframe, component, engine, line maintenance, and modification. The engine segment is touted to generate significant revenue by 2023 owing to the component being a vital part of repair, maintenance, and periodic checking. Development of next-generation aircraft is anticipated to create opportunities for the segment.
Types of aircraft requiring MRO include wide-body, narrow-body, and others. The narrow-body aircraft segment is likely to gain traction due to high maintenance services provided to single-aisle jets.
Military aviation, business & general aviation, and commercial air transport are major market applications. The commercial air transport segment is anticipated to generate significant revenue for the market owing to the presence of various low-cost carriers. Expansion of air fleets by carriers such as Etihad Airways, Qatar Airways, and Emirates is expected to lead to spending for maintenance of aircraft.
Mahindra Group, a recognized Indian conglomerate, has reportedly decided to partner with ShinMaywa Industries, a Japanese firm, for setting up MRO units in India. These centers are expected to be used in the manufacture and assembly of specific components and parts of ShinMaywa US-2, an amphibian aircraft. The aircraft will be used in border surveillance and patrol missions.
Aerostar S.A., a Romanian company, has decided to expand its MRO capacity by setting up a new center at Iasi International Airport. The new facility recently carried out the servicing of aircraft owned by Pegasus Airlines, a low-cost Turkish airline.
Regions covered in the market report include North America, Latin America (LATAM), Asia Pacific (APAC), Middle East & Africa (MEA), and Europe. The APAC market is projected to exhibit high growth due to the presence of major airlines such as Air Asia, IndiGo, and Tigerair. In addition, low labor costs make the region lucrative for MRO outsourcing. This is evident with major North American airlines outsourcing 60% of their maintenance-related services to Asia.
The India market within the APAC region is expected to offer opportunities for growth. Infrastructural development coupled with adoption of latest technologies is making the region viable for investment. Measures taken by the Indian government in reducing the taxes on spare parts could be a relief for the industry. Tax exemption proposals for MRO units can boost domestic market growth.
The Europe aircraft MRO market is anticipated to witness an upsurge in demand owing to retrofitting of new devices in legacy aircraft. This is evident by continuous maintenance conducted on single-aisle jets in the region.
The North America market is projected to witness a sluggish growth rate due to the emergence of various third-party MROs and attrition of major airlines owing to their reduced capacity of handling large fleets. Replacement of older aircraft has led to fewer maintenance checks leading to low scope for MROs.
Prominent market players include Lufthansa Technik AG, Honeywell International Inc., AirbusGroup Limited, Delta TechOps, and Singapore Technologies (ST) Aerospace. In 2016, ST Aerospace, Air France KLM Engineering & Maintenance, Delta TechOps, and Lufthansa Technik AG accounted for close to 35% market share. OEMs are establishing their own MRO divisions to optimize aircraft maintenance costs and keep overheads to a minimum. Consolidation of existing divisions is a common trend in the industry to counter the encroachment of third-party MROs as evident by such moves by Airbus and Boeing. Partnerships between OEMs and MROs is also expected to lead to new alliances in the market.
Scope of Report
The report for Global Aircraft MRO Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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