Commercial Aircraft MRO Market Size to hit $121.5 Bn by 2026
Published Date: February 28, 2020 Authors: Kiran Pulidindi, Soumalya Chakraborty
Commercial Aircraft MRO Market size is set to reach USD 121.5 billion by 2026, according to a new research report by Global Market Insights, Inc.
The rising air travel by passengers globally along with stringent regulatory compliance norms associated with the aircraft airworthiness is the major driving factor for the commercial aircraft MRO market revenue. Airlines are required to carry out mandatory MRO for their aircrafts after a certain flight cycle. Additionally, the requirement for sorting out the usual wear and tear damage of components is expected to further boost the industry share.
Regulatory norms dictate the aircraft maintenance procedures
The market is heavily influenced by regulatory norms and guidelines provided by multiple organizations globally including the European Aviation Safety Agency (EASA), Federal Aviation Administration (FAA), etc. Moreover, scheduled inspections are carried out after a fixed number of flight hours and are usually classified into A, B, C, and D checks.
Widebody aircrafts still preferred for long-distance travel routes
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Widebody aircrafts will showcase a growth rate of around 6% through 2026. These aircraft are highly popular and are ideal for long-distance travel. Moreover, growing aircraft itineraries and proliferating tourism industry are some of the major factors supplementing its increasing demand. The long-distance causes significant stress in the components which require proper maintenance, thereby augmenting the industry share.
Browse key industry insights spread across 141 pages with 181 market data tables & 21 figures & charts from the report, “Commercial Aircraft MRO Market Size By MRO Services (Modifications, [Paintings, Avionics Upgrades, Interiors, Others], Engines, Components, [Wheels & Brakes, Avionics, Auxiliary Power Unit, Fuel Systems, Hydraulic Power, Flight Controls, Thrust Reversers, Landing Gear, Electrical, Others], Line, Airframe), By Service Provider (OEM, Operator/Airline In-House, Airline Third Party, Independent), By Aircraft (Narrowbody, Widebody, Regional Jet, Turboprop), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Extensive inspection and assembling processes contribute towards engines domination
Engines will dominate the global commercial aircraft MRO market share with around 40% in 2019. These maintenance and replacement activities usually account for the most expensive maintenance and repair services of the total aircraft components. Moreover, the significantly complicated tasks associated with the overhauling and servicing of engines including disassembling, reassembling, and inspection further increases the segment size.
Boeing 737 Max recalls will positively impact OEM sector share
OEMs will account for a considerable market size and is predicted to witness 4% gains till 2026. The segment is likely to gain a significant boost due to the issues and recalls associated with the Boeing 737 Max aircraft. OEMs generally enter into a specific term agreement with the aircraft procurers for offering such MRO services for a definitive time period.
Low-cost carriers are providing a positive outlook for the European commercial aircraft MRO market growth
Europe will account for more than a quarter of the global market revenue share throughout the forecast period. The region witnesses the presence of major low cost air carriers offering cheaper tickets to major locations. Moreover, affordable air tickets are also encouraging consumers to opt for flights compared to their counterparts for safe and reliable air travel.
Digitalization is the way forward in the MRO Industry
Commercial aircraft MRO industry players are continuously investing in technologically superior and digitalized solutions for carrying out their servicing activities for improving efficiency and offer seamless services to its customers.
For instance, in June 2017, Airbus launched its Skywise aviation open data platform. This platform will enable the company to significantly improve its service offering and efficiently operate and optimize its services for the customers.
Major market participants are GE Aviation, AAR Corporation, ST Aerospace, and United Technologies Corporation among others.
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