New York, May 18, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Aircraft Engine MRO Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Engine (Turbine Engine and Piston Engine]), Application (Commercial Aviation, General Aviation, and Military Aviation), and Aircraft Type (Fixed Wing Aircraft and Rotary Wing Aircraft)”, the global aircraft engine MRO market growth is driven by the resuming of grounded aircraft after 2020 and expected future delivery of aircraft.
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| Report Coverage | Details |
| Market Size Value in | US$ 22.15 Billion in 2021 |
| Market Size Value by | US$ 32.04 Billion by 2028 |
| Growth rate | CAGR of 5.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 188 |
| No. Tables | 108 |
| No. of Charts & Figures | 84 |
| Historical data available | Yes |
| Segments covered | Engine, Application, and Aircraft Type |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Aircraft Engine MRO Market: Competitive Landscape and Key Developments
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 key players that are profiled during the aircraft engine MRO market study. In addition, several other essential aircraft engine MRO market players were studied and analyzed to get a holistic view of the global aircraft engine MRO market and its ecosystem.
In 2022, Lufthansa Technik and Canadian airline WestJet has signed an CFM56-7B engine maintenance contract. Under the agreement, Lufthansa Technik will provide WestJet with a range of services including overhaul capabilities and on-site maintenance support.
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Collins Aerospace has announced investing more than US$ 27 million to nearly double the size of its MRO operations in Xiamen, China and quadruple the size of its MRO footprint in Selangor, Malaysia.
Governments worldwide are providing direct support to the aviation industry. Since March 2020, European airlines have received more than US$ 25 billion. Several developed and developing countries, such as the US, China, India, and the UK, are surfacing as profitable for the aircraft engine MRO market. For instance, in March 2022, Hindustan Aeronautics Limited and Safran joined hands and opened a new Helicopter Engines MRO Pvt Ltd. facility in India. This MRO facility will be active by the end of 2023, with the capacity to repair 50 aircraft engines a year and a full capacity target of 150 engines in a couple of years.
According to the Civil Aviation Administration of China, by 2035, the total number of air terminals in the country is likely to double due to the government's financial support for the aviation industry. The increasing government support is aiding to the aircraft engine MRO market growth. Moreover, the alarmingly high number of recent aircraft accidents due to engine failure has been a concern for internal efficiency and aircraft engine maintenance. This factor is fueling the demand for aircraft engine MRO services, aiding the growth of the aircraft engine MRO market size.
Moreover, the increasing commercial aircraft operations worldwide and rising focus on improving the fuel efficiency of the commercial aircraft is bolstering the aircraft engine MRO market for the commercial aircraft segment. Furthermore, according to the Airbus forecasts, the demand for new aircraft will progressively shift from fleet growth to accelerated replacement of older, less fuel-efficient aircraft. This will need over 39,000 new passengers and freighter aircraft to be delivered over the next 20 years. Around 15,250 of these will replace older aircraft with less fuel-efficient models in the future. The increasing global military aircraft fleet propelled by the rising military expenditure in the procurement of military aircraft is bolstering the engine MRO market growth for the military segment.
Additionally, the growing investments in the upgrades and refurbishment of old-generation military aircraft are boosting the demand for engine MRO for the military aircraft segment. Additionally, the rising deployment of retrofitting technologies for improved aircraft and the burgeoning adoption of blockchain technology is among the major factors driving the growth of the aircraft engine MRO market. Also, the growth of the aircraft engine MRO market in Asia Pacific is attributed to the increasing aircraft fleet owing to the rising passenger traffic, increasing spending on military aircraft, and the ongoing development projects of commercial, general aviation, and military aircraft.
The Asia Pacific region witnessed a significant decline in air transportation from the beginning of the COVID-19 pandemic, which negatively impacted the growth of the aircraft engine MRO market. As per International Air Transport Association estimates, Asia Pacific airlines recorded a revenue decline of US$ 113 billion in 2020 compared to 2019. However, aviation authorities, airlines, and MRO providers foresee strong growth in the Asia Pacific aviation industry in the future. Due to this, several airlines are ordering and taking deliveries of newer aircraft models, which is driving the demand for aircraft engine MRO. In June 2021, Safran SA, after joining hands with General Electric Co., considered building an engine MRO facility in India. Such strategic activities are driving the growth of the aircraft engine MRO market in the region.
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Turbo Engine Sector to Propel Market Growth During Forecast Period:
The turbine engine provides greater thrust and output for medium and heavy applications compared to piston-powered aircraft. Almost all commercial aircraft, military aircraft, general aviation, and helicopters use turbine engines for their operation. The increase in fleet size with the turbine engines is presenting lucrative opportunities for the MRO service providers worldwide to collaborate with the aircraft operators and provide their technologically advanced MRO services. Thus, growth in the volume of turbine engine aircraft models is a key factor driving the growth of the aircraft engine MRO market.
Aircraft Engine MRO Market: Stringent Government Regulations Related to Carbon Emissions
Aircraft engines produce fossil–fuel combustion, such as emissions. These aircraft emissions increase environmental concerns concerning their worldwide impact and effect on the ground-level air quality. More than 60% of the countries worldwide announced a net-zero carbon emission. Honeywell Aerospace is also committed to achieving net-zero carbon emissions by 2035. In November 2021, Bell Textron Inc. announced that Bell 525 completed its first flight utilizing sustainable aviation fuel. Boeing and Airbus recently announced that by 2030, their aircraft would fly 100% on SAF. The US and Europe governments are encouraged to produce SAFs. These factors are propelling the aircraft engine MRO market share substantially.
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