Aircraft MRO Market Growth Driving Expansion (2021:2027) |Massive Rising Demand by Top-Leaders: AAR, Barnes Group Inc, Collins Aerospace, Delta TechOps, FLTechnics, UAB., GE Aviation

Global Aircraft MRO Industry Report 2021 is a professional and in-depth survey on the current state of the Aircraft MRO Market. The report provides a basic overview of the industry including definitions, classifications, applications and industry chain structure. The Aircraft MRO Market analysis is provided for the international market including development history, competitive landscape analysis, and major regions' development status.

The maintenance, repair, and overhaul (MRO) processes are essential and unavoidable aspect of every business. A proper MRO of an aircraft or its component can help businesses to avoid significant risks to their survival. Thus, aviation industry players majorly focus on creating appropriate business processes and infrastructure to support. The growth of the commercial as well as military segments in the aviation industry is likely to fuel the MRO market growth during the forecast period. Further, due to growth in the global population that can afford air travel is one of the factors boosting the growth of the aviation MRO market.

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Key vendors engaged in the Aircraft MRO market and covered in this report:
AAR, Barnes Group Inc, Collins Aerospace, Delta TechOps, FLTechnics, UAB., GE Aviation, Lufthansa Technik, Rolls-Royce plc., Singapore Technologies Engineering Ltd, Turkish Technic Inc.

The COVID-19 pandemic has hampered the economic growth of almost every country. The airline industry has witnessed high impact of this economic downturn. Moreover, the damaged economic growth of countries has led to shutdown of small airlines companies in 2020. Due to the ongoing COVID-19 outbreak, all the major countries in Europe, Asia Pacific, and North America imposed strict restrictions on business activities, and goods and people movement. All these factors are restricting both supply of and demand for aircraft maintenance services, thereby hindering the revenue growth of the global aircraft MRO market. Also, second wave of COVID-19 outbreak in countries such as India, France, and the US would negatively impact the market growth throughout the first half of 2021. It is expected that the aircraft MRO market growth will stabilize in 2022, and the market would witness positive growth from 2022 to 2028.

Growing Demand for MRO Services in Emerging Economies to Drive Market Growth during Forecast Period

With the rapid growth of the aviation industry in recent years, demand for airline MRO services has risen as well. Emerging economies in APAC are putting a strong emphasis on providing MRO services to both commercial and military aircraft manufacturers. Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), China; MTU Maintenance; and ExecuJet Haite Aviation Services China Co., Ltd. are a few major aircraft MRO companies operating in APAC. The adoption of aircraft maintenance services is being driven by increased spending on aviation infrastructure, economic growth, and a rise in passenger numbers. Furthermore, an increasing number of middle-class travelers—particularly in APAC countries such as China, Singapore, and India—propels the air travel development, which is driving the demand for aircraft maintenance services in the region.

Singapore dominates the aircraft MRO market in APAC due to its existing hubs of MRO and significant presence of major industry players such as GE Aviation, Airbus, and Rolls-Royce. The country comprises 120 aerospace firms, according to the Wisconsin Economic Development Corporation (WEDC), accounting for one-quarter of the APAC MRO industry.

The aircraft count in Asia is rising, which, in turn, accelerating the demand for is advanced aircraft MRO services. For example, AirAsia India added three new A320 neo planes to their fleet in December 2020. By 2021, the company intends to expand its fleet by buying two more A320 neo aircraft. In addition, according to Boeing's aviation market forecast, APAC countries will need 16,930 additional planes by 2037 to meet the growing number of travelers. To meet future aircraft demand, the region is projected to account for 40% of future airline production. Thus, increasing growth of aviation industry in emerging countries is driving the market growth.

Aircraft MRO Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America

Key Findings of Study:
• The commercial aviation sector is booming at a rapid pace, which is providing new opportunities for Chinese airlines as well as international airlines to establish new routes to, from, and around China. The boosting demand for commercial aircraft is leading airlines to order more modern aircraft with the latest technologies integrated into the aircraft. In the long run, MRO activities would shift toward the APAC as India and China are lined up to establish their importance as MRO centers.
• The retrofitting trend is exploding among MRO service providers, which is propelling the aircraft MRO market growth. A similar trend is expected to continue in the coming years, and the convergence of advanced and new technology on older aircraft fleets is expected to transform the aircraft MRO market environment as well as the aviation industry's face.
• The commercial aviation sector is putting a lot of pressure on the aircraft MRO industry, including civil aviation airlines, business jet owners, training aircraft owners, and military forces. Since the engine is the most important part of an aircraft, it is critical to maintain and repair it on a regular basis. Additionally, military forces maintain their aircraft engines on a regular basis to keep their fleets mission-ready. As a result, the emphasis on engine MRO is increasing. The engine MRO market is expected to be driven by all of the above factors year after year.

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