Dublin, June 07, 2023 (GLOBE NEWSWIRE) -- The "US General Aviation Aircraft MRO Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Component and Wing Type" report has been added to ResearchAndMarkets.com's offering.
The general aviation aircraft MRO market is expected to grow from US$ 3.59 billion in 2022 to US$ 5.24 billion by 2028; it is estimated to register a CAGR of 5.9% from 2022 to 2028.
Retrofitting various components, including implementing newer technologies on older aircraft fleets to increase passenger comfort and safety, will fuel the demand for aircraft MRO. Continuous advancements in aircraft technologies further lead to the upgrade of MRO capabilities, because of which MRO service providers are constantly looking for the upgrade and integration of newer technologies.
This integration of new technologies is further helping to service and retrofit older aircraft fleets. In addition, the retrofitting trend is soaring among MRO service providers, driving the general aviation aircraft MRO market. A similar trend is also anticipated to continue over the forecast period, which is further raising the demand for the integration of advanced and modern technologies on older aircraft fleets.
The growing adoption of innovative technologies in the general aviation aircraft MRO market is increasing the demand for real-time data analytics. The impact of integrating the new technologies in the aircraft fleet will remain high in the coming years, as projects such as the Federal Aviation Administration's NextGen, a modernization project of the US, are driving the adoption of the new technologies.
This NextGen project refers to the air transportation system to make flying safer. Moreover, airline companies are introducing new products to integrate with their aircraft fleet to enhance fuel efficiency and passenger safety. Thus, the amalgamation of advanced technologies on the existing aircraft is expected to offer an opportunity for the general aviation aircraft MRO market growth.
The rise in spending on maintenance and repair activities of various aircraft components will fuel the market growth. MRO service providers continually focus on creating integrated technologies, such as digital MRO technology, which enables service providers to carry out MRO activities more efficiently. Hence, the rising adoption of digital MRO technology is further boosting the general aviation aircraft MRO market forecast.
Furthermore, the country has the presence of several international MRO service providers, which are continuously working on expanding their business in the US. For instance, in March 2022, Southwest Airlines and United Airlines announced that they were preparing to open new aircraft hangars for their MRO operations in Houston and Los Angeles, respectively. Also, airlines in the US are engaged in MRO outsourcing activities to cut costs associated with MRO, further fueling the US general aviation aircraft MRO market growth.
Impact of COVID-19 Pandemic on US General Aviation Aircraft MRO Market
The rapid drop in demand for charter flights across the airport was observed after the New York tri-state order to halt travel plans both domestically and internationally for general aviation passengers to combat the spread of SARS-CoV-2 across the country. These factors negatively impacted the general aviation industry across the US.
The significant decrease in demand for charter flights and a complete halt on general aviation travel across the country to combat the spread of the virus further significantly impacted the US general aviation aircraft MRO market negatively.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 110 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $3.59 billion |
| Forecasted Market Value (USD) by 2028 | $5.24 billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | United States |
Key Industry Dynamics
Market Drivers
- Growing Regulation in General Aviation
- The Emergence of Digital Technology for the MRO Industry
Key Market Restraints
- OEMs Entering the Aftermarket
Key Market Opportunities
- The Growing Trend of Retrofitting of Older Aircraft Fleet
Future Trends
- Blockchain Technology Changing MRO Landscape
Company Profiles
- AMETEK. Inc.
- SKYWAY GROUP, INC.
- ST Engineering
- Safran SA
- Honeywell International Inc.
- Boeing
- Textron Aviation Inc
- StandardAero
- MTU Aero Engines AG
- GKN Aerospace Services Limited.
For more information about this report visit https://www.researchandmarkets.com/r/w37ah7
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
