Aircraft Engine MRO Market Research Insights 2022, Size, Share, Trends, Competitive Landscape, and COVID-19 Impact Forecast till 2028

According to our latest market study on "Aircraft Engine MRO Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Engine, Application, and Aircraft Type," the market is expected to grow from US$ 22.15 billion in 2021 to US$ 32.04 billion by 2028; it is estimated to grow at a CAGR of 5.7% from 2022 to 2028.

The global aircraft engine MRO market is segmented into five major regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Asia Pacific held the largest aircraft engine MRO market share in 2020, followed by North America and Europe. With the increase in air traffic and aircraft demand, air carriers are boosting their aircraft delivery. The demand for new airlines is not just coming from existing aircraft re-establishing their fleet but also from new low-cost aircraft entering the market. A repressed interest of leisure travelers being more cost-sensitive post-pandemic, decreased interest for business travel, and the adaptability of the minimal expense aircraft plan of action are surging the demand for MRO services, which is driving the growth of the aircraft engine MRO market. Further, Boeing will deliver more than 49000 airplanes by 2040. Airbus expects more than 39000 airlines in 20 years, from 2020 to 2040. From January to March 2022, Boeing delivered 41 jets, three 767s, one 777F, and 37 737s (35 MAX/2 NG). The increasing sale of the A321LR is expected to bring lucrative opportunities for the aircraft engine MRO market growth.

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The delivery of narrow-body aircraft was fueled in 2021 by the Federal Aviation Administration and European Union Aviation Safety Agency's decision to recertify the Boeing 737 MAX. After recertification, more than 20 737 aircraft came back to carrier fleets, but the aircraft built-in 2020, such as Boeing 400 to 450 MAX aircraft, were unsold or undelivered and were grounded in Boeing's inventory. By 2031, it is expected that more than 34,000 commercial aircraft will fly, which is likely to generate new opportunities for the aircraft engine MRO market during the forecast period. Moreover, aircraft engine MRO providers are offering several services, such as routine engine maintenance. Some aircraft engine providers focus on manufacturing one or two engines, whereas others have large engine portfolios for multiple uses. All the aircraft engines require routine maintenance and daily check before aircraft fly. The aircraft fleet in transition redefines the aircraft engine MRO market because of many permanent retirements of older aircraft.

Aircraft Engine MRO Market: Competitive Landscape and Key Developments

Some of the key aircraft engine MRO market players include Delta Airlines, Inc.; GE Aviation; CFM International; Lufthansa Technik; MTU Aero Engines AG; SIA Engineering Company; Sigma Aerospace; Safran S.A.; Raytheon Technologies Corporation; and Rolls Royce PLC.

The report segments the global Aircraft Engine MRO market as follows:

The aircraft engine MRO market is segmented into engine, application, and aircraft type. Based on engine, the market is segmented into turbine engine and piston engine. In terms of application, the market is segmented into commercial, general, and military. Based on aircraft type, the aircraft engine MRO market is segmented into fixed wing and rotary wing. Based on geography, the aircraft engine MRO market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, India, South Korea, Japan, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of the MEA), and South America (Brazil, Argentina, and the Rest of SAM).

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Impact of COVID-19 Pandemic on Aircraft Engine MRO Market

During the COVID-19 pandemic, the entire aviation industry came to a halt with minimal resources to foresee the future, which negatively impacted aircraft engine MRO market size. The outbreak decimated the demand for aircraft globally, which significantly lowered the volumes of orders among aircraft manufacturers. The aircraft manufacturers and service providers in the US were adversely affected due to nationwide lockdowns and travel restrictions, the shutdown of aircraft production facilities, and a shortage of aircraft in operation in the US, which hindered the aerospace industry across the country. These factors also disrupted the supply chain and product sales. Boeing witnessed a massive decline in its production and deliveries during 2020. Several factors such as 737 MAX grounding, supply chain issues, travel restrictions, scheduled flight suspensions, and production and delivery challenges played a significant role in the company's production decline. In 2021, airliners resumed their aircraft operation after being grounded for months. American Airlines, the largest airline company in the US, resumed its 895 aircraft operation in 2021, whereas it canceled its operation of 2,300 aircraft. However, new aircraft are replacing the older ones with next-generation engines. Over 7,000 commercial aircraft are flying in the US in 2022. The aircraft is expected to propel the aircraft engine MRO market globally during the forecast period and thus, drive the aircraft engine MRO market as the impact of COVID-19 in the aircraft engine MRO market is low to medium.

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https://www.globenewswire.com/news-release/2022/07/18/2481246/0/en/Clock-Buffer-Market-Size-Worth-3-57Bn-Globally-by-2028-at-8-CAGR-Exclusive-Report-by-The-Insight-Partners.html

https://www.globenewswire.com/en/news-release/2022/07/27/2486593/0/en/Identity-Verification-Market-Size-to-hit-18-12Bn-Globally-by-2027-Exclusive-Report-by-The-Insight-Partners.html

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