The Covid19 pandemic is an unprecedented threat to the world, from both a health and socio-economic viewpoint. All sectors have suffered a pessimistic impact resulting from the control measures put in place to stem the spread of the virus. Similarly, the global wide-body aircraft MRO Market has also been affected since the month of March 2020. Now, after the reopening of the aviation industry, the global wide-body aircraft MRO market is scoring well as per Market Research Future’s latest reports. In the reports, a CAGR 4.7% is assumed for the market to expand mainly for the years from 2019–2025—the forecasted period.
Wide-Body Aircraft MRO Boomers & Decliners
The Global Aviation MRO Market is driven by an upward need to maintain and renovate aircraft to optimize the performance. The mounting initiatives by the governments in terms of implementation of strict norms and policies are optimistically influencing the growth of the market globally. With this, the rising technological innovations are further expected to bolster the growth of the market over the next few years.
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Undoubtedly, the aviation sector is paying one of the highest prices other than other sectors. So far, there have been thousands of canceled flights, numerous closed airports all over the world, and over 40% fewer passengers (compared to last year) forecast for the first half of 2020 due to lockdown. Amid this, the technological innovations and digitalization in aviation MRO have helped with rising expectancy to augment the escalation of the market in the forecasted years.
Furthermore, such an unprecedented challenge for the market, and there are no clear, established plans. Airports have changed many operations and will rely on technological solutions as means of controlling and managing the virus alerts efficiently and quickly and thus serving consistently to the Wide-Body Aircraft MRO market.
Another fact that comes through the MRFR’s report, airline operators are engaged in the promotion of their plane models to ease cost-saving, leading to fuel efficiency, which has subsequently strengthened the fleet of narrow-body planes. Along with this, wide-body aircraft MRO is anticipated to expand at a towering pace in the next five years on account of the enormous transformation in terms of the development of turbofan engines. Moreover, wide-body planes incur an elevated level percent of MRO expenditures, which can be attributed to complexity as well as improved maintenance.
The key vendors profiled by Market Research Future in the Global Wide-Body Aircraft MRO Market are Air France Industries KLM Engineering and Maintenance (France), Abu Dhabi Aircraft Technologies (UAE), GE Aviation (US), Delta TechOps (US), MTU Aero Engines AG (Germany), Honeywell Aerospace Inc. (US), Rolls-Royce plc (UK), and ST Aerospace (Singapore).
The wide-body aircraft MRO market has studied among the segments of MRO type and platform.
Depending on the MRO type segment, the market has included components, engine, airframe, line maintenance, and modification. The airframe segment grabbed the leading market in 2020. The airframe is a vital part of the aircraft, and MRO facilities are required to undertake tasks, which include corrosion prevention and structure reinforcement, among others, on a routine basis.
Depending on the platform segment, the market has included military aviation, commercial air transport, business, and general aviation. The commercial air transport segment might expand at the maximum CAGR during the assessment period. Over the years, the aviation industry has been recording steady growth, owing to the augmented diversification among airlines, globally.
Asia-Pacific grabbed the leading market share in the year 2020 attributing the long-haul international flights owing to the growing number of long-haul low-cost airlines. Moreover, it relies heavily on the small and medium wide-body aircraft. Furthermore, it is home to crucial MRO service providers such as GMF AeroAsia, HAECO, and ST Aerospace.
North America was the second-largest region for the global aircraft MRO market. A number of the key MRO service providers such as Airbus and Honeywell are present in the region, resulting in an elevated market share. Moreover, it is expected that around 10,000 aircraft would be in service in the region by the year 2035, which would generate an opportunity for the foremost and prominent companies in the region.
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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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