Impact Of Covid 19 On Europe Aircraft MRO Market 2021 Industry Challenges Business Overview and Forecast Research Study 2028
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Adoption of blockchain technology with MRO is expected to drive the Europe aircraft MRO market. The MRO services in aviation industry play an irreplaceable role in assuring durability, safety, and profitability of commercial and military airlines. To maintain their market position in the future, businesses should adopt flexibility toward adapting new and trending technologies, which would help digitalize their business processes, thereby ruling out the dependency on humans. Advanced technologies such as blockchain improve processes in MRO organizations. The technology has a massive potential in the MRO space. The adoption of blockchain technology has been low so far; however, soon, this technology would contribute a considerable share to the overall growth of the Europe aircraft MRO market. With the help of the blockchain technology, companies can record the configuration details of MRO components. This also makes the documentation process across component manufacturers and MRO service providers effortless. Additionally, the deployment of this technology also enables MRO service providers to offer verifiable documentation about the parts they have installed, thereby maintaining transparency in their operations. The aviation industry players such as aircraft manufacturers, aircraft MRO service providers, and aviation technology developers are highly emphasizing on adopting the blockchain technology with an objective to track their MRO processes. This factor is posing a prominent future of market and anticipated to stimulate the Europe aircraft MRO market in the coming years.
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Europe Aircraft MRO Market – Key Players:
2. Barnes Group Inc.
3. Collins Aerospace
4. Delta TechOps
5. FLTechnics, UAB.
6. GE Aviation
7. Lufthansa Technik
8. Rolls-Royce plc.
9. Singapore Technologies Engineering Ltd
Europe comprises France, Germany, Italy, Russia, the UK, and the Rest of Europe. Having more than 20,000 flights a day and ~500 million passengers flying every year, Europe accredits to have the world’s busiest airspace. The strength of the regional economy and growing air travel, which is increasing the use of MRO services due to growing flying hours are some of the significant factors mainly driving the demand for aircraft MRO market in Europe. The demand for new modern aircraft in the commercial and military aircraft fleets in the region is also driving the market for aircraft MRO. The airlines in European region needs to adhere to the stringent rules and regulations set by European Aviation Safety Agency (EASA) to ensure passenger safety is directly impacting on the growth of aircraft MRO market. Aircraft MRO aids in the maintenance process and improves the aircraft's reliability and productivity. In addition, the European market is influenced by the company's other inorganic market strategies, such as partnerships, which help to establish relationships with other suppliers while also allowing the company to gain market position. For example, Lufthansa Technik, Germany's largest MRO service provider, teamed up with Collins Aerospace, a US-based aerospace and defense products supplier. The collaboration aims to provide maintenance services for the Airbus A380 main landing gear. As a result of the collaboration, the German aircraft MRO market is expected to expand, which will eventually boost the European aircraft MRO market.
Key Market Segments:
In terms of component, the engine MRO segment accounted for the largest share of the Europe aircraft MRO market in 2020. In terms of aircraft type, the fixed wing aircraft segment held a larger market share of the Europe aircraft MRO market in 2020. Further, the commercial segment held a larger share of the Europe aircraft MRO market based on end-user in 2020.
Europe Aircraft MRO Market Segmentation:
Europe Aircraft MRO Market - By Component
1. Engine MRO
2. Avionics MRO
3. Airframe MRO
4. Cabin MRO
5. Landing Gear MRO
Europe Aircraft MRO Market - By Aircraft Type:
1. Fixed Wing Aircraft
2. Rotary Wing Aircraft
Europe Aircraft MRO Market - By End-User:
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Europe Aircraft MRO Market - By Country
6. Rest of Europe
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