Asia accounted for the largest share in global aircraft component MRO market in 2016. It is an emerging region in the long-haul international market and it relies heavily on the small and medium wide-body aircraft. As a result, a number of such airlines have been entering into service, recently such as Indigo, Tigerair Singapore, Tigerair Australia, and Air Asia. In 2016, Asia-Pacific is home to major MRO service providers such as HAECO, GMF AeroAsia, and ST Aerospace, and is projected to witness the highest growth rate, during the forecast period. In 2016, North America was the second-largest region for the global aircraft component MRO market. A number of the major MRO service providers such as Airbus and Honeywell, are present in the region, resulting in a high market share of the region. Moreover, it is expected that approximately 10,000 aircraft would be in service in the region by 2035, which would create an opportunity for the major and prominent companies of the region.
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.
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Major Key Players
Pratt & Whitney
In 2016, the Aircraft MRO Market was valued at USD 15,021.4 million and is projected to grow at a CAGR of 5.44 % during the forecast period.
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.
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Aircraft Component MRO services are essential in ensuring smooth operation of an aircraft. The growing international trade between countries have increased the frequencies of cargo planes. Thus, it is essential to conduct timely checks or repairs of airplane components to ensure efficient performance and safe air travel.
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