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Shibuya-ku, Tokyo, Japan, Japan, Jul 01, 2022, 04:12 /Comserve / -- The report predicts the global Global Aviation Engine MRO Market to grow at a healthy CAGR over the forecast period from 2022-2031.
Global Aviation Engine MRO Market Research Report Forecast till 2031
Market Snapshot
Global Aviation Engine MRO Market is expected to witness high growth at a 6.06% CAGR during the review period. Aviation engine MRO services are used in maintenance, reconstruction, and overhaul services for turbine engines such as turboprop, turbofan, and turboshaft engines. The rising MRO outsourcing activities and rapid fleet expansion are expected to drive the growth of the market during the forecast period.
The global aircraft engine MRO market is expanding at the highest rate owing to the rising MRO outsourcing activities and rapid fleet expansion. Furthermore, the evolution in next-generation aircraft engines is also expected to propel the market growth during the review period. Whereas the high cost associated with aircraft engine MRO and their growing environmental hazards are expected to limit the growth of the global aviation engine MRO market during the research period. Aviation engine MRO services are provided for both civil and military aviation. Additionally, the adoption of the new ultra-high bypass ratio (UHBR) turbofan engines in aircraft has also inspired the requirement for redesigning and enhancing the systems and equipment around the engine. Therefore, with the reconstruction of aircraft engines and engine-related components, the demand for advanced facilities and a skilled workforce for its MRO will also increase.
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Market Segmentation
The global aviation engine MRO market has bee-n divided by engine type, aircraft type, application, and region. Based on engine type, the global market is segmented into turbine engine and piston engine. Depending on aircraft type, the global aviation engine MRO market has been bifurcated into fixed-wing aircraft and rotary-wing aircraft. Based on application, the global aviation engine MRO market has been bifurcated into civil aviation and military aviation.
Regional Analysis
Geographically the aviation engine MRO market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
North America is likely to drive the largest market owing to highest market share in 2019. The rising demand for services from the players based in US and Canada are expected to drive the regional market during the study period. In 2019, North America estimated for 34.48% share of the global aviation engine MRO market. However, as per the IATA, owing to travel restrictions and global economic recession due to the COVID-19 pandemic, the air transport revenue in North America is expected to fall by USD 50 million in 2020.
Europe is the second-largest market of aviation engine MRO market followed by Asia-Pacific. Asia-Pacific is anticipated to be the fastest-growing market for aviation engine MRO during the forecast period.
Major Players
The major players of the report on the global aviation engine MRO market are Air France Industries KLM Engineering & Maintenance (France), Singapore Technologies Engineering Ltd (Singapore), GE Aviation (US), Hong Kong Aircraft Engineering Company Limited (Hong Kong), Lufthansa Technik (Germany), MTU Aero Engines AG (Germany), Rolls-Royce PLC (UK), Safran (France), SIA Engineering Company Limited (Singapore), and Honeywell International Inc. (US).
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