New York, Dec. 16, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners, Aircraft MRO Market Size, Share, Trends and Growth Forecast to 2028 - COVID-19 Impact and Global Analysis By Components (Engine MRO, Avionics MRO, Airframe MRO, Cabin MRO, Landing Gear MRO, and Others), Aircraft Type (Fixed Wing Aircraft and Rotary Wing Aircraft), End-Users (Commercial and Military), and Geography”, the global aircraft MRO market size was valued at USD 49.80 billion in 2020 and is projected to reach 68.35 billion by 2028; it is expected to grow at a CAGR of 4.3% from 2021 to 2028. Asia-Pacific acquired the largest market share, growing at a CAGR of 6.6% in 2018.
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Global Aircraft MRO Market - Report Scope:
| Market Size Value in | USD 49.80 Billion in 2020 |
| Market Size Value by | USD 68.35 Billion by 2028 |
| Growth rate | CAGR of 4.3% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 171 |
| No. of Tables | 88 |
| No. of Charts & Figures | 78 |
| Historical data available | Yes |
| Segments covered | Components, Aircraft Type, and End-Users |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Aircraft MRO Market - Product Initiatives:
2021: Barnes Aerospace is expanding its maintenance, repair, and overhaul facility in West Chester, Ohio. The West Chester MRO operation specializes in a variety of critical machining functions and extensive inspection applications for the global aviation industry.
2021: ST engineering has entered into a 10 year agreement with honeywell aerospace that will see the group appointed as the only licensed MRO service provider based in Asia-pacific for honeywell components install on the LEAP-series engines.
2021: Sichuan Airlines and Lufthansa Technik AG signed a 5-year agreement for digital fleet solutions through AVIATAR and engine maintenance services for the V2500 and CFM56-5B engines of the Airbus A320 fleet. AVIATAR will support Sichuan Airlines' Airbus A350, A330 and A320 fleets.
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COVID-19 Impact on Global Aircraft MRO Market Growth:
The COVID-19 pandemic has hampered the economic growth of almost every country. The airline industry has witnessed high impact of this economic downturn. Moreover, the damaged economic growth of countries has led to shutdown of small airlines companies in 2020. Due to the ongoing COVID-19 outbreak, all the major countries in Europe, Asia Pacific, and North America imposed strict restrictions on business activities, and goods and people movement. All these factors are restricting both supply of and demand for aircraft maintenance services, thereby hindering the revenue growth of the global aircraft MRO market. Also, second wave of COVID-19 outbreak in countries such as India, France, and the US would negatively impact the market growth throughout the first half of 2021. It is expected that the aircraft MRO market growth will stabilize in 2022, and the market would witness positive growth from 2022 to 2028.
The aviation industry in the region is widely a pivotal contributor to its social and economic development. In the year 2017, Asia Pacific surpassed North America in terms of the leading digital travel market. The growth of Asia has been primarily contributed by the wide range of income levels and rapidly growing middle class. This resulted in robust sales gain in fast-developing economies of the region, such as India and China. APAC is expected to be the region experiencing ample of opportunities for providers of aircraft MRO services. APAC has several growing economies, which is leading the growth with a wide variety of sectors, including aerospace, military & defense, technology, and others. Many emerging economies in the APAC region are attracting investments from the regulatory bodies to bring enhancement in their technologies. This would eventually propel the growth and adoption of advanced technologies to be integrated into aircraft.
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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 aircrafts 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. 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.
In addition to this, Currently, the demand for aircraft MRO services is growing significantly in the European region. Europe accredits to have the world’s busiest airspace. The strength of the regional economy and increasing air travel, which is expanding the use of MRO services due to growing flying hours are some of the significant factors mainly driving the demand for aircraft MRO market in Europe. The need for new modern aircraft in the commercial and military aircraft fleets in the region is also driving the market for aircraft MRO. The airlines in the European region need to adhere to the stringent rules and regulations set by the European Aviation Safety Agency (EASA) to ensure passenger safety is directly impacting on the growth of aircraft MRO market. In Europe, Germany was positioned at the top in repair and maintenance of aircraft production value in 2018 due to its substantial investment in MRO activities, also due to the presence of leading aircraft MRO service provider Lufthansa Technik. The UK, France, and Belgium correspondingly ranked 2nd, 3rd, and 4th in this ranking, where Italy ranked 9th.
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The major players profiled in the global aircraft MRO market are AAR Corp, Barnes Group Inc., Collins Aerospace, Inc., Delta TechOps, FL Technics, GE Aviation, Lufthansa Technik AG, Rolls-Royce PLC, Singapore Technologies Engineering Ltd, and Turkish Technic Inc. The above listing of top players is based on multiple factors such as overall sales, current MRO service portfolio, investment in technology up-gradation, and industry activities. Companies have taken several market initiatives to expand their footprint, service portfolio across the world and to fulfill the growing demand of the market.
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