Aircraft MRO Market Technological Advancements And Future Scenario | Industry Analysis by Leaders: Airbus Group, Air France KLM Engineering & Maintenance, Air Works, Delta TechOps, HAECO, Honeywell International, GMF AeroAsia, Lufthansa Technik

Market Highlights:

Over the years, the aviation industry has been witnessing a steady growth, owing to the increased diversification among airlines, across the globe. Of late, passenger traffic is expanding with resilience across the globe, despite a slight slowdown in the global economy. Large markets, such as the U.S., Europe, and Asia witness increased expenses by the passengers, due to the rising income levels of the expanding middle class population in these regions.

Moreover, global air travel is made easy and available by low cost carriers, whilst airlines are increasing the services to various geographical locations. This results in an increased focus on the expansion of aviation industry, around the world. As of 2016, there were over 23,000 airplanes in service, and this number is expected to double itself, over the next 20 years. To achieve this growing demand of commercial aviation, it is important for global aircraft engine manufacturers to manufacture innovative engines that are more fuel efficient, and have more operational ranges.

Air travel in emerging countries is growing, thus increasing the demand for aircraft engine MRO service providers. Many new MRO service centers have been setup in such countries in recent years. This increases the participation of regional companies (tier-II or tier-III suppliers) in the field of aircraft engine MRO. Growing international trade between countries have increased the frequencies of cargo planes. Thus, it is essential to conduct timely checks or repairs of airplane to ensure efficient performance and safe air travel.

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Competitive Analysis

The global aircraft engine MRO market is primarily dominated by five companies, namely, GE Aviation, Rolls-Royce, Pratt & Whitney, Lufthansa Technik, and Safran Aircraft Engines.

Outsourcing of aircraft engine MRO to third-party companies, is one of the trending opportunities for airlines so as to reduce their engine repair and overhaul expenses, with more than 10-20% of saving. For example, in 2013, 65% of aircraft MRO was outsourced by airlines, across the globe. As a result, there has been an increased adoption of MRO outsourcing, of late, due to the growing awareness of its benefits, such as low labor rates and the availability of adequate spare parts.

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

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