Aircraft MRO Market is Increasing Rapidly Growing to Rapid Growth in Automotive Industry –Foresight Research

Market Highlights:
Over the years, the aviation industry has been witnessing a steady growth, owing to the increased diversification among airlines, across the globe. Of late, passenger traffic is expanding with resilience across the globe, despite a slight slowdown in the global economy. Large markets, such as the U.S., Europe, and Asia witness increased expenses by the passengers, due to the rising income levels of the expanding middle class population in these regions.

Moreover, global air travel is made easy and available by low cost carriers, whilst airlines are increasing the services to various geographical locations. This results in an increased focus on the expansion of aviation industry, around the world. As of 2016, there were over 23,000 airplanes in service, and this number is expected to double itself, over the next 20 years. To achieve this growing demand of commercial aviation, it is important for global aircraft engine manufacturers to manufacture innovative engines that are more fuel efficient, and have more operational ranges.

Air travel in emerging countries is growing, thus increasing the demand for aircraft engine MRO service providers. Many new MRO service centers have been setup in such countries in recent years. This increases the participation of regional companies (tier-II or tier-III suppliers) in the field of aircraft engine MRO. Growing international trade between countries have increased the frequencies of cargo planes. Thus, it is essential to conduct timely checks or repairs of airplane to ensure efficient performance and safe air travel.
The market is driven by various factors such as increase in air travel in the Asia-Pacific region in countries such as China, India and also in emerging economies such as Brazil, Oman and El Salvador. Also, increased restriction in global flight regulations and the need for proper maintenance of engines & engine components, is driving the growth of the aircraft engines MRO market.

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Major key Players
GE Aviation,
Rolls-Royce,
Pratt & Whitney,
Lufthansa Technik,
Safran Aircraft Engines
The global Aircraft MRO Market is expected to surpass USD 95 billion, by 2023, growing at a CAGR of more than 5%, during the forecast period.

Aircraft MRO Market – Competitive Analysis
The global aircraft engine MRO market is primarily dominated by five companies, namely, GE Aviation, Rolls-Royce, Pratt & Whitney, Lufthansa Technik, and Safran Aircraft Engines.
Outsourcing of aircraft engine MRO to third-party companies, is one of the trending opportunities for airlines so as to reduce their engine repair and overhaul 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 labor rates and the availability of adequate spare parts.

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Aircraft MRO Market – Segments
For the convenience of the report and enhanced understanding; The Aircraft MRO Market is segmented in to 4 key dynamics
Segmentation by MRO Type: Engine, Component, Line Maintenance, Airframe, and Modifications.
Segmentation by Aircraft type: Narrow-body, Wide-body, and Others.
Segmentation by Application: Commercial Air Transport, Business and General Aviation, and Military Aviation
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC, Latin America, and Middle East & Africa.

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