ALBANY, New York, Dec. 27, 2017 (GLOBE NEWSWIRE) -- Improved service quality and navigation to untapped routes has led to surge in the passenger traffic. In addition, increasing focus on capacity management, improved aircraft services and utilization is expected to impact growth of the global air transport MRO market positively. According to Transparency Market Research, the global air transport MRO market is expected to reflect a CAGR of 4.2% over the forecast period, 2017-2026.
Factors Fuelling Global Market Growth
Growth of the global sir transport MRO market is mainly bound by various macro-economic and micro-economic factors. Constant headwinds such as slowing growth of the developing economies, financial turbulence has continued to create a fragile and sluggish economic recovery globally. In addition, accommodative monetary policies and low energy prices will continue to drive the current disinflationary environment. Continued financial turbulences has further led the leading policymakers to emphasize the necessity for constant structural reforms. Bound to various financial turbulences and slow economic growth in various countries, investment in the aviation industry is likely to remain low.
However, rapid expansion of the travel and tourism industry has led to increasing number of flight bookings. Surge in the number of flight bookings attributed to business trips, occasions, events and vacations will continue to impact growth of the global air transport MRO market positively. Increasing preference to travel through flights from various parts of the world is expected to rev up demand for maintenance, checking and repairing the engine of aircrafts periodically, enhancing the efficiency of avionics and disassembling the heavy components of the aircraft for repair and maintenance purposes. Preference to travel through aircrafts for national and international trips is expected to contribute towards growth of the global air transport MRO market during the forecast period.
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Repair, maintenance and operations of the aircraft continues to remain a major concern attributed to growing preference of customers to travel by flight. Manufacturers in the air transportation industry are further adopting innovative solutions such as blockchain technology that enables the end users to monitor the repair and maintenance activities. Implementation of the blockchain technology also enables the organized integration, resilience, disintermediation of the supply chain and traceability. Adoption of innovative solutions has significantly improved services related to ticketing, real-time storage of the time-sensitive and critical information, managing power distribution operations and loyalty point management. Growing need to upgrade the facilities has led the manufacturers to integrate leading technological features in the aircraft. Adoption of technologically enhanced solutions is expected to impact growth of the global air transport MRO market positively.
Engine to Represent a Dominant Segment
Growing need to maintain proper functioning of the aircraft has led to surge in demand for repair and maintenance of engine. On the basis of type, the engine segment is expected to represent a robust revenue growth, accounting for a value of over US$ 14,000 Mn by the end of 2026. In contrary, the components type segment is expected to register a healthy CAGR throughout the forecast period.
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Based on aircraft type, the narrowbody jet segment is expected to generate significant revenues, recording for a value of over US$ 11,900 Mn by the end of 2017. On the other hand, the widebody aircraft type segment is expected to register a robust CAGR during the forecast period.
Competition Tracking
Leading market players operating in the global air transport MRO market include AAR Corporation, China National Aviation Holding Company, Air France-KLM SA, British Airways PLC, Delta Air Lines, Inc, General Electric Company, John Swire & Sons HK Ltd, Iberia Lineas Aereas de Espana S.A., Deutsche Lufthansa Aktiengesellschaft and MTU Aero Engines AG.