Commercial Aircraft MRO Market size worth over $121.5bn by 2026
Published Date: February 28, 2020 Authors: Kiran Pulidindi, Soumalya Chakraborty
Commercial Aircraft MRO Market size is set to surpass 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 aircraft MRO (maintenance, repair, and overhaul) market during the forecast period. 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 market growth.
Regulatory norms dictate the aircraft maintenance procedures
The commercial aircraft MRO 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.
Extensive inspection and assembling processes contribute towards engines domination
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Engines segment captured around 40% of the market share in 2019. These maintenance and replacement activities usually account for the most expensive maintenance and repair services of the total aircraft components. In addition, the significantly complicated tasks associated with the overhauling and servicing of engines including disassembling, reassembling, and inspection further increases the segment growth.
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:
Widebody aircrafts still preferred for long-distance travel routes
Widebody aircraft will showcase a growth rate of around 6% by 2026. These aircraft are highly popular and are ideal for long-distance travel. Furthermore, 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 market expansion.
Boeing 737 Max recalls will positively impact OEM market share
OEMs segment in the commercial aircraft MRO market is predicted to expand at a CAGR of more than 4% through 2026 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 market
Europe commercial aircraft MRO market will observe substantial growth during the forecast timeline. 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
Market 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.
Few major companies operating in the market are GE Aviation, AAR Corporation, ST Aerospace, and United Technologies Corporation among others.
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