Pune, India -- (SBWIRE) -- 08/13/2018 -- Global Narrowbody Aircraft MRO Market by MRO Type (Airframes and Modification, Components, Engines, and Line Maintenance), by Platform (Military and Commercial), and by Region – Global Forecast to 2023.

GE Aviation, Honeywell Aerospace, Lufthansa Technik, Pratt & Whitney, Rolls-Royce, Air Works, Jet Maintenance Solutions, GMF AeroAsia and Singapore Technologies Aerospace and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global narrowbody aircraft MRO market.

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Narrowbody Aircraft MRO Market – Overview

The global narrowbody aircraft MRO market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of narrowbody aircraft MRO will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2023, which will be a surplus growth at a moderate CAGR during the projected period (2017 -2023).

Many new narrowbody aircraft MRO centres have been set up in numerous countries in recent years. This increases the participation of manufacturers in the field of narrowbody aircraft MRO service. Moreover, the growing demand for narrowbody aircraft MRO equipment's that satisfy the demand for aircraft fleet expansion. The expansion of aircraft fleet is estimated to rise in aircraft MRO expenses and as well as it is expected to add to the growth of the market. However, the high cost of repair and replacement, retrofit of older aircraft with upgraded systems, and environmental hazards acts as a barrier to the growth of narrowbody aircraft MRO market.

The growing demand for the low-cost aircraft directly has an impact on the market. Moreover, the factor responsible for the growth of narrowbody aircraft MRO market increased procurement of narrowbody aircraft, outsourcing of MRO activities, and usage of 3D manufacturing in aircraft components. This is the primary factor that drives the growth of the narrowbody aircraft MRO market and has gained prevalence in the recent times, with the usage of best in class technologies in aircraft. Narrowbody aircraft has a lesser capacity than the wide-body aircraft, they are larger in number. These planes generally fly over short routes, and are, thus suited to cater to budget travellers. Thus, the growth of the narrowbody aircraft MRO market is expected to go hand in hand with the growth of low-cost carriers in the aircraft industry.

The expansion of the military aircraft fleets, which has resulted in the development of a set of narrowbody aircraft MRO market. The increased focus of manufacturers on narrowbody aircraft MRO will lead to an increase in the use of military aircraft, due to which there will be growth in narrowbody aircraft MRO market. The expansion of the existing military aircraft fleets along with the launch of new airlines would result in increased narrowbody aircraft MRO the forthcoming years. Hence, it is expected that the rapid fleet expansion would eventually drive the narrowbody aircraft MRO market. Moreover, the popularity of radio-frequency identification (RFID) and integration of portable devices for an effective turnaround, will drive the growth of narrowbody aircraft MRO market during the forecast period.

Industry/ Innovation/ Related News:

November, 2014 – Air works India has formed a joint-venture with Nepal-based Yasaka Investment that will provide aviation maintenance services to international airlines.

March, 2018 - Lufthansa Technik AG have signed a Total Component Maintenance contract for Jet Airways' narrowbody fleet of 80 Boeing 737NG, with single components repaired in a closed-loop and flat rate-based process.

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Narrowbody Aircraft MRO Market – Segmentation

The global narrowbody aircraft MRO market is segmented based on MRO type, platform, and region. On the basis of MRO types, the engine MRO is widely used and captures the majority of global narrowbody aircraft MRO market due to the need for proper maintenance of engines and engine components. On the basis of platform, the commercial segment is estimated to grow at the highest CAGR during the forecast period.

Narrowbody Aircraft MRO Market: Regional Analysis

The market is segmented based on North America, Asia Pacific, Europe, the Middle East & Africa, and South America. North America is expected to dominate the market in the future, due to the growth in air traffic in the international long-haul routes. European region is second to Asia Pacific in the global narrowbody aircraft MRO aircraft market, due to the presence of major MRO service providers, such as Lufthansa Technik.

Thus, the Global Narrowbody Aircraft MRO Market is estimated to witness approximately 5% CAGR during the forecast period of 2017-2023.

Scope of Report

The report for Global Narrowbody Aircraft MRO Market of Market Research Future comprises 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. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macroeconomic and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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