The Future of the Aircraft Maintenance Repair & Overhaul Market: Size, Share, and Forecast 2019-2028
Shreya Tathi
Business Analyst (Specially in Chemical Domain ) at Axiom Market Research & Consulting?
Aircraft maintenance, repair, overhaul (MRO) in aviation is the repair, service, or inspection of an aircraft or aircraft component. It is one of important maintenance activities to ensure safety and airworthiness of all aircrafts by international standards.?These activities of maintenance, repair, and overhaul are carried out under the regulations set by various organization or authorities. One of such authorities includes International Civil Aviation Organization (ICAO). These procedures are carried out in various types of aircrafts such as Narrow Body Aircraft, Wide Body Aircraft, Very Large Body Aircraft, and Regional Aircraft. The services offered includes fixing, visual inspection, alteration or modification as well as supply of accessories, spare parts, coatings, sealants and other consumables.
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AIRCRAFT MAINTENANCE REPAIR & OVERHAUL MARKET OUTLOOK
Increasing number of domestic and international air routes is driving the growth of aircraft maintenance repair & overhaul market. Aircraft MRO service are provided in various commercial aircrafts, and increasing?number of domestic and international air routes?are rising the number of commercial aircrafts to thereby driving the market growth. Asia Pacific is the one of the largest market for aircraft maintenance repair & overhaul market. This growth of the market in the region is attributed to the growing international trade and demand for new aircraft in the region. Moreover, increasing investments from several Asian countries in MRO facilities will further boost the market growth.
AIRCRAFT MAINTENANCE REPAIR & OVERHAUL MARKET COVID-19 IMPACT
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The global pandemic of Coronavirus (COVID-19) has triggered stock market instability, tight border controls, and worldwide lockdown, large companies and governments, to restock supply chains. The COVID-19 pandemic has had a significant impact on the aviation industry due to travel restrictions and a drop in demand among travellers. Thereby, hampering the growth of aircraft maintenance repair & overhaul market.
AIRCRAFT MAINTENANCE REPAIR & OVERHAUL MARKET REGIONAL TRENDS
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The global market is studied for the key regions such as North America, Europe, Asia Pacific and Rest of the World. North America comprises of U.S., Canada and Mexico. Whereas, Europe covers UK, France, Germany, Italy, Spain and Rest of Europe. The key countries included under Asia Pacific are China, India, Japan and Rest of Asia Pacific. The Rest of the world include Latin America and Middle East & Africa. Asia Pacific is expected to account for the largest market share in the market during the forecast period. Growing international trade and demand for new aircraft in the region will drive the market in the region. Moreover, increasing investments from several Asian countries in MRO facilities will further boost the market growth.
AIRCRAFT MAINTENANCE REPAIR & OVERHAUL MARKET SEGMENTAL HIGHLIGHTS
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The report analyses the global Aircraft maintenance repair & overhaul market based on services, components, aircraft type, and geography. The aircraft maintenance repair & overhaul market is broadly segmented on the basis of component as Engine, Avionics, Airframe, Cabin, Landing Gear, Others. Based on services, it is classified as Line Maintenance Services, Engineering Services, Technical Training, Inventory Management, Freight Conversions, Others. Aircraft type studied in the report are Narrow Body Aircraft, Wide Body Aircraft, Very Large Body Aircraft, and Regional Aircraft.
AIRCRAFT MAINTENANCE REPAIR & OVERHAUL MARKET KEY PLAYERS
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The key companies in the Aircraft maintenance repair & overhaul market are AAR Corporation, Airbus S.A.S, Turkish Technik AG, Delta TechOps (delta Corporation ltd), United Technologies Corporation, Mexicana MRO Services, Hong Kong Aircraft Engineering Company Limited, KLM UK Engineering Limited, Lufthansa Technik, MTU Aero Engines AG, Singapore Technologies Engineering Ltd, TAP Maintenance & Engineering, GE Aviation, Pratt & Whitney, and Rockwell Collins amongst others. New Aircraft maintenance repair & overhaul product launches and strategic acquisitions is primarily focused by many industry players so as to maintain competitive edge in the market. Furthermore, many companies are looking to engage in new geographical areas to cater the growing demand for aircraft maintenance repair & overhaul in the market.
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