Aircraft Engine MRO Market Set up to grow at 6.43% CAGR | Performing Leading Players: GE Aviation, Pratt & Whitney, Lufthansa Technik, Safran Aircraft Engines, SIA Engineering Company, MTU Aero Engines, ST Aerospace

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.

Industry/ Innovation/ Related News:
July 2016- Rolls-Royce announced that it would purchase the outstanding 53.1% shares of Industria de Turbo Propulsores SA (ITP), which is owned by SENER Grupo de Ingeniería SA (SENER). The acquisition is expected to strengthen Rolls-Royce’s position in the civil aerospace large engine programmes.
July 2016- Lufthansa Technik became a member of the Pratt & Whitney’s Geared Turbofan (GTF) engine MRO network.
July 2016:- HNA Aviation, a China-based company, purchased 80% shares of SR Technics. The remaining 20% shares would be retained by Mubadala, a shareholder of the company since 2006.

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Major Key Players

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.)

Regional Analysis
In 2016, North America was the leading region for the global aircraft engine MRO market. 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. 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.
Asia, an emerging region in the long-haul international market, relies heavily on the small and medium widebody aircraft. As a result, a number of such airlines have been entering into service in the recent years such as Indigo, Tigerair Singapore, Tigerair Australia, and Air Asia.

Segments
For the convenience of the report and enhanced understanding; The Aircraft Engine MRO Market is segmented in to 3 key dynamics
Segmentation by Application: Commercial Air Transport, and Business & General Aviation.
Segmentation by Types: Widebody Aircraft, and Narrowbody Aircraft.
Segmentation by Regions: Comprises Geographical regions - Americas (North & Latin), Europe, APAC and Middle East & Africa.

Competitive Analysis
The growth of the market vendors is dependent on the market conditions, government support, and industry development. Thus, the vendors should focus on expanding geographically and improving services. GE Aviation, Lufthansa Technik AG, Pratt & Whitney, Rolls Royce, Safran Aircraft Engines, Air France Industries KLM Engineering & Maintenance, Delta TechOps, MTU Aero Engines, SIA Engineering Company, and ST Aerospace are the major companies in the market, which compete in terms of availability, quality, price, and technology. They primarily focus on the implementation of lightweight materials, electric technologies, and robust systems. Although the international players are dominating the market, regional and foreign players with small market shares also have a presence. The international players may strengthen their presence worldwide through acquisitions during the forecast period. It has also been forecast that improvement of the global economic scenario, is fueling the market growth, thereby making it an ideal time to launch new MRO services and increase the global market share.

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Target Audience
• Manufacturing Organizations
• Distributors & Suppliers
• Research Institute / Education Institute
• Potential Investors

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This release was published on openPR.