Dublin, Aug. 23, 2022 (GLOBE NEWSWIRE) -- The "Aircraft Engine MRO Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Engine, Application, and Aircraft Type" report has been added to ResearchAndMarkets.com's offering.
The Aircraft Engine MRO market size was valued at US$ 32.04 million by 2028 from US$ 22.15 million in 2021; it is expected to grow at a CAGR of 5.7% during 2022-2028.
Aircraft engine MRO providers are offering several services, such as routine engine maintenance. Some aircraft engine providers focus on manufacturing one or two engines, whereas others have large engine portfolios for multiple uses. All the aircraft engines require routine maintenance and daily check before aircraft fly. In transition, the aircraft fleet redefines the aircraft engine MRO market because of many permanent retirements of older aircraft.
The popularity of narrow-body aircraft has been growing since 2021 due to the European Union Aviation Safety Agency and Federal Aviation Administration's decisions to recertify Boeing 737 MAX commercial use. In 2021, more than 23,700 aircraft flew, out of which more than 14,000 were narrow-body aircraft, owing to this the narrow body segment accounted for a significant share in the global aircraft engine MRO market share.
The aircraft engine MRO market ecosystem is evolving. Further, major players occupy places in the first node of the aircraft engine MRO market ecosystem. Moreover, engine manufacturers and MRO service vendors provide maintenance, repair, and overhaul services to commercial airlines, military forces, and general aviation owners.
Companies such as Delta Airlines, Inc.; GE Aviation; CFM International; Lufthansa Technik; MTU Aero Engines AG; SIA Engineering Company; Sigma Aerospace; Safran S.A.; Raytheon Technologies Corporation; and Rolls-Royce PLC are among the leading manufacturers in the aircraft engine MRO market. These companies are engaged in providing a wide range of aircraft engine MRO services to end-users, such as commercial airliners, military forces, general aviation owners, and other customers.
In February 2022, Safran Helicopter Engines signed a Memorandum of Understanding (MoU) withs Engineering to study the use of Sustainable Aviation Fuel (SAF) in helicopter engines, with the objective of assisting helicopter operators in their transition to the use of SAF.
In March 2022, Safran signed a "Memorandum of Understanding" with Hindustan Aeronautics Limited (HAL) to extend their cooperation and explore opportunities for new helicopter engines in civil and military markets, reflecting their commitment to the Indian Government's vision of "Atmanirbhar Bharat" towards achieving self-reliance in defence technologies and MRO (Maintenance, Repair and Overhaul).
The aircraft engine MRO market study is segmented into engine, application, and aircraft type. Based on engine, the aircraft engine MRO market is segmented into turbine engine and piston engine. In 2020, the turbine engine segment led the aircraft engine MRO market with a larger share. Based on application, the market is segmented into commercial aviation, general aviation, and military aviation. In 2020, the commercial segment accounted for the largest share in the global aircraft engine MRO market. Based on aircraft type, the market is segmented into fixed wing aircraft and rotary wing aircraft.
The fixed wing aircraft dominated the aircraft engine MRO market in 2020 with a larger share. By geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Asia Pacific accounted for a significant market share of the aircraft engine MRO market.
The key players profiled in the aircraft engine MRO market analysis include Delta Airlines, Inc.; GE Aviation; CFM International; Lufthansa Technik; MTU Aero Engines AG; SIA Engineering Company; Sigma Aerospace; Safran S.A.; Raytheon Technologies Corporation; and Rolls-Royce PLC
The COVID-19 outbreak adversely affected the world and disrupted the economic conditions of several countries. Flights remained idle in the Middle East and Africa (MEA) due to the COVID-19 pandemic, which declined the demand for MRO services. The crisis resulted in a loss of business among the aircraft engine MRO market players offering their services to respective airlines in the Middle East and Africa. According to the International Air Transport Association, airlines' revenue got negatively impacted due to the temporary shutdown of flights. The worst-affected aviation market in the Middle East and Africa was Saudi Arabia, followed by the UAE. More than 16,000 general aviation aircraft were cancelled in the Middle East and Africa in 2020. Reduced flight activities in the Middle East and Africa hindered the market growth in 2020.
Key Topics Covered:
1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Aircraft Engine MRO Market Landscape
4.1 Market Overview
4.2 Porter's Five Force Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat to New Entrants
4.2.4 Threat to Substitutes
4.2.5 Competitive Rivalry
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Aircraft Engine MRO Market - Key Industry Dynamics
5.1 Market Drivers
5.1.1 Resuming of Grounded Aircraft Post- Pandemic is driving the Aircraft Engine MRO Market
5.1.2 Stringent Government Regulations Related to Carbon Emissions
5.2 Market Restraints
5.2.1 Suspension of older aircraft fleets is restraining the market growth
5.3 Market Opportunities
5.3.1 Expected Future Delivery of Aircraft will bring lucrative opportunity for Aircraft Engine MRO Market
5.4 Future Trends
5.4.1 The increasing demand for fuel- efficient aircraft
5.5 Impact Analysis of Drivers and Restraints
6. Aircraft Engine MRO Market - Global Market Analysis
6.1 Aircraft Engine MRO Market Overview
6.2 Aircraft Engine MRO Market Forecast and Analysis
6.3 Market Positioning - Global Key Players
7. Aircraft Engine MRO Market Analysis - By Engine
7.1 Overview
7.2 Aircraft Engine MRO Market, By Engine (2021 And 2028)
7.3 Turbine Engine
7.3.1 Overview
7.3.2 Turbine Engine : Aircraft Engine MRO Market Revenue and Forecast To 2028 (US$ Billion)
7.3.3 Turboprop Engine
7.3.3.1 Overview
7.3.3.2 Turboprop Engine: Aircraft Engine MRO Market Revenue and Forecast To 2028 (US$ Billion)
7.3.4 Turbofan Engine
7.3.4.1 Overview
7.3.4.2 Turbofan Engine: Aircraft Engine MRO Market Revenue and Forecast To 2028 (US$ Billion)
7.3.5 Turboshaft Engine
7.3.5.1 Overview
7.3.5.2 Turboshaft Engine: Aircraft Engine MRO Market Revenue and Forecast To 2028 (US$ Billion)
7.4 Piston Engine
7.4.1 Overview
7.5 Piston Engine: Aircraft Engine MRO Market Revenue and Forecast To 2028 (US$ Billion)
8. Global Aircraft Engine MRO Market Analysis - By Application
8.1 Overview
8.2 Aircraft Engine MRO Market, By Application (2021 And 2028)
8.3 Commercial
8.3.1 Overview
8.4 Commercial: Aircraft Engine MRO Market Revenue and Forecast To 2028 (US$ Billion)
8.5 General
8.5.1 Overview
8.5.2 General: Aircraft Engine MRO Market Revenue and Forecast To 2028 (US$ Billion)
8.6 Military
8.6.1 Overview
8.6.2 Military: Aircraft Engine MRO Market Revenue and Forecast To 2028 (US$ Billion)
9. Global Aircraft Engine MRO Market Analysis - By Aircraft Type
9.1 Overview
9.2 Aircraft Engine MRO Market, By Aircraft Type (2021 And 2028)
9.3 Fixed Wing
9.3.1 Overview
9.3.2 Fixed Wing: Aircraft Engine MRO Market Revenue and Forecast To 2028 (US$ Billion)
9.4 Rotary Wing
9.4.1 Overview
9.4.2 Rotary Wing: Aircraft Engine MRO Market Revenue and Forecast To 2028 (US$ Billion)
10. Aircraft Engine MRO Market - Geographic Analysis
11. Aircraft Engine MRO Market- COVID-19 Impact Analysis
11.1 Overview
11.1.1 Europe: Impact Assessment of COVID-19 Pandemic
11.1.2 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
11.1.3 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
11.1.4 South America: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
13. Company Profiles
13.1 Delta Air Line
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 GE Aviation
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 CFM International
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Lufthansa Technik
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 MTU Aero Engines AG
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Safran
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 SIA Engineering Company
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Sigma Aerospace
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Rolls-Royce plc.
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Raytheon Technologies Corporation
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/e3jcdl
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