How Aircraft MRO Will Dominate In Coming Years?
According to the International Air Transport Association (IATA), the total number of new passengers would increase over the next 20 years and it would further increase the demand for MRO activities for up-gradation of the aircraft fleet. The rising number of middle-class travelers, especially in APAC countries such as India, China, and Singapore, is the main factor contributing to the growth of air travel which is consequently increasing the need for aircraft MRO services in the region. The governments in the above-mentioned countries, as well as other emerging economies, are supporting the growth of aviation MRO services as it is a crucial strategy to support the economic goals of the region by focusing on enhancing the aircraft MRO activities.
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The maintenance, repair, and overhaul (MRO) process is an essential and unavoidable aspect of every business. A proper MRO of an aircraft or its component can help businesses to avoid significant risks to their survival. Thus, aviation industry players majorly focus on creating appropriate business processes and infrastructure to support. The growth of the commercial as well as military segments in the aviation industry is likely to fuel the MRO market growth during the forecast period. Further, due to growth in the global population that can afford air travel is one of the factors boosting the growth of the aviation MRO market. With the increase in the population, the demand for new aircraft procurement is also rising along with the surge in shift timings, thus leading to the need for frequent MRO activities.
The deployment of various retrofitting technologies, which refers to the implementation of newer technologies on older aircraft fleet, help increase passenger comfort and safety and also facilitates the airlines in maintaining their older fleet. The continuous advancements in the aircraft technologies is resulting in up-gradation of MRO capabilities. This is due to the fact that the MRO service providers are constantly seeking up gradation and procurement of newer technologies in order to service the newer aircraft as well as retrofit the upgraded technologies on the older aircraft fleets. The global commercial airlines in the current scenario are holding on to their older aircraft fleet owing to the drop in fuel prices.
The Top Industry Players of Aircraft MRO :
- AAR Corp
- Barnes Group
- Collins Aerospace
- Delta TechOps
- FL Technics
- GE Aviation
- Lufthansa Technik AG
- Rolls-Royce
- Singapore Technologies Engineering
- Turkish Technic
This factor is compelling the airlines to opt for MRO activities frequently, which is facilitating the MRO service providers to offer the airlines to retrofit the aircraft fleet with newer technologies. The retrofitting trend is soaring among the MRO service providers, which is driving the growth of aircraft MRO market. Similar trend is also anticipated to continue over the years, and thus, integration of advanced and modern technologies on older aircraft fleet is expected to change the aircraft MRO market landscape as well as face of aviation industry.