Global Aircraft Maintenance Market

Description

With increasing aircraft sales and rising global passenger traffic, aircraft maintenance, repair, and overhaul (MRO) industry has taken centre stage as a strategic activity. This comes with potential damage to aircraft components due to flight carriers functioning full time, especially the low-cost players, and to implement predictive maintenance to reduce operating costs. The global aircraft MRO market was valued at US$ XX in 2017 and is expected to register a CAGR of XX% during the period 2017-2022 to reach a valuation worth US$ XX by 2022.

Market Dynamics

The Global MRO Market has been progressing in recent years despite the downturn in the aviation market. Factors responsible for this include the sudden expansion of low cost carriers in the market and improving purchasing power of the middle-class population, which have in turn led to a hike in the total number of active airline passengers. With this hike comes the increased responsibility towards safety and security that airline companies must owe their customers. This and the government norms to develop MRO as a holistic and strategic activity to ensure safety of passengers and environmental viability will help the market flourish throughout the forecast period.

Additionally, the MRO industry aims to improve other flight conditions, especially fuel economy and hull weight. Regular inspections and overhaul helps maintain expectable flying and standards and a shot at improved fuel economy

Other factors that have notably contributed to the market’s growth include massive outsourcing of MRO operations to Joint Venture OEMS, demand for aircraft modernization, and increasing investments into research and development in the MRO industry.

Market Segmentation

The market is segmented into engine, airframe and modifications, components, and line maintenance. Amongst these, the engine MRO segment emerged the most dominant in terms of market share. This can be attributed to the stringent safety regulations that are issued by administering bodies, such as the FAA (Federal Aviation Administration) and the EASA (European Aviation Safety Agency), to shift towards green engine technologies in order to make engines environmentally viable.

Environmental viability comes only by regularly administering the aircraft components to reduce carbon emissions and improve fuel economy, thus boosting the aircraft MRO market

Regional Analysis

Geographically, the market is segmented into North America, Asia-Pacific, South America, Europe, and Middle-East and Asia. Amongst these, Asia-Pacific is expected to witness maximum growth during the forecast period, owing to rising number of MRO service providers. This comes as a result of growing number of MRO establishments in the region through joint-ventures of in-country specialty operational equipment manufacturers.

Key players

Key players in the global aircraft MRO market include AAR, ST Aerospace, ATS, Lufthansa Technik, SIA Engineering, Ascent Aviation, Delta TechOps, Evergreen Aviation Technologies, Hong Kong Aircraft Engineering Co. Ltd, Monarch Aircraft Engineering, SR Technics, and Textron Aviation.