Aircraft MRO Market 2020 Share, Trends, Segmentation, Top Key Players, Growth and Forecast To 2025
Aircraft MRO Market, in terms of revenue, was estimated to be USD 82.42 Billion in 2018 and is expected to reach USD 105.02 Billion in 2025, growing at a CAGR of 3.96% from 2018 to 2025.
The global aircraft MRO is expected to grow at a significant rate due to the number of driving factors.
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Scope of The Report:
Aircraft MRO Market applies the most effective of each primary and secondary analysis to weighs upon the competitive landscape and also the outstanding market players expected to dominate Aircraft MRO Market place for the forecast 2019– 2025.
Aircraft MRO Companies:
AAR CORP, Delta TechOps (Delta Air Lines, Inc.), General Electric Company, Hong Kong Aircraft Engineering Co. Ltd., Lufthansa Technik AG, L3Harris Technologies, Inc., United Technologies Corporation, SIA Engineering Company Ltd., TAP Maintenance & Engineering, Singapore Technologies Engineering Ltd., MTU Aero Engines AG, Rolls-Royce Holding plc
Continuous operational efficiency gains, the rise of low-cost airlines and the growing convenience of flight booking have all contributed to the increasing number of air travel. Airlines can only get the full benefits of their respective network and fleet strategies if they have a robust and flexible maintenance regime in place. It is estimated that there were around 24,000 commercial aircraft flying in 2017. This fleet size is expected to grow to 35,000 by 2027. Since older aircrafts will need to be replaced and there is a demand for larger fleets, OEMs will need to step up production but older fleets won’t be replaced at once and thus, there will be a mix of old and new planes flying around. This mix of aircraft creates more demand for the MRO. As a result, the MRO market is expected to witness a faster growth in the coming years.
The global aircraft MRO market is expected to witness a lucrative growth within the forecast period owing to the increasing fleet expansion and growing need for airframe maintenance. With the growing air traffic, carriers are more inclined toward maintaining the health of their current fleet, going for new aircraft only if they have no other option. But the cost of buying a new aircraft is considerably higher than the cost for the maintenance of the current fleet. In addition, different airports have introduced improvement processes to enhance efficiency, and several are using new technological systems to gain additional upgrades and prepare for the bigger data requirements of next-generation aircraft which in turn supplements the demand for aircraft MRO and fosters the market growth. In addition, growing air travel demand combined is also driving the capacity growth and demand for aftermarket services. Furthermore, the low fuel price is delaying the fleet renewal process, extending the need to maintain ageing and augmenting the demand for aircraft MRO.
Key Market Segments:
Service Type: Engine Overhaul, Airframe Maintenance, Line Maintenance, Modification, Components
Organization Type: Airline/Operator MRO, Independent MRO, Original Equipment Manufacturer (OEM) MRO
Aircraft Generation: Old Generation, Mid Generation, New Generation
Market by Regional Analysis
North America (USA, Canada, Mexico), Europe (UK, France, Germany, Russia, Rest of Europe), Asia-Pacific (China, South Korea, India, Japan, Rest of Asia-Pacific), LAMEA, Latin America, Middle East, Africa
Asia-Pacific held the market share of xx% in 2018 of global aircraft MRO market within the forecast period. Major factors expected to drive the growth in this region are increasing air-traffic in upcoming years and rising international trade and demand for new aircraft in this region. In the recent years, several other Asian countries have also increased their investment in MRO facilities, trying to replicate the success of Singapore and Hong Kong in this sector. Low-cost carrier, to some extent, has changed the face of civil aviation in Asia. Government policy also plays a key role, and the Singapore government has been very forward-looking in supporting the aerospace industry. With the growing frequency of flights to and from the Asian countries, the demand for MRO centers is expected to rise in this region in the coming years. Moreover, increasing penetration of global players in this region to cater to the growing demand and the huge potential of the Asia-Pacific aviation market are also supplementing the market growth. North America held the market share of xx% in 2018 of global aircraft MRO market within the forecast period. Europe is expected to capture the xx% share of global aircraft MRO market in 2025 owing to the growing investment in various military and commercial aviation programs in this region within the forecast period.
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