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.
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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.
Industry/ Innovation/ Related News:
June, 2017:- Japan Airlines had an agreement worth USD 75 million with GE Aviation, for the overhaul of 18 CF6-80C2 engines that power Boeing 767-300 and 767-300ER planes.
May, 2017:- Rolls-Royce had an agreement with Airbus, to provide maintenance services for the Trent 700 engines that power 7 Airbus A330 planes of Turkish Airlines.
April, 2017:- Air Canada extended their agreement with Lufthansa Technik for eight years, to provide maintenance services for the CFM56 engines.
July, 2016:- Rolls-Royce announced that it would purchase the outstanding 53.1% shares of Industria de Turbo Propulsores SA (ITP), which is owned by SENER Grupo de Ingeniería SA (SENER). The acquisition is expected to strengthen Rolls-Royce’s position in the civil aerospace large engine programmes.
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Aircraft MRO Market – Regional Analysis
In 2016, North America was the leading region for the global aircraft engine MRO market. A number of the major aircraft manufacturers (such as Boeing) and engine MRO services providers are present in the region, gaining the region a high market share. 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.
Asia, an emerging region in the long-haul international market, relies heavily on the small and medium widebody aircraft. As a result, a number of such airlines have been entering into service in the recent years such as Indigo, Tigerair Singapore, Tigerair Australia, and Air Asia. In 2016, Asia-Pacific was the second largest region for the global aircraft engine MRO market and it is projected to witness the highest growth rate, during the forecast period.
Intended Audience
- Distributers & Supplier companies
- End Users
- Consultants and Investment bankers
- Government as well as Independent Regulatory Authorities
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