Power By The Hour (PBH) Market Size, Forecast, Trends, Growth, Scope By 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Power By The Hour (PBH) Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The power by the hour (pbh) market size has grown strongly in recent years. It will grow from $23.53 billion in 2023 to $25.38 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to adoption of performance-based logistics contracts, increase in aircraft fleet size and complexity, growth of civil aviation and commercial airlines, evolution of predictive maintenance technologies, rise in outsourcing of maintenance services, adoption of engine condition monitoring systems
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The power by the hour (pbh) market size is expected to see strong growth in the next few years. It will grow to $33.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to improvement in aircraft engine reliability, increase in air travel demand and flight frequency, growth of regional and low-cost carriers adopting pbh, rise of leasing companies offering pbh options, impact of electrification and hybrid propulsion systems in aviation, customization and flexibility in pbh contract structures, rise of on-wing and on-site maintenance solutions in pbh. Major trends in the forecast period include integration of data analytics and artificial intelligence in pbh programs, increasing demand for sustainable aviation practices, collaboration between oems and mro providers in pbh offerings, integration of blockchain for transparent and secure pbh transactions, development of pbh programs for new-generation and composite materials in aviation.

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Market Drivers and Trends:

The growing low-cost airline industry is expected to propel the growth of the power-by-the-hour (PBH) market going forward. The low-cost airline industry refers to a low-cost carrier that provides airline services to passengers at minimal fares by minimizing operating expenses and reducing the amenities made available to the passengers. The low-cost airline industry employs power-by-the-hour services to reduce operating costs, improve reliability, increase uptime, and provide better alignment of incentives. For instance, in October 2022, according to Eurocontrol, a Belgium-based government agency, from January to September, the low-cost carrier industry grew from 31.9% in 2019 to 32.5% in 2022. Therefore, the growth in the low-cost airline industry is driving the growth of the power-by-the-hour (PBH) market.

Performance-based contracts are a key trend gaining popularity in the power-by-the-hour (PBH) market. Major companies operating in the power-by-the-hour market are focused on entering new performance-based contracts to sustain their position in the market. For instance, in February 2022, C&L Aviation Group, an Australia-based aviation and aftermarket-support services provider, entered into a multi-year contract with Legend Airways LLC, a US-based air carrier that operates in the 48 states of the USA, Mexico, Canada, and the Caribbean, to provide power by the hour services. Under this agreement, they committed to supplying rotables, engine line-replaceable units (LRUs), and expendables. Furthermore, in June 2021, AJ Walter Aviation Ltd., a UK-based company that provides exchange, repair, and lease services for commercial aircraft spare parts, signed a PBH agreement with TUS Airways, a Cyprus-based airline in Cyprus and Israel. Under this contract, the AJW Group has committed to providing the highest rates of operational reliability for the TUS Airways fleet.

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Major Key Players of the Market:

GE Aerospace, Rolls-Royce Holdings plc, Pratt & Whitney Services Inc, Textron Inc., Honeywell Aerospace, Bombardier Aerospace Corp, Lufthansa Technik AG, MTU Aero Engines AG, Elbit Systems Ltd., Hong Kong Aircraft Engineering Company Ltd., Embraer Aircraft Maintenance Services Inc., Air France Industries KLM Engineering & Maintenance, Delta TechOps Services Group (DTSG), ST Engineering Aerospace Ltd., AAR Corp., Turkish Technic Inc., SR Technics Group, Sabena Technics SAS, SIA Engineering Company Limited, Jet Support Services Inc., Magnetic MRO, Avtrade Ltd, C&L Aviation Group, A J Walter Aviation Limited, Aircraft Maintenance and Engineering Corporation Limited, Eftec Aero Limited, Optima Aero Inc., Exodus Aviation, TAP Maintenance & Engineering, Mexicana MRO Services.

Power By The Hour (PBH) Market 2024 Key Insights:

• The power by the hour (pbh) market size is expected to see strong growth in the next few years. It will grow to $33.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Low-Cost Airline Boom Ignites Expansion Of Power By The Hour (PBH) Market
• Performance-Based Contracts Enhance The Power-By-The-Hour (PBH) Market
• North America was the largest region in the power by the hour (PBH) market in 2023

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The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company

The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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