Pune, India -- (SBWIRE) -- 03/02/2018 -- Market Highlights:

Aircraft Engine MRO Market has gained a huge traction around the globe owing to the increased Air Travel rate. According to a recent study report published by the Market Research Future, The Aircraft Engine MRO Market is projected to grow at a rapid pace during the forecast period (2016 – 2023). The Aircraft Engine MRO Market is forecasted to demonstrate an aggrandized growth by 2023, surpassing its previous growth records; with 6.43 % CAGR during the forecasted period 2016-2023.

Air travel in emerging countries is growing, thus increasing the demand for aircraft engine MRO service providers. Many new MRO service centres have been setup in such countries in recent years. This increases the participation of regional companies (tier-II or tier-III suppliers) in the field of aircraft engine MRO. Development of next-generation engines is major factor driving the growth of the market. The leading edge aviation propulsion (LEAP) engine, is the most fuel-efficient engine available in the market, and had received more than USD 100 billion in orders by 2015, which has propelled the market for aircraft engines. Additionally, need for proper maintenance of engines & engine components, is also driving the growth of the aircraft engines MRO market. However, environmental Hazards is the factor that may hamper the growth of the market.

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Key Players

The leading market players in the global Aircraft Engine MRO market primarily include GE Aviation (U.S.), Rolls-Royce (U.K.), Pratt & Whitney (U.S.), Lufthansa Technik (Germany), Safran Aircraft Engines (Paris), SIA Engineering Company (Singapore), Air France Industries KLM Engineering & Maintenance (France), MTU Aero Engines (Germany), ST Aerospace (Singapore) and Delta TechOps (U.S.).

Competitive Analysis

Characterized by the presence of several major well-established players, the global Market of Aircraft Engine MRO appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The Key players operating in the market compete based on pricing, technology, reputation and services. These vendors are committed to deliver reliable, leading-edge products and services.

These well-established vendors also have dedicated stations in all of the areas of the maintenance operations—hangars, shops and offices—where system consultation is possible. Whatever is related to a part number, service bulletin or maintenance task; the mobile application allows technicians to see maintenance tasks or parts availability in the warehouse, for example, and not have to move to one of these stations. They also have access to the technical library Toolbox. To enable these mobile apps, iPhones and iPads are provided, Technicians can take pictures and videos of maintenance underway and share them among stations, supervisors, engineering or quality control. It's a new tool and it's a good opportunity to expedite information.

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Regional Analysis

In 2016, North America was the leading region for the global aircraft engine MRO market. It accounted for the largest market share of 31.00% in 2016, with a market value of USD 8,626.1 million. A number of the major aircraft manufacturers (such as Boeing) and engine MRO services providers are present in the region, gaining the region a high market share. . Asia Pacific was the second-largest market in 2016, valued at USD 7,513.1 million in 2016.

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