Pune, India -- (SBWire) -- 11/21/2017 --Exclusive Summary:
Asia accounted for the largest share in global aircraft component MRO market in 2016. It is an emerging region in the long-haul international market and it relies heavily on the small and medium wide-body aircraft. As a result, a number of such airlines have been entering into service, recently such as Indigo, Tigerair Singapore, Tigerair Australia, and Air Asia. In 2016, Asia-Pacific is home to major MRO service providers such as HAECO, GMF AeroAsia, and ST Aerospace, and is projected to witness the highest growth rate, during the forecast period. In 2016, North America was the second-largest region for the global aircraft component MRO market. A number of the major MRO service providers such as Airbus and Honeywell, are present in the region, resulting in a high market share of the region. Moreover, it is expected that approximately 10,000 aircraft would be in service in the region by 2035, which would create an opportunity for the major and prominent companies of the region.
As of 2016, there were more than 22,000 active commercial wide body and narrow body aircraft across the globe. These existing commercial fleets are expected to be replaced by more than 40,000 new aircraft, over the next 20 years, and the global fleet is likely to reach 45,000 aircraft by 2036. Moreover, the high demand for air travel in the emerging regions, such as Asia, Latin America, and the Middle East, leads to an increase in the number of aircraft in these regions. As a result, approximately 22,000 commercial aircraft are expected to be delivered to these regions in the next 20 years. On the other hand, it is expected that over 15,000 commercial aircraft would be delivered in developed regions such as North America and Europe, by 2036.
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Aircraft Component MRO Market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
- GE Aviation
- Honeywell Aerospace
- Lufthansa Technik
- Pratt & Whitney
- Rolls-Royce
- FL Technics
- Delta TechOps
- Barnes Aerospace
- AAR
- Turkish Technic
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.
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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.
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Key questions answered in this report
- What will the market size be in 2023 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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Aircraft Component MRO Market Size, Status, Analysis and Forecast 2021