The key players in the global aircraft component MRO market include AAR Corp. (USA), Air France Industries KLM Engineering & Maintenance (France), Barnes Aerospace (USA), Delta TechOps (USA), FL Technics (Lithuania), Lufthansa Technik AG (Germany), Hong Kong Aircraft Engineering Company Limited (HAECO) (Hong Kong), Honeywell International (USA), ST Aerospace (Singapore), and Turkish Technic Inc. (Turkey).
Aircraft Component maintenance, repair, and operations (MRO) services are essential in order to ensure the smooth operation of an aircraft. Market Research Future (MRFR) has published a research report about the global aircraft component MRO market that presumes proliferation at 5.54?GR (Compound Annual Growth Rate) for this market between 2016 and 2023. By value, this market is expected to be worth the US $ 15,021.4 mn by the end of forecast period.
The primary factor driving the global aircraft component MRO market growth is growing international trade between countries, leading to the increased frequencies of cargo planes. The second factor driving market growth is a necessity to conduct timely checks or repairs of airplane components in order to ensure efficient performance and safe air travel. The third factor is the increased need for proper maintenance of engines & components. Remaining market driving factors include increased focus of original equipment manufacturers (OEMs) on aircraft MRO service and rapid aircraft fleet expansion.
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The global aircraft component MRO market segmentation has segmented the market into aircraft type, application, component, and lastly, region. By aircraft type, this market has been segmented into narrow-body aircraft, regional transport aircraft, and wide-body aircraft. The application-based segmentation segments the market into business & general aviation, commercial air transport, and military aviation. Based on the component, the market has been segmented into empennage, engine, fuselage, landing gear, wings, and others.
The regional segmentation of the global aircraft component MRO market has segmented the global market into regional markets known as the Asia Pacific, North America, Latin America, Europe, the Middle East & Africa (MEA). During the forecast period, the market in North America is expected to grow due to the presence of many major MRO service providers in the region, technological advancement, the growing need for aircraft inspection, the high purchasing power of consumers, and strong aviation market due to most people preferring air travel. The vital country-specific markets in this region are USA, Canada, and Mexico.
Due to technological advancement and purchasing power of people being lower than North America, Latin America is a comparatively smaller regional market. The two most important country-specific markets in this region are Brazil and Chile, followed by the remaining countries in the Latin America region.
Europe is one of the major regional markets due to presence many key market players and the technological advancement that is second only to North America. In this region, the most important country-specific markets are France, Germany, and the UK, followed by the remaining countries of Europe.
The Asia Pacific is a rising regional market due to air travel becoming affordable in growing economies like China and India. Technological advancement in countries like Japan makes them potential markets for aircraft component MRO. Another important country-specific market in this region is Indonesia, followed by the remaining countries of the Asia Pacific region.
In the MEA region, few airline carriers operate. Therefore, a small market does exist here. In this region, the market is small and limited due to poor countries (especially in the African segment), lack of awareness, lack of education, and lack of advanced technology. The market in the Middle East segment is in a better condition than the African segment. Most important country-specific markets in this region are Saudi Arabia, Turkey, and UAE.
Latest Industry News
- A new MRO for airlines called WZL2 has opened in Poland. 3 JAN 2019
- Latvian aviation services provider FBO Riga has forged a partnership with Moscow-based Embraer Executive Jets-authorized service center called international business aviation MRO Jet Flight Service. This partnership aims to establish a new MRO facility at Riga International Airport. 15 JAN 2019
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