Pune, India -- (SBWIRE) -- 07/13/2018 -- Market Highlights:
Aircraft Component MRO is witnessing an exciting phase as it develops positively in response to global market cues. According to a report published by Market Research Future on Aircraft Component MRO Market Research Report - Global Forecast to 2023 projected that the sector will grow at a CAGR of 5.44 % during the forecast period. Since MRO services are essential for operation of aircrafts, there is a lot of interest and requirement for MRO services as airlines expand their fleets to cater to a larger client base.
Aircraft component MRO is extremely important as defects or malfunctions in the airline sector can lead to huge losses in terms of human life as well as monetary costs. Airlines increasingly invest and place importance on well-maintained aircrafts as the frequency of aircraft usage has also increased. The alliance between MRO providers and airlines is instrumental to development in the sector. As most of the aircrafts in use today are relatively new, the aircraft manufacturers also provide maintenance and service deals as part of the purchase package. MRO providers must actively engage with airlines to ensure their market share.
Latest Market Updates:
Nov 2017 Ameco, the Sino-German joint venture repair, maintenance and overhaul (MRO) giant, is seeking new customers in the Middle East for its broad array of maintenance services. In this region, Ameco provides heavy maintenance for Iraqi Airways' fleet of widebody aircraft. Ameco also provides MRO for Qatar Airways, Etihad Airways, Royal Jordanian Airlines and Saudi Arabian Airlines.
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Major Key Players
Delta TechOps (U.S.),
Lufthansa Technik AG (Germany) ,
Air France Industries KLM Engineering & Maintenance (France),
Honeywell International (U.S.),
ST Aerospace (Singapore),
AAR Corp. (U.S.),
Barnes Aerospace (U.S.),
FL Technics (Lithuania) and Turkish Technic, Inc. (Turkey)
Based on application, commercial air transport accounted for the largest market share of 63.11% in 2016. Over the years, the aviation industry has been witnessing a steady growth, owing to the increased diversification among airlines, across the globe. Of late, the passenger traffic is expanding with resilience across the globe, despite a slight slowdown in the global economy. In recent years, the large aviation markets, such as the U.S., Europe, and Asia have witnessed increased expenses by passengers, due to the rising incomes of the expanding middle class population in these regions, which have resulted in the progress of the aviation industry. Moreover, global air travel has been made easier and convenient by the low cost carriers, whilst airlines are extending their services to various geographic locations. This results in an increased focus on the expansion of the aviation industry, around the world. As of 2016, there were over 23,000 airplanes in service, and the number is expected to double, over the next 20 years. To meet this growing demand of commercial aviation, it is important for the MRO service providers, across the globe, to ensure provision of efficient and high quality maintenance for airplane components.
Military aviation segment accounted for the second largest market share in 2016. With the expected deployment of the much anticipated F-35 Lightning II Joint Strike Fighter (JSF) plane, which has received a large number of orders from several countries, the MRO market for the JSF aircraft is expected to be relatively high. The U.S. DOD intends to have regional repair capabilities in Europe and the Pacific for all 774 components of the F-35 JSF. The plane is expected to replace the currently operating F-16 Fighting Falcon aircraft. As a result, until the introduction of the JSF planes, it is expected that the MRO market for the F-16 aircraft would be growing over time. Therefore, it is expected that the component MRO market for military aviation planes would grow at a CAGR of 3.30%, during the forecast period.
Aircraft Component MRO services are essential in ensuring smooth operation of an aircraft. The growing international trade between countries has increased the frequencies of cargo planes. Thus, it is essential to conduct timely checks or repairs of airplane components to ensure efficient performance and safe air travel. In 2016, the market was valued at USD 15,021.4 million and is projected to grow at a CAGR of 5.44 % during the forecast period.
The report for Global Aircraft Component MRO Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance.
Nov 2017 Honeywell has signed on Lufthansa Technik as a licensed component repair center and exclusive global asset provider for all Honeywell components and the HGT 1700 APU on Airbus A350 aircraft. As per the agreement, Lufthansa Technik will offer A350 operators around the world an unequaled experience with maintenance, repair and overhaul services for all Honeywell components, including auxiliary power units.
Nov 2017 Nordam and China Airlines have formalized a wide-ranging agreement that will see the two companies open a structural component repair facility that will serve both the carrier and third-party customers in the Asia-Pacific region. The new facility, Nordam Asia Ltd., is slated to open in 2019 in Taipei and will focus on serving the China Airlines fleet, including subsidiaries Tigerair Taiwan and Mandarin Airlines. The U.S. supplier identified the region as a logical spot for a new commercial MRO facility partnering with China Airlines based on the success of their previous association.
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