North America Aircraft MRO Market 2021 Analysis by Global Manufacturers - Lockheed Martin Corporation, General Electric Company, The Boeing Company, Rolls Royce PLC

The North America Aircraft MRO Market Report 2021-2025 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide a detailed description of the value chain and its distributor analysis. This Market study provides comprehend North America Aircraft MRO data that enhances the understanding, scope, and application of this report. The study includes market share analysis and profiles of players such as Lockheed Martin Corporation, General Electric Company, The Boeing Company, Rolls Royce PLC, and Collins Aerospace.

The North America aircraft MRO market is expected to exhibit a CAGR of more than 4% during the forecast period (2020 - 2025).

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Key Market Trends:

Military Aviation Segment to Exhibit the Highest Growth Rate

The mission ready capability of the United States Air Force fleet has dropped from nearly 78% in 2012 to below 70% in 2018. The United States fleet of military aviation includes aircraft such as B1-Lancer, B-52 Stratofortress, etc. that has completed the operational service of more than 45 years. As of December 2019, the 76th Aircraft Maintenance Group and B-1 Systems Program Office were nearing the completion of structural repair and maintenance works on B-1 Lancer aircraft that would increase the service life of the bomber. The United States Air Force wants to use the B1-Lancer aircraft for 20 more years till 2040. In 2019, the United States Air Force issued a proposal request for the replacement of B-52's TF33 engines with more fuel-efficient and easy to maintain engines. Canada is also struggling with the aging fleet of its CF-18 fighter aircraft that has reached an age of more than 33 years. In January 2020, the Canadian government announced its plan to invest USD 800 million on advanced upgrades and maintenance of CF-18 fighter aircraft. Some aircraft in the Royal Canadian Air Force is too old to be upgraded with the latest equipment to comply with the latest air traffic and aviation rules. In 2019, Canada made a deal with the United States to continue the operation of its very old Challenger VIP transport jets in the regional airspace despite not being equipped with latest air traffic control equipment. The aforementioned instances are propelling the demand for MRO services from the military aviation segment.

United States to Exhibit the Highest Growth Rate

The United States is the leading producer of commercial, defense, and general aviation aircraft and increased spending on aircraft development are further propelling the growth of aircraft and aircraft MRO market. Airframe and Engine MRO segments are expected to witness significant growth in terms of revenue share during the forecast period. The growth in the aforementioned segments is driven by defense aviation as the current average age of some aircraft such as bombers and high altitude surveillance aircraft is more than 50 years. Contracts are being provided to companies such as Lockheed Martin and Rolls-Royce for MRO services and engineering solutions for existing defense and commercial fleet. In May 2020, United States Air Force awarded a USD 237 million contract to StandardAero to provide engine MRO service for T-38 trainer jets till 2028. The aircraft MRO industry in the United States is heavily investing in the development and integration of new technologies such as Artificial Intelligence, robotics, augmented reality, drone inspection, intelligent machines, and tools, etc. General Electrics  smart glass is being used with a wi-fi torque wrench that instructs mechanics on the amount of force to be applied during maintenance operations. Such developments will support the growth of aircraft MRO market in the United States.

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What Are The Market Factors That Are Explained In The Report?

Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

Analytical Tools: The North America Aircraft MRO Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.                      

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