USD 15,021.4 Million Aircraft Component MRO Market to Undergo Massive Growth at CAGR Of 5.44% By 2023

Aircraft Component MRO Market – Overview

Aircraft Component MRO is witnessing an exciting phase as it develops positively in response to global market cues. According to a report published by Market Research Future on Aircraft Component MRO Market Research Report - Global Forecast to 2023 projected that the sector will grow at a CAGR of 5.44 % during the forecast period. Since MRO services are essential for operation of aircrafts, there is a lot of interest and requirement for MRO services as airlines expand their fleets to cater to a larger client base.

Aircraft component MRO is extremely important as defects or malfunctions in the airline sector can lead to huge losses in terms of human life as well as monetary costs. Airlines increasingly invest and place importance on well-maintained aircrafts as the frequency of aircraft usage has also increased. The alliance between MRO providers and airlines is instrumental to development in the sector. As most of the aircrafts in use today are relatively new, the aircraft manufacturers also provide maintenance and service deals as part of the purchase package. MRO providers must actively engage with airlines to ensure their market share.

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Competitive Analysis

With the entry of new industry players in aircraft component MRO segment, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced product types in the segment. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies.

The key players in global aircraft component MRO market are Delta TechOps (U.S.), Lufthansa Technik AG (Germany), Air France Industries KLM Engineering & Maintenance (France), HAECO (Japan). Some of the other key players in the sector are Honeywell International (U.S.), ST Aerospace (Singapore), AAR Corp. (U.S.), Barnes Aerospace (U.S.), FL Technics
(Lithuania) and Turkish Technic, Inc. (Turkey).

Latest Market Updates:

Nov 2017 Ameco, the Sino-German joint venture repair, maintenance and overhaul (MRO) giant, is seeking new customers in the Middle East for its broad array of maintenance services. In this region, Ameco provides heavy maintenance for Iraqi Airways’ fleet of widebody aircraft. Ameco also provides MRO for Qatar Airways, Etihad Airways, Royal Jordanian Airlines and Saudi Arabian Airlines.

June 2017 AFI KLM E&M and Sabena technics will set up a joint venture specializing in component support for Airbus A320 and all ATR aircraft types. Based out of Singapore’s Seletar aviation cluster, established by the country’s government in 2010, both parties agree that the prospective 50-50 JV will help meet growing demand for MRO services throughout the region.
Nov 2017 Honeywell has signed on Lufthansa Technik as a licensed component repair center and exclusive global asset provider for all Honeywell components and the HGT 1700 APU on Airbus A350 aircraft. As per the agreement, Lufthansa Technik will offer A350 operators around the world an unequaled experience with maintenance, repair and overhaul services for all Honeywell components, including auxiliary power units.

Nov 2017 Nordam and China Airlines have formalized a wide-ranging agreement that will see the two companies open a structural component repair facility that will serve both the carrier and third-party customers in the Asia-Pacific region. The new facility, Nordam Asia Ltd., is slated to open in 2019 in Taipei and will focus on serving the China Airlines fleet, including subsidiaries Tigerair Taiwan and Mandarin Airlines. The U.S. supplier identified the region as a logical spot for a new commercial MRO facility partnering with China Airlines based on the success of their previous association.

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Segmentation:

Based on application, commercial air transport accounted for the largest market share of 63.11% in 2016. Over the years, the aviation industry has been witnessing a steady growth, owing to the increased diversification among airlines, across the globe. Of late, the passenger traffic is expanding with resilience across the globe, despite a slight slowdown in the global economy. In recent years, the large aviation markets, such as the U.S., Europe, and Asia have witnessed increased expenses by passengers, due to the rising incomes of the expanding middle class population in these regions, which have resulted in the progress of the aviation industry. Moreover, global air travel has been made easier and convenient by the low cost carriers, whilst airlines are extending their services to various geographic locations. This results in an increased focus on the expansion of the aviation industry, around the world. As of 2016, there were over 23,000 airplanes in service, and the number is expected to double, over the next 20 years. To meet this growing demand of commercial aviation, it is important for the MRO service providers, across the globe, to ensure provision of efficient and high quality maintenance for airplane components.

Military aviation segment accounted for the second largest market share in 2016. With the expected deployment of the much anticipated F-35 Lightning II Joint Strike Fighter (JSF) plane, which has received a large number of orders from several countries, the MRO market for the JSF aircraft is expected to be relatively high. The U.S. DOD intends to have regional repair capabilities in Europe and the Pacific for all 774 components of the F-35 JSF. The plane is expected to replace the currently operating F-16 Fighting Falcon aircraft. As a result, until the introduction of the JSF planes, it is expected that the MRO market for the F-16 aircraft would be growing over time. Therefore, it is expected that the component MRO market for military aviation planes would grow at a CAGR of 3.30%, during the forecast period.

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