Maintenance, Repair and Operations Market in Aircraft Industry expected to surpass USD 95 billion | Analysis by Performing Leaders: Airbus Group, Air France KLM Engineering & Maintenance, Lufthansa Technik, and ST Aerospace accounted for over 35% of the g

Market Highlights:

The global aircraft MRO market size is expected to expand owing to increase in fleet numbers of aircraft, according to a report by Market Research Future (MRFR). It is anticipated to exceed a valuation of USD 95 Bn by 2023. Maintenance, repair, and overhaul (MRO) services are deemed vital by aviation agencies for maintenance of the aircraft and prevention of crashes. Different MRO centers use their own technologies for providing rapid and efficient services to carriers.

Industry/ Innovation/ Related News:
June, 2017:- Japan Airlines had an agreement worth USD 75 million with GE Aviation, for the overhaul of 18 CF6-80C2 engines that power Boeing 767-300 and 767-300ER planes.
May, 2017:- Rolls-Royce had an agreement with Airbus, to provide maintenance services for the Trent 700 engines that power 7 Airbus A330 planes of Turkish Airlines.
April, 2017:- Air Canada extended their agreement with Lufthansa Technik for eight years, to provide maintenance services for the CFM56 engines.
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.

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Major Key Players

Airbus Group,
Air Works,
Delta TechOps,
HAECO,
Honeywell International,
GMF AeroAsia,
Lufthansa Technik,
Air France KLM Engineering & Maintenance,
Jet Maintenance Solutions, and ST Aerospace.. In 2016, Airbus Group, Air France KLM Engineering & Maintenance, Lufthansa Technik, and ST Aerospace accounted for over 35% of the global market.

Market Drivers
Rapid fleet expansion and MRO outsourcing are some of the major factors driving the global aircraft MRO market. As of 2016, there were more than 22,000 active commercial wide body and narrow body aircraft across the globe. The existing commercial fleets are expected to be replaced by more than 40,000 new aircraft, over the next 20 years. The expansion of the existing commercial aircraft fleets along with the launch of new airlines, would result in increased MRO activities in the future. Hence, it is expected that the rapid fleet expansion would eventually drive the aircraft MRO market. In addition, the increased focus of OEMs on providing aircraft MRO would add funds to the market.

Segmentation
The Aircraft MRO Market is segmented on the basis of MRO type, aircraft type, application, and region. By MRO type, the market is divided into airframe, component, engine, line maintenance, and modification. The engine segment is touted to generate significant revenue by 2023 owing to the component being a vital part of repair, maintenance, and periodic checking. Development of next-generation aircraft is anticipated to create opportunities for the segment.

Types of aircraft requiring MRO include wide-body, narrow-body, and others. The narrow-body aircraft segment is likely to gain traction due to high maintenance services provided to single-aisle jets.
Military aviation, business & general aviation, and commercial air transport are major market applications. The commercial air transport segment is anticipated to generate significant revenue for the market owing to the presence of various low-cost carriers. Expansion of air fleets by carriers such as Etihad Airways, Qatar Airways, and Emirates is expected to lead to spending for maintenance of aircraft.

Regional Analysis
Asia had the largest share of the global aircraft 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 airlines such as Indigo, Tigerair Singapore, Tigerair Australia, and Air Asia have been entering into service. Moreover, 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 addition, due to the low labor rates, North American airlines outsource 60% of their heavy maintenance and airframe MRO, to Asia, where it is a major source of income.

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Intended Audience
• Distributers & Supplier companies
• End Users
• Consultants and Investment bankers
• Government as well as Independent Regulatory Authorities

About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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This release was published on openPR.