Aircraft Component MRO Industry 2018 Analysis by TOP Key Players: Delta TechOps, Lufthansa Technik, HAECO, Honeywell, ST Aerospace, Barnes Aerospace

Aircraft Component MRO Market 2018 Research Report – Global Industry Forecast to 2023, is latest research report on Global Aircraft Component MRO industry published by Market Research Future. Report provides comprehensive information on Global Aircraft Component MRO Market forecast, historic data, with business development strategies, upcoming opportunities, and regional outlook. 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.

Aircraft Component MRO Market Information by Aircraft Type (Wide-body Aircraft, Narrow-body Aircraft, Regional Transport Aircraft), By Component (Fuselage, Empennage, Landing Gear, Wings, Engine and Others), By Application (Commercial Air Transport, Business and General Aviation, Military Aviation) And Region - Forecast To 2023

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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.

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), Honeywell International (U.S.), ST Aerospace (Singapore), AAR Corp. (U.S.), Barnes Aerospace (U.S.), FL Technics (Lithuania) and Turkish Technic, Inc. (Turkey).

Aircraft Component MRO services are essential in ensuring smooth operation of an aircraft. The growing international trade between countries have increased the frequencies of cargo planes. Thus, it is essential to conduct timely checks or repairs of airplane components to ensure efficient performance and safe air travel. In 2016, the market was valued at USD 15,021.4 million and is projected to grow at a CAGR of 5.44 % during the forecast period.

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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