Aircraft MRO Market 2020 Trends, Top Manufactures, Market Demands, Industry 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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