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What’s driving the Commercial Aircraft MRO Market Trend? | Key Players are Airbus, Boeing Company, GE Aviation, Delta TechOps, ST Aerospace, Gameco, and MTU Aero Engines AG
Commercial Aircraft MRO Market
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Continuous requirement for refurbishment & maintenance of aircraft for optimum performance and complying to stringent government regulations are supporting the commercial aircraft MRO market proliferation over the study timeframe. The introduction of efficient lean manufacturing techniques for producing aircraft along with the availability of multiple aircraft at varied price range is augmenting the market growth till 2024.
Innovations in the MRO of aircraft including the incorporation of IoT systems, smart sensors, non-destructive inspection technologies, and RFID tagging are positively influencing the commercial aircraft MRO market growth till 2024. The incorporation of these technologies for improving the operational efficiency and reducing the duration of aircraft downtime during MRO operations play a major role in expanding the business share over the forecast timeframe.
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Higher costs associated with aircraft maintenance, repair, and overhaul operations may limit the market growth over the forecast timeframe. Higher priced spare components along with higher aircraft downtime duration owing to complex operations involved for maintaining such aircraft may hamper the commercial aircraft MRO market share till 2024.
A few players in the commercial aircraft MRO marketplace include Airbus, Boeing Company, GE Aviation, Delta TechOps, ST Aerospace, Gameco, and MTU Aero Engines AG. The industry participants are engaged in strategic joint ventures and partnerships for increasing their market share. For instance, in 2016, Ramco Systems entered into a strategic partnership with Air France Industries KLM Engineering and Maintenance for an innovation lab in Singapore for developing innovative low-cost solutions for aircraft maintenance operations.
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Asia Pacific will contribute significantly toward the commercial aircraft MRO market place. This growth is credited to the improving aviation sector across the region. Further, the increasing popularity of low-cost carriers along with the proliferating tourism sector is playing a major role in improving the industry share till 2024.
Commercial Aircraft MRO Market is expected to grow substantially during the forecast period propelled by increasing air passenger, freight traffic, and proliferating low-cost carriers. Rising disposable income, improving tourism sector, and increasing networks of airliners are playing a major role in expanding the industry share till 2024.
Based on MRO type, the commercial aircraft MRO market is classified into airframe, engine, and components. The daily operation of an aircraft across long distance affects the performance of the components considerably.
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