Aircraft Component MRO Market 2018 Size, Share, Segmentation, Analysis By Recent Trends, Development and Growth To 2023

Market Insights:

The global aircraft component market is projected to grow at a CAGR of 5.44% over the forecast period of 2015-2023, which was valued at USD 15,021.4 Million in 2016, reveals Market Research Future (MRFR) in a meticulously analyzed research report. The global market for aircraft component MRO is growing steadily on account of rapid fleet expansion across the globe coupled with increased focus on MRO services. The airline industry has made radical changes in the last few years, and the up-gauging of aircrafts and fleet expansion by airlines companies are faced by operational challenges which induce high demand for MRO services and augments the growth of the market. There has been an increase in expenditure on air travel purveyed by low and affordable airfares and an increase in income of the middle-class passengers.

As a result, the commercial aviation industry is emphasizing on the provision of efficient and high-quality maintenance for airplanes which stimulates the growth of the global aircraft component MRO market. Outsourcing of aircraft MRO is also a prominent driver of the market. On the flip side, the growth of the market might be restrained by lack of consolidation, cost controls, and short-term contracts. The retirement of maintenance intensive aircrafts is also likely to limit the growth of the market. However, IT integration in MRO is expected to provide growth opportunities to the global aircraft component MRO market.

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Major Key Players

Delta TechOps (U.S.),
Lufthansa Technik AG (Germany),
Air France Industries KLM Engineering & Maintenance (France),
HAECO (Japan),
Honeywell International (U.S.),
ST Aerospace (Singapore),
AAR Corp. (U.S.),
Barnes Aerospace (U.S.),
FL Technics (Lithuania) and Turkish Technic, Inc. (Turkey)

Industry Updates

In September 2018, the Civil Aviation Administration of China (CAAC) announced its plan to establish a future MRO center at the airport. According to the CAAC, the MRO station will be the largest in the world and will be able to accommodate up to 12 aircrafts for which the constructions are underway.
In August 2018, Lufthansa Technik, a leading MRO provider signed time and materials contract with two Asian airlines - Asiana Airlines and Vietnam Airlines. Lufthansa will be providing technical support for auxiliary power units on their A350-900 fleets.

Segmentation

The global Aircraft Component MRO market has been segmented based on aircraft type, component, and application. By aircraft type, the market has been segmented into Narrow-body Aircraft, Wide-body Aircraft, and Regional Transport Aircraft. By component, the market has been segmented into Fuselage, Empennage, Landing Gear, Wings, Engine and Others. By application, the market has been segmented into Commercial Air Transport, Business and General Aviation, and Military Aviation.

Regional Analysis

The global aircraft component MRO market spans across the regions of North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is the largest market for aircraft component MRO. Being an emerging region in the long-haul international market, Asia Pacific relies heavily on the small and medium wide-body aircraft as a result of which, a number of airlines have been entering into service. Moreover, the concentration of major players such as HAECO, GMF AeroAsia, and ST Aerospace in Asia Pacific provides an impetus to the growth of the market.

North America and Europe are the major markets for aircraft component MRO. North America accounts for a high market share owing to the presence of major MRO service providers such as Airbus and Honeywell in the region. Moreover, it is anticipated that a considerable number of aircrafts, as high as 10,000 would be in service in the region by 2035, and would pose an opportunity for the North America market. Europe market is consolidated and is expected to maintain its position over the forecast period. Europe is home to Airbus, and all the MRO activities of the company are done by Europe-based companies such as Air France KLM and Lufthansa Technik which provides scope for market growth.

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