Worldwide commercial aircraft maintenance market is anticipated to showcase considerable expansion during the forecast period (from 2017 to 2022). Commercial aircraft maintenance is a major part of the commercial air transportation market and is required for ensuring the safety of an airplane and of the passengers, crew, and cargo being carried in that plane.
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The growth of this market can be attributed to the factors such as growing aircraft fleet by major airline service providers and the advent of new airline services. In addition, the increasing number of low-cost carriers (LCC) and a rise in customer disposable income have resulted in an augmented demand for air travel. This is also predicted to affect the market positively over the coming years. The growing GDP also has a key role in the expansion of existing fleet. Moreover, increased air passenger traffic has forced manufacturing companies to upgrade their systems at regular intervals in order to ensure passenger safety.
Several other factors responsible for the expansion of global market include rapid technological developments along with the rising demand for outsourcing the maintenance and repair services for aircrafts. The demand for aircraft modernization has gained momentum due to the growing needs for next-gen systems and products thereby boosting the maintenance and repair activities in commercial airplanes, which, in turn, is expected to propel the global market. The global commercial aircraft maintenance market is categorized as per application, type, and region. Based on type, the market is fragmented into structure modification, whole machine repair, aircraft plus modification, cabin and cockpit refurbishment, and parts repair. Based on application, the market is bifurcated into international routes and domestic routes.
On the basis of geographies, the commercial aircraft maintenance market is divided into Europe, United States, China, India, Southeast Asia, and Japan. The Southeast Asia region is predicted to experience the maximum CAGR over the estimated period. This development can be accredited to the factors such as growing number of maintenance and repair facilities in the region through joint ventures between various Original Equipment Manufacturers (OEMs). Economies such as India, Australia, South Korea, Japan, Singapore, Taiwan, and China are the largest revenue generators in this region. India, in particular, is expected to witness fast-paced development on account of favorable regulations, policies, and initiatives by the government to boost commercial aircraft maintenance market in the region. The Make in India initiative is an example of the changing policies in India.
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Some of the leading companies in the global commercial aircraft maintenance market are Beijing Andawell BGA Engineering and Technology Co., Ltd.; Zhejiang SinusIridum General Aviation Engineering Technology Co., Ltd.; Chinese Dragon General Aviation Co., Ltd.; Air France Industries KLM Engineering & Maintenance; and Hong Kong Aircraft Engineering Co. Ltd. Various technological innovations in aircraft maintenance are driving the global market; for example, use of Augmented Reality (AR) technology in the market to speed up the maintenance training. A new wearable virtual assistance AR system called Fountx has been developed in the recent past. According to the company the new device allows remote experts to provide assistance to the technician team in real-time at any time and from anywhere. The technology behind this system was designed by CSIRO, the Australian research firm that also introduce Wi Fi to the world.
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