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Shibuya-ku, Tokyo, Japan, Japan, Mar 30, 2022, 23:22 /Comserve / -- The business jet MRO market is anticipated to register a CAGR of over 3% during the forecast period, (2022-2031).
The business jet MRO market is anticipated to register a CAGR of over 3% during the forecast period, (2020 - 2025).
- The presence of aging business jets in operations, as well as demand for customization in the private jet aircraft, is expected to generate demand for the business jet MRO market during the forecast period.
- Currently, there is a shortage of skilled workforce in the business aviation MRO industry, which will affect the aircraft handling capabilities of the MRO providers. This is expected to hamper the growth of the market in the coming years.
- With many new models of business jets entering service and with the aftermarket activity of business jets strengthening, refurbishment providers are experiencing strong demand for their services. Moreover, customers, these days are preferring to change their interiors, with attractive materials, furnishings, and colors, and other custom touches to make their aircraft cabins unique. This trend is also driving the market studied.
- The business jet MRO market is highly consolidated with few players accounting for the majority of the market share.
- Due to the COVID-19 pandemic, the business jet flight activity witnessed a slight decline in the first half of 2020 compared to business jet flight activity during the same period in 2019. This decline in flight activity has affected the overall revenues of the flight activities, which in turn is expected to affect the spending of the companies towards aircraft MRO.
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Key Market Trends
Components MRO Segment of the Market is Expected to Witness Highest Growth
The components MRO segment of the market is expected to grow rapidly during the forecast period. The segment includes repair and modification of aircraft components like brakes, avionic, APU, thrust reverses, landing gears, equipment/furnishings, fuel systems, and flight controls among others. With the slowdown of business aviation around the world due to the COVID-19 pandemic, various companies are actively performing component checks and inspections to maintain high standards for future operations. Further modification and upgrades of the existing systems on aircraft are necessary for maintaining the aircraft to be up to date with newer technologies. In May 2020, DC Aviation Group was awarded a contract for the comprehensive overhaul of a Challenger 605, including a 48-month check, a cabin refurbishment, and Proline 21 Advanced Upgrade. The Proline 21 Advanced Upgrade includes the installation of Automatic Dependent Surveillance-Broadcast (ADS-B) equipment on board an aircraft. Such increasing demand for modifications is expected to accelerate the growth of the segment during the forecast period.
North America Currently Dominates the Market in Terms of Market Share
The large fleet of private and charter aircraft in the United States and Canada, with over 14,000 business jets in active service has driven the need for MRO services in the region. , Besides, the attractive growth prospects of the business jet charter industry in the region has also resulted in the creation of an extensive MRO network in the region. In the last two years, MRO capability expansion activities in North America increased considerably. In December 2019, Gulfstream Aerospace opened its approximately 66,000 square feet second MRO facility at Van Nuys Airport in Southern California. The new facility will serve as a local operating base for Gulfstream FAST Field and Airborne Support Teams. Such expansion plans of the companies in the North America region to capitalize on the growing opportunities in the business jet MRO industry is expected to propel the growth of the market in the region.
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Competitive Landscape
The business jet MRO market is highly consolidated with few players in the market-dominating majority of market share. Some of the prominent players in the business jet MRO market are Bombardier Inc., General Dynamics Corporation, Rolls Royce plc, and Raytheon Technologies Corporation (Pratt & Whitney), Lufthansa Technik AG. To further increase their presence in the market, the companies are constructing new MRO facilities at strategic locations and acquiring the local players. Several local players are partnering with OEMs to gain the technical expertise and required MRO certification for performing on-site MRO services to the business jets. For instance, in March 2020, DC Aviation Group and Comlux signed a cooperation agreement, under which DC Aviation will perform the line maintenance and warranty work for Comlux customers based in Europe and Commonwealth of Independent States (CIS) regions. Such partnerships are expected to help the companies enhance their share and presence in the market during the forecast period.
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