Market Research Future (MRFR) reveals that in 2016, the aircraft component MRO market value was USD 15,021.4 million. The market is estimated to advance at a rate of 5.44 % during the forecast period (2016-2023).
The leading vendors shaping the worldwide aircraft component MRO market include Air France Industries KLM Engineering & Maintenance (France), HAECO (Japan), FL Technics (Lithuania), Honeywell International (U.S.), ST Aerospace (Singapore), AAR Corp. (U.S.), Barnes Aerospace (U.S.), Lufthansa Technik AG (Germany), Turkish Technic, Inc. (Turkey), Delta TechOps (U.S.), to name a few.
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Primary Drivers and Key Barriers
Aircraft component maintenance, repair, and overhaul (MRO) refer to a set of managerial, supervision and administrative activities. These are used to restore aircraft components to their natural state of performance as well as function. MRO is used in the aeronautical industry for precise and strict requirements as per the airworthiness authorities, which guarantee the safety of passengers, aircrew, and cargo. The types of services include components like avionics and electronics, mechanical actuators, landing gear and auxiliary power units (APUs) and fuel systems and carburetors.
In the last couple of years, airline operators, along with OEMs, have been making use of radio-frequency identification (RFID) in commercial aerospace to elevate the cost-effectiveness of all the services offered by them. But now, these airline companies tend to outsource such activities to third-party organizations. Since aircraft component MRO forms the biggest part of airline expenses, this trend is expected to offer a host of growth opportunities to the market.
Rising trend of air-travel in developing countries, mounting demand for MRO services, mounting international trade leading to a higher number of import & exports, and the soaring demand for MRO among private and charted plane owners also benefit the worldwide Aircraft Component MRO Market.
Market Segmentation
The worldwide market for aircraft component MRO has been segmented into aircraft type, application, and component.
Depending on the aircraft type, the market has been broken down into regional transport aircraft, wide-body aircraft, and narrow-body aircraft.
Application-wise segments in the market are commercial air transport, military aviation, and business & general aviation. In 2016, commercial air transport was the leading segment with a share of 63.11%. The aviation industry has noted remarkable growth over the years, on account of high diversification among airlines all over the world. Military aviation segment was identified as the second leading market in 2016. The market for military aviation aircraft can attain a CAGR of 3.30% during the forecast period.
As per the component segment, the market consists of engine, empennage, landing gear, fuselage, wings, and others.
Regional Insight
The regional analysis of the aircraft MRO market has been conducted for Asia Pacific (APAC), Europe, North America, in addition to the rest of the world (RoW).
APAC had acquired the top spot in the global market in 2016, thanks to a high number of small and medium wide-body aircraft and the surging trend of air-travel among people. The strongest contenders in the regional market are India, China, and Japan. A number of renowned MRO service providers are present in this region. As a result, given the low labor rates, airlines from North America outsource their MRO related activities to APAC companies.
In 2016, North America had been the second-leading market for aircraft component MRO market and is expected to remain profitable throughout the review period. Several established MRO service providers such as Airbus and Honeywell are present in the region, which has helped the market expand significantly in the region. It is reported that by 2035, approximately 10,000 aircraft will be in service in the region, creating an opportunity for prominent companies in the coming years.
Europe is a notable regional market, owing to technological advancement and the mounting need for efficient maintenance of engines and components. Europe houses Airbus, and therefore all MRO activities for aircraft are carried out by companies like Lufthansa Technik and Air France KLM. Furthermore, with the surge in the number of aircraft, the efforts given by regional companies are set to intensify in the coming years, elevating the market position in the process.
Scope of Report
The report for Global Aircraft Component MRO Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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Table of Contents
1 Executive Summary
2 Introduction
2.1 Definition
2.2 Scope of the Study
2.3 Assumptions
2.4 Market Structure
2.5 Key Takeaways of the Market
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
Continued……..
List of Tables
Table 1 Market Synopsis
Table 2 Granted Patents on Aircraft Mro (Sept 12th, 2012 – Sept 12th, 2017)
Table 3 Global Aircraft Component Mro Market, by Aircraft Type, 2015-2023 (Usd Million)
Table 4 Global Aircraft Component Mro Market, by Component, 2015-2023 (Usd Million)
Table 5 Global Aircraft Component Mro Market, by Application, 2015-2023 (Usd Million)
Table 6 Global Aircraft Component Mro Market, by Region, 2015-2023 (Usd Million)
Table 7 North America: Aircraft Component Mro Market, by Country, 2015-2023 (Usd Million)
Continued………
List of Figures
Figure 1 Key Takeaways of the Market
Figure 2 Research Process of Mrfr
Figure 3 Top Down & Bottom Up Approach
Figure 4 Aircraft Component Mro Market Dynamics
Figure 5 Number of Aircraft Deliveries (2017-2036)
Figure 6 Advantages of Mro Outsourcing
Figure 7 Advantages of 3d Printing on Aircraft
Continued……
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