Global Aircraft Engine MRO Market Driven by the demand for fuel-efficient engines
The global market for aircraft engines MRO services is expected to reach a substantial valuation of USD 42,736.7 million with a moderate CAGR of 6.43% by 2023.
The market is expected to grow due to various influential factors, such as the advancements of next-generation engines coupled with speedy fleet expansion. there is an expected rise in restrictions in global flight regulations. in addition, the need for appropriate maintenance of engines & engine components is likely to drive the growth of the aircraft engines MRO market. On the other hand, rising environmental hazards associated with the aircraft engine MRO services is estimated to hinder the market growth to some extent while the retirement of maintenance-intensive aircraft can pose as a challenge for the market players over the review period.
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Intended Audience
- Aircraft MRO service providers
- Aircraft OEMs
- Airlines
- Aviation authorities
- Component providers
- Regulatory bodies
- Government authorities
- Research institutes
Segmental Analysis
The global market for aircraft engines MRO services is segmented based on the engine type, aircraft type, and application.
Based on engine type, the market for aircraft engine MRO services has been segmented into a turbine engine and piston engine. The turbine engine segment has been sub-segmented as turbofan, turboprop, and turboshaft. these days, airlines are focusing on acquiring turbofan engines to increase fuel economy, which in due course, generates maintenance requirement for aircraft.
by aircraft type, the Aircraft Engine MRO Market has been segmented into fixed-wing and rotary-wing. The fixed-wing segment is further segmented as wide-body aircraft & others and narrow-body aircraft. The narrowbody aircraft segment accounts for the largest market share in the global aircraft engine MRO market and is expected to retain its dominant market share over the forecast period. The narrowbody aircraft has a lesser capacity in comparison to the widebody aircraft, and they are more abundant in number.
On the basis of the application, the market for aircraft engine MRO services has been segmented into civil and military. The civil segment is sub-segmented into commercial air transport, business, and general aviation.
Regional Analysis
The global market for aircraft MRO services is segmented on the basis of region, into Asia Pacific, Europe, North America, and the rest of the world (Including Latin America and the Middle East and Africa).
North America is identified as the largest region in terms of value, globally, and is projected to account for the most significant market share over the review period. This is attributed to the early adoption of advanced technologies in the region, which has led to a well-established aviation sector in the region. Thus, there are significant market players present in the region, and the availability of funds for innovative projects, government support towards research and development projects, among others, offer favorable factors for the growth of the global aircraft MRO market over the forecast period. Moreover, the focus of market players over the review period is expected to shift towards fuel-efficient engines.
The Asia Pacific region is also one of the major regions in terms of value in the global market for aircraft MRO services and is expected to record a substantial growth rate over the review period. There are many developing nations in the Asia Pacific, which leads to a vast scope of growth opportunities over the review period. The positively changing economic scenario of the emerging countries such as India, Singapore, China, Japan, and Thailand, among others, has led to the higher usage of superior quality small and medium wide-body aircraft. The growing per capita disposable income of consumers has also massively risen air travel. furthermore, the low labor rates in this region have led to developed countries of North America and Europe to outsource their heavy maintenance and airframe MRO projects to Asian countries, which offers another primary source of revenue. These factors are poised to continue to drive the aircraft MRO market in the Asia Pacific over the review period.
Key Players
The key players acknowledged in the global aircraft engine MRO market include SIA Engineering Company Ltd. (Singapore), Air France Industries KLM Engineering & Maintenance (France), GE Aviation (US), Hong Kong Aircraft Engineering Company Limited (Hong Kong), Delta TechOps (US), MTU Aero Engines AG (Germany), Lufthansa Technik AG (Germany), Rolls-Royce PLC (UK), Safran SA (France), and United Technologies Corporation (US).
Key Insights
- Market Sizing, Forecast, and Analysis: Detailed coverage of the market segment and sub-segments
- Regional/Country Trends and Forecast: Detailed analysis of the market in North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America, along with key countries in each region
- Market Dynamics Intelligence: Market drivers, opportunities, trends, restraints, Porter’s five forces, supply chain, and value chain analysis
- Technology Trends, Regulatory Landscape, and Patent Analysis Outlook
- Competitive Intelligence: Market share analysis, financial analysis, product benchmarking, and strategic developments including joint ventures, product launches, and mergers & acquisitions
- Regional attractiveness and related growth opportunities
Research Methodology
The market values and forecasts are derived using MRFR research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
Secondary Research
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
Primary Research
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
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Table of Contents
1. Executive Summary
1.1. Market Attractiveness Analysis
1.1.1. Global Aircraft Engine MRO Market, by Engine Type
1.1.2. Global Aircraft Engine MRO Market, by Aircraft Type
1.1.3. Global Aircraft Engine MRO Market, by Application
1.1.4. Global Aircraft Engine MRO Market, by Region
2. Market Introduction
2.1. Market Definition
2.2. Scope of the Study
2.3. Market Structure
2.4. Key Buying Criteria
2.5. Market Factor Indicator Analysis
3. Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
3.6. List of Assumptions
4. Market Insights
Continued…..
List of Tables
Table 1 Global Aircraft Engine MRO Market, by Region, 2018–2025
Table 2 North America: Aircraft Engine MRO Market, by Country, 2018–2025
Table 3 Europe: Aircraft Engine MRO Market, by Country, 2018–2025
Table 4 Asia-Pacific: Aircraft Engine MRO Market, by Country, 2018–2025
Table 5 Rest of the World: Aircraft Engine MRO Market, by Region, 2018–2025
Table 6 Global Aircraft Engine MRO Engine Type Market, by Region, 2018–2025
Table 7 North America: Aircraft Engine MRO Engine Type Market, by Country, 2018–2025
Continued…..
List of Figures
FIGURE 1 Research Process of MRFR
FIGURE 2 Top-Down & Bottom-Up Approaches
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter’s Five Forces Analysis
FIGURE 7 Value Chain Analysis
Continued…….
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