Market Insight
Global COVID-19 Impact on Aircraft Heavy Maintenance Visits Market is likely to grow at a 6% CAGR between 2020 – 2023, as per the recent report by Market Research Future (MRFR). Aircraft heavy maintenance visits (HMV), simply put, are periodic inspections that are performed on all civil/commercial airplanes after certain time/usage. A specific maintenance schedule is followed in the case of military aircraft.
Various factors are adding to the aircraft heavy maintenance visits market growth. According to the new MRFR report, such factors include increased flight frequencies, low labor rates, easy readiness of spares, and increasing MRO contracts, and component MRO outsourcing.
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COVID-19 Analysis/COVID-19 Impact on Aircraft Heavy Maintenance Visits Market
The COVID-19 pandemic have casted its shadow on different industries, but the regulations related to aircraft maintenance remain steadfastly in place as it is critically vital that every aircraft from the largest commercial transport aircraft to the smallest LSA stay airworthy to perform their duties safely. The need for proper inspection and maintenance are more vital if the aircraft sits dormant at the time of crisis. In fact, the aircraft will begin deteriorating right from when they are parked. The corrosion process will begin on components that no longer move and receive lubrication, the seal will dry out, and internal components in the engine lie dormant. Aircraft maintenance facilities, fortunately, are regarded as essential businesses and thus stay open at the time of crisis.
Key Players
Leading players profiled in the COVID-19 Impact on Aircraft Heavy Maintenance Visits Market Report include Turkish Technic, Inc. (Turkey), SR Technics (Switzerland), ST Aerospace (Singapore), Lufthansa Technik AG (Germany), Honeywell International (US), EGAT (Taiwan), Delta TechOps (US), Barnes Aerospace (US), Airbus S.A.S (France), Air France KLM E&M (France), and AAR (US). Key players have adopted several strategies to create a niche in the market. These include but are not limited to extensive research and development activities, mergers and acquisitions, new product development and launches, joint ventures, partnerships, collaborations, contracts, and geographic expansions, among others.
Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global aircraft heavy maintenance visits market report based on type, aircraft type, and platform.
By type, the global aircraft heavy maintenance visits market is segmented into engine HMV, airframe HMV, and another component HMV. Of these, the engine HMV segment will lead the market over the forecast period. The advances in engine technologies have resulted in fuel-efficient engines that can work at high stresses and greater temperatures, which are adding to the growth of the segment.
By aircraft type, the global COVID-19 Impact on Aircraft Heavy Maintenance Visits Market is segmented into rotary wing and fixed wing. The fixed wing segment is again segmented into narrow-body aircraft and wide-body aircraft. Of these, the narrow-body aircraft will dominate the market over the forecast period for its increasing preference by low-cost airline operators.
By platform, the global COVID-19 Impact on Aircraft Heavy Maintenance Visits Market is segmented into cargo and commercial aircraft. Of these, the commercial aircraft segment is predicted to have a major share in the market over the forecast period, with aircraft manufacturers providing more cargo space in commercial aircraft.
Regional Analysis
Based on the region, the global aircraft heavy maintenance visits market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, North America will have lions share over the forecast period. This will be followed by the APAC region, which is predicted to grow at a fast pace over the forecast period. For increasing passenger demand, the aircraft traffic in this region is likely to grow exponentially. It is likely to grow at a 6% CAGR by 2025. The global aircraft heavy maintenance visits market in Latin America and the MEA is predicted to have sound growth over the forecast period.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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