Press release
Commercial Aircraft Aftermarket Parts Market 2022 Industry Growth Statistics, Gross Margins and Forecast Research Report 2030 | Key Players as AAR (US), J. Walter Aviation Limited (UK), Eaton (Ireland)
Commercial Aircraft Aftermarket Parts Market
Market Overview:
The Commercial Aircraft Aftermarket Parts Market will obtain a value of USD 43.33 Billion and a CAGR of 7.63% between 2021-2030.
Global market researchers predict that the market will expand due to factors including the expanding fleet of commercial aircraft and the aging military aircraft fleets. However, the worldwide market would encounter difficulties and limitations due to high import charges on aviation replacement parts and strict laws and regulations over the projection period. Enhancing Big Data and Digitizing Aftermarket Operations to Support Growth issues with accessibility and availability of the components have been greatly exacerbated by the surge in demand for commercial aircraft aftermarket parts from airlines and aftermarket service providers that have driven businesses to integrate cutting-edge technology like big data in their everyday operations. Businesses use big data to improve operational efficiency, develop cost-effective predictive maintenance plans, and extend supply chain management to distant sites.
The next generation of airplanes is outfitted with sophisticated sensors that can gather and process data from the aircraft in real time, and the acquired information is also utilized to improve modeling and predictive maintenance operations. Additionally, the exposure of the aircraft aftermarket systems and parts has increased as a result of the digitalization of the MRO process. The adoption of cutting-edge technology, including big data and the automation of processes in the sale of aftermarket parts, has therefore assisted businesses in understanding airline orders' ambiguity and making strategic decisions.
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Key Players:
AAR (US), J. Walter Aviation Limited (UK), Eaton (Ireland), Parker Hannifin Corporation (US), Aviall (US), Kellstrom Aerospace (US), General Electric (US), Honeywell International Inc. (US), Meggitt PLC (England), Collins Aerospace (US)
Market segmentation:
The Commercial Aircraft Aftermarket Parts Market is divided into segments based on type and application.
The global market for commercial aircraft aftermarket parts has been divided into four categories: MRO parts, routable replacement parts, consumables, and disposable. The MRO parts market is predicted to be the largest, while the routable scape replacement parts segment is thought to be the one that will grow the fastest throughout the anticipated time. The MRO components include motors, parts, and airframe components for support, repair, and redesign. Organizations do MRO to maintain or reinstall airplane parts for efficient operation.
The Commercial Aircraft Aftermarket Parts Market has been divided into commercial and military applications. The business segment is anticipated to be larger, and it is predicted that the tactical segment will register a higher CAGR throughout the anticipated time frame. Commercial aircraft are used to transport people, cargo, and mail. They include both narrow-body and wide-body aircraft, while business airplanes provide quick transportation and can be used for rescue operations like earthquakes, accidents, and floods.
Regional analysis:
North America is a developed region in terms of the fleet, aftermarket parts, and aircraft MRO market. As a result, it is also anticipated that the Commercial Market would prosper along with increased aircraft needs. Over ten thousand more aircraft are anticipated to be required in the region over the next twenty years. The US is the only identifiable market for aviation aftermarket parts in the region, and it has also generally endorsed the use of post-retail OEM components with aircraft aftermarket PMA parts.
Recent developments:
Honeywell International Inc. signed a 10-year deal with ST Engineering in January 2021 to offer all Asia-Pacific operators component maintenance, overhaul, and warranty repair services. The parts installed on CFM International Leap engines are covered by this agreement.
Barnes Aerospace, a division of Barnes Group Inc., stated in September 2020 that it had reached a long-term, ten-year arrangement with GE Aviation, a division of General Electric Corporation. Under this contract, the two businesses will work together to produce the LEAP engine's parts.
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