Aircraft Component MRO market By Manufacturers, Regions, Type And Application, Forecast To 2023

Exclusive Summery About Report:

Outsourcing of aircraft MRO to third-party companies is one of the trending opportunities for the airline companies so as to reduce their aircraft MRO expenses, with more than 10-20% of saving. For example, in 2013, 65% of aircraft MRO was outsourced by airlines, across the globe. As a result, there has been an increased adoption of MRO outsourcing, of late, due to the growing awareness of its benefits, such as low labour rates and the availability of adequate spare parts.

As of 2016, there were more than 22,000 active commercial wide body and narrow body aircraft across the globe. These existing commercial fleets are expected to be replaced by more than 40,000 new aircraft, over the next 20 years, and the global fleet is likely to reach 45,000 aircraft by 2036. Moreover, the high demand for air travel in the emerging regions, such as Asia, Latin America, and the Middle East, leads to an increase in the number of aircraft in these regions. As a result, approximately 22,000 commercial aircraft are expected to be delivered to these regions in the next 20 years. On the other hand, it is expected that over 15,000 commercial aircraft would be delivered in developed regions such as North America and Europe, by 2036.

Moreover, the global military aircraft fleet, as of 2016, was over 53,000, with the U.S. having the largest share (26%) of the military planes, followed by Russia (7%), China (6%), and India (4%). With the increasing defense budgets in a number of countries, there have been high development and procurement of military aircraft, in the recent years. Hence, it is expected that the rapid fleet expansion would eventually drive the aircraft component MRO market.

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Aircraft Component MRO Market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including

GE Aviation
Honeywell Aerospace
Lufthansa Technik
Pratt & Whitney
Rolls-Royce
FL Technics
Delta TechOps
Barnes Aerospace
AAR
Turkish Technic

Based on application, commercial air transport accounted for the largest market share of 63.11% in 2016. Over the years, the aviation industry has been witnessing a steady growth, owing to the increased diversification among airlines, across the globe. Of late, the passenger traffic is expanding with resilience across the globe, despite a slight slowdown in the global economy. In recent years, the large aviation markets, such as the U.S., Europe, and Asia have witnessed increased expenses by passengers, due to the rising incomes of the expanding middle class population in these regions, which have resulted in the progress of the aviation industry. Moreover, global air travel has been made easier and convenient by the low cost carriers, whilst airlines are extending their services to various geographic locations. This results in an increased focus on the expansion of the aviation industry, around the world. As of 2016, there were over 23,000 airplanes in service, and the number is expected to double, over the next 20 years. To meet this growing demand of commercial aviation, it is important for the MRO service providers, across the globe, to ensure provision of efficient and high quality maintenance for airplane components.

Military aviation segment accounted for the second largest market share in 2016. With the expected deployment of the much anticipated F-35 Lightning II Joint Strike Fighter (JSF) plane, which has received a large number of orders from several countries, the MRO market for the JSF aircraft is expected to be relatively high. The U.S. DOD intends to have regional repair capabilities in Europe and the Pacific for all 774 components of the F-35 JSF. The plane is expected to replace the currently operating F-16 Fighting Falcon aircraft. As a result, until the introduction of the JSF planes, it is expected that the MRO market for the F-16 aircraft would be growing over time. Therefore, it is expected that the component MRO market for military aviation planes would grow at a CAGR of 3.30%, during the forecast period.

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