(MENAFN- GlobeNewsWire - Nasdaq) Westford, USA, March 20, 2023 (GLOBE NEWSWIRE) -- The aircraft mro market in the Asia Pacific region has witnessed substantial growth in recent years, mainly due to the rising demand for air travel and the need to keep aging aircraft in service. MRO services are crucial in ensuring compliance with regulatory requirements and maintaining the value of aircraft assets. With the increase in air travel for business and personal purposes, there is a surge in demand for new aircraft production, which is expected to impact the market significantly. Moreover, the increased demand for older planes and environmental concerns have emphasized the need for continuous monitoring and maintenance of aging aircraft. This has created significant traction for the market, as older planes require more frequent and specialized maintenance to ensure their airworthiness and compliance with safety regulations.
According to the latest research by SkyQuest, with the Asia Pacific's growing demand for air travel, the commercial aircraft fleet in Asia-Pacific is expected to exceed 12,400 aircraft by 2030. This forecast points towards a positive outlook for the aircraft MRO market. Furthermore, China's airline fleet is expected to account for more than 42.4% of the region's total aircraft fleet by 2030, indicating a significant shift in the dynamics of the aviation industry.
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Aircraft Maintenance, Repair, and Overhaul (MRO) are critical aspects of aviation operations. MRO services are essential for ensuring aircraft safety, reliability, and efficiency. These services involve inspecting, repairing, and maintaining aircraft components and systems, including airframes, engines, avionics, and other equipment. Aircraft MRO services can be carried out by airlines or third-party service providers. Third-party MRO providers offer various services, including line maintenance, base maintenance, engine overhaul, component repair and overhaul, and aircraft painting.
Prominent Players in Aircraft MRO Market
Singapore Technologies Engineering Ltd. AAR Corp. KLM UK Engineering Limited MTU Aero Engines AG Rolls-Royce Holding plc. Delta Airlines, Inc. L3Harris Technologies, Inc. General Electric Company Lockheed Martin Corporation Hong Kong Aircraft Engineering Company Limited SIA Engineering Company Ltd. TAP Maintenance & Engineering Lufthansa Technik Raytheon Technologies Corporation
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Engine Overhaul Segment to Drive Higher Traction due to the Critical Nature of the Engine, the Specialized Skills and Equipment Required for Overhaul
In recent years, the aircraft MRO market has seen significant growth in the engine overhaul segment. This trend is expected to continue from 2022 to 2028. There are several key reasons for the growth of the engine overhaul segment. One is the increasing number of aircraft in service, which drives up demand for maintenance and repair services. Another is that aircraft engines are highly complex and require specialized knowledge and expertise to maintain and repair. As a result, many airlines and other operators turn to third-party MRO providers to handle their engine overhaul needs.
The Asia Pacific region will dominate the aircraft MRO market in 2021, and this trend is expected to continue well into 2028. The region's strong position in the market is primarily attributed to its growing aviation industry, increasing air passenger traffic, and expanding fleet of aircraft. Several key factors have contributed to the substantial growth of the aviation industry in the Asia Pacific region, including the rise of low-cost carriers, the growing middle-class population, and the increased connectivity and economic development in the region. These factors have resulted in a surge in air passenger traffic, which has created a significant demand for aircraft MRO services.
Narrow-Body Aircraft Segment to Register Substantial Growth owing to High Frequency of Flights, Aging Aircraft, and Cost-Effectiveness
The aircraft MRO market has experienced significant growth in recent years, with the narrow-body aircraft segment leading the charge. In 2021, narrow-body aircraft continued to dominate the MRO market, and projections indicate that this trend will continue in the coming years. As a result, the narrow-body aircraft segment is expected to drive a high CAGR from 2022 to 2028. As the air travel industry continues to recover from the recent pandemic, airlines are likely to invest in maintaining and repairing their narrow-body fleets to ensure they remain safe and reliable. Additionally, the increasing use of technology in aircraft maintenance and repair is expected to drive growth in the MRO market for narrow-body aircraft.
In 2021, the North American region witnessed a surge in demand for aircraft MRO services due to various factors, such as the increasing age of the aircraft fleet, rising air traffic, and stringent regulatory requirements. The North American region also has a robust ecosystem of MRO service providers, including large players and small-scale enterprises, offering a wide range of services, from line maintenance to heavy maintenance checks. This diverse range of services and providers has created a competitive landscape, driving innovation and the adoption of new technologies in the aircraft MRO market.
SkyQuest, a prominent market research firm, has recently published a comprehensive report on the aircraft MRO market. The report thoroughly analyzes the industry, providing valuable insights into its current state and future potential. In addition, it covers various market aspects, including its size, competitive landscape, key players, market share, revenue, and recent advancements. A report is an essential tool for businesses looking to expand their market share or enter the market, as it provides valuable insights into the competitive landscape and growth potential.
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Key Developments in Aircraft MRO Market
Airbus, one of the world's leading aircraft manufacturers, has recently announced its latest efforts to enhance its Skywise Maintenance, Repair, and Overhaul (MRO) capabilities. The Skywise digital platform is designed to provide airlines and other aviation industry stakeholders with a comprehensive suite of tools for managing aircraft maintenance and operations. By enhancing its Skywise MRO capabilities, Airbus aims to streamline further and optimize its customers' maintenance and repair processes. Bahamasair has selected Seabury Solutions Alkym as its aircraft maintenance control system. Alkym is a comprehensive, fully-integrated aviation maintenance management system designed to enhance maintenance and engineering operations for airlines and MROs. The Alkym system will allow Bahamasair to optimize its maintenance and engineering processes, improve efficiency, and increase safety. STS, a leading global aircraft maintenance, repair, and overhaul (MRO) services provider, has received official approval to provide engine MRO services in Manchester, UK. As a result, the company, which has been expanding its operations across Europe, is now well-positioned to serve a growing demand for engine MRO services in the region. The UK Civil Aviation Authority (CAA) approval allows STS to offer various engine MRO services, including repairs, maintenance, and overhaul of various engine types.
Key Questions Answered in Aircraft MRO Market Report
What are the most significant factors that could impact the growth of the global market, and how do they differ in their potential impact? Which regions are likely to experience the most rapid expansion in the global market, and what factors drive this growth in these regions? What strategies are employed by the industry's leading players to shape the future of the global market, and how are they working to maintain their market dominance? What challenges pose major obstacles to the continued growth and success of the global market, and how are stakeholders responding to these challenges to ensure continued success?
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