Wilmington, Delaware, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Southeast Asia Air Transport MRO Market by Aircraft Type (Narrow Body Aircraft, Propeller Aircraft, Rotary Aircraft, Private Jet, and Wide Body Aircraft), End-Use (Commercial Aviation, Business and General Aviation, and Military), Organization Type (Airline, Independent MRO, and OEM MRO), Service Type (Engine Overhaul, Airframe Maintenance, Line Maintenance, Modifications, and Components): Southeast Asia Opportunity Analysis and Industry Forecast, 2021-2032”. According to the report, the Southeast Asia air transport MRO industry generated $5,259.1 million in 2021, and is anticipated to generate $13,481.3 million by 2032, witnessing a CAGR of 7.8% from 2022 to 2032.
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Prime determinants of growth
The key growth drivers for the market include increase in air traffic & demand for new aircrafts, rise in investment in the MRO industry by market players, greater penetration in the commercial sector, and increase in maintenance, repair, and operations (MRO) activities. However, shortage in skilled workforce and lack of efficient supply chain hamper the growth of the southeast Asia air transportation MRO market. Conversely, supportive government policies by the government of the Southeast Asian countries and technological advancement by the market players are expected to provide lucrative opportunities for the expansion of the Southeast Asia air transport MRO market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2032 |
| Base Year | 2021 |
| Market Size in 2021 | $5,259.1 million |
| Market Size in 2032 | $13,481.3 million |
| CAGR | 7.8% |
| No. of Pages in Report | 237 |
| Segments covered | Aircraft Type, End Use, Organization Type, Service Type, and Country |
| Drivers | Rise in air traffic and demand for new aircrafts Rise in investment in the MRO industry by market players Greater penetration in the commercial sector and increase in Maintenance, Repair, and Operations (MRO) activities |
| Opportunities | Supportive policies by the government of the Southeast Asian countries Technological advancement by the market players |
| Restraints | Shortage in skilled workforce Lack of efficient supply chain |
COVID-19 Scenario
- the Southeast Asia Air Transport MRO market had been severely impacted by the COVID-19 pandemic. The significant decrease in air travel demand, supply chain disruptions, and logistical challenges led to a decline in revenue and operational difficulties for MRO providers.
- However, post pandemic, industry has recovered with MRO companies adapting their strategies, exploring new avenues, and focusing on digitalization to mitigate the impact and position themselves for future growth.
The narrow body aircraft segment to maintain its leadership status during the forecast period
Based on aircraft type, the narrow body aircraft segment held the highest market share in 2022, accounting for more than one-thirds of the Southeast Asia air transport MRO market revenue and is estimated to maintain its leadership status during the forecast period. The segment is also expected to register the highest CAGR of 9.3% from 2022 to 2032. Narrow-body aircraft are popular among customers owing to a single engine and less fuel consumption, which saves operating costs. In addition, oil prices are expected to fluctuate in the coming years and drive the demand for fuel-efficient planes. These aircrafts are the preferred choice for shorter hauls and are used for domestic routes. In addition, the rise of low-cost carriers and increase in air travel demand in emerging economies provide opportunities for the MRO providers to expand their operations and establish a presence in these markets.
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The commercial aviation segment to maintain its leadership status during the forecast period
Based on end use, the commercial aviation segment held the highest market share in 2022, accounting for more than three-fourths of the Southeast Asia air transport MRO market revenue and is estimated to maintain its leadership status during the forecast period. This rise in passenger traffic drives the need for commercial aviation aircraft maintenance and repair services. Commercial airlines in the region have expanded their fleets to meet the surge in demand. This has resulted in a larger number of aircraft requiring maintenance and repair services creating opportunities for MRO providers. The region has a substantial number of aging aircraft that require regular maintenance and repairs. This presents a significant opportunity for MRO providers specializing in aircraft modernization, upgrades, and structural repairs.
The business and general aviation segment is projected to manifest the highest CAGR of 10.0% from 2022 to 2032. The business aviation sector in Southeast Asia has been expanding rapidly, driven by economic growth, increasing urbanization, and a rising middle class economy. This growth has resulted in a higher demand for MRO services to maintain and repair business jets, turboprops, and helicopters.
The independent MRO segment to maintain its leadership status during the forecast period
Based on organization type, the independent MRO segment held the highest market share in 2022, accounting for nearly three-fifths of the Southeast Asia air transport MRO market revenue and is estimated to maintain its leadership status during the forecast period. Southeastern Asia has emerged as a major aviation hub, with a rising number of airlines and an increasing demand for air travel. This growth has fueled the need for efficient MRO services, creating opportunities for independent MRO providers. In addition, independent aircraft MRO segment in the region has experienced substantial growth over the past decade owing to increased air travel, expanding airline fleets, and the region’s strategic location for maintenance services.
The airline segment is projected to manifest the highest CAGR of 10.0% from 2022 to 2032. Southeast Asian countries are focusing on enhancing regional connectivity by increasing the number of routes and frequencies. This leads to higher demand for MRO services as airlines strive to maintain their aircraft fleets in optimal conditions to meet the growing passenger traffic. The adoption of advanced technologies in aircraft maintenance and repair is another significant trend.
The engine overhaul segment to maintain its leadership status during the forecast period
Based on service type, the engine overhaul segment held the highest market share in 2022, accounting for more than two-fifths of the Southeast Asia air transport MRO market revenue and is estimated to maintain its leadership status during the forecast period. The segment is also projected to manifest the highest CAGR of 8.5% from 2022 to 2032. With a growing emphasis on environmental sustainability, airlines are increasingly looking for ways to reduce carbon emissions and improve fuel efficiency. Engine overhauls play an important role in optimizing engine performance and reducing emissions. MRO service providers that offer eco-friendly solutions, such as engine efficiency upgrades and emissions reduction initiatives are expected to create new opportunities in the market.
Singapore to maintain its dominance by 2032
Based on country, Singapore held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the Southeast Asia air transport MRO market revenue. The demand for air transport MRO services in Singapore has been on the rise, driven by the country's position as a leading aviation hub.
Thailand is expected to witness the fastest CAGR of 10.9% from 2022 to 2032. The Thailand air transport MRO market has experienced strong demand driven by factors such as the country's growing aviation industry, increasing air traffic, and the government's focus on infrastructure development. Growth factors such as the expansion of airlines' fleets, rise in tourism, and the establishment of maintenance centers contribute to the surge in demand for MRO services in Thailand.
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Leading Market Players: -
- AIROD Sdn. Bhd.
- Asia Aerotechnic Sdn Bhd
- FL Technics
- Lion Air (Batam Aero Technic)
- Malaysian Airline Berhad (MAB Engineering)
- PT Dirgantara Indonesia
- PT GMF AeroAsia Tbk. (Garuda Maintenance Facility Aero Asia)
- PT Kalimasada Pusaka
- Sepang Aircraft Engineering Sdn Bhd
- ST Engineering
- VAECO (Vietnam Airlines Engineering Company Ltd)
- Vietstar Aero Engineering Company
The report provides a detailed analysis of these key players of the Southeast Asia air transport MRO market. These players have adopted strategies such as partnerships and collaboration to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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