Fast Market Research announces the availability of the new TechNavio report, "Global Narrowbody Aircraft MRO Market 2015-2019", on their comprehensive research portal
Boston, MA -- (SBWIRE) -- 08/21/2015 -- In the aerospace industry, aircraft MRO has become an essential component to ensure that fleets are airworthy and safe to transport passengers. Regular MRO helps to extend the life of airline fleet. MRO companies provide services, such as repairs, inspections, routine checks, and overhaul of aircraft. Factors, such as aircraft utilization, global fleet size, and air traffic volumes, help increase the demand for aircraft MRO. Based on the type of maintenance, the global narrow-body aircraft MRO market is classified into five segments: airframe, line, engine, component maintenance, and modifications.
Technavio's analysts forecast the global narrow-body aircraft MRO market to grow at a CAGR of 3.93% over the period 2014-2019.
Commenting on the report, an analyst from Technavio's team said: "MRO operations account for 10%-15% of an airline's total operating costs. While aircraft undergo scheduled maintenance services, these can become delayed due to non-availability of the spare parts required. Thus, the use of lean management techniques in operations can lead to sustainable performance improvements. Lean MRO activities eliminate unnecessary tasks from processes and increase supply chain effectiveness. Increased focus on lean operations will lead to significant savings in hangar or workspace reduction, labor productivity, increased capacity, defect reduction, and on-time delivery improvements."
Get More Details on this Report and a Full Table of Contents at Global Narrowbody Aircraft MRO Market 2015-2019
According to the report, by 2032, 10,400 new planes will replace existing aircraft, doubling the worldwide fleet to approximately 36,500 aircraft. Airbus delivered 500 narrow-body A320 aircraft in 2013. It has a total of 3,904 orders for its new-generation A320neo aircraft, to be delivered to the airlines across the world during the forecast period. With higher demand for aircraft, the global market for MRO will increase, as well.
Further, the report states that as higher investment is required to offer new MRO services, market growth may suffer.
The key players in the Global Narrowbody Aircraft MRO Market are GE Aviation, Honeywell Aerospace, Lufthansa Technik, Pratt & Whitney and Rolls Royce Holdings while other prominent vendors include Air Works, FL Technics Jet JSC, GMF AeroAsia, HAECO and ST Aerospace
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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