North America Aircraft Engine MRO Market: Report Analysis, Share, Revenue, Growth Rate With Forecast Overview 2022-2031

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Japan, Japan, Fri, 01 Apr 2022 02:57:24 / Comserve Inc. / -- The North America aircraft engine MRO market is projected to grow with a CAGR of more than 3% during the forecast period.

The North America aircraft engine MRO market is projected to grow with a CAGR of more than 3% during the forecast period.

- North America region has the largest fleet of commercial and military aircraft in the world. The aging fleet of aircraft in the military and commercial sectors is driving the growth of the aircraft engine MRO market. With the introduction of new aircraft in commercial aviation, several new long-term aircraft engine maintenance contracts are signed between the airlines and aircraft engine MRO providers. Such contracts are anticipated to further boost the growth of the aircraft engine MRO market during the forecast period.
- The growth of emission regulations for the airspace by various regulatory bodies, like FAA, IATA, and ICAO is generating the demand for better engine maintenance for older aircraft, as their emissions are higher compared to the newer generation aircraft engine.
- However, with the US being one of the worst-hit regions due to the COVID-19 pandemic, lower aircraft utilization and anticipated reductions in several airline fleets are expected to hamper the growth of the aircraft engine MRO market in 2020 in the region.

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Key Market Trends

Turbine Engine Held the Largest Market Share in the North America Aircraft Engine MRO Market in 2019

The turbine engine segment of the market currently holds the largest share in terms of revenue. Turbine engines are widely used in a majority of commercial, military, and general aviation aircraft. Turbine engine manufacturers like Rolls-Royce, Safran, General Electric, and Pratt & Whitney, among others have expanded their MRO capabilities in recent years, giving tough competition to the specialist MRO providers. Airlines and military forces are partnering with the engine OEMs and MRO providers to maintain, repair, and overhaul their old as well as new aircraft engines through long-term contracts. For instance, in April 2018, American Airlines signed a contract worth over USD 6.5 billion with GE Aviation for GEnx-1B engines for 47 Boeing 787 Dreamliners that are currently on order. This contract also includes a TrueChoice Overhaul agreement for 20 years of maintenance for the GEnx-1B engines that are on order. Similarly, in April 2018, MTU Maintenance Canada and Lockheed Martin have signed two contracts worth USD 135 million for the MRO of CF6-50C2 engines as well as accessory repair for the engines as a part of KC-10 Extender refueling tanker aircraft program. Such aforementioned contracts are anticipated to propel the growth of the segment in the coming years.

United States Held the Highest Revenue Share in the Market in 2019

The United States has the largest fleet in the commercial, military, and general aviation segments. The average age of its commercial aircraft fleet is close to 11 years, while that for military aircraft is over 26 years. Some of the bomber aircraft are operational for over five decades. To handle their aging fleet, airlines, and the US DoD are selecting MRO providers and are signing long-term contracts. For instance, Frontier Airlines selected Lockheed Martin Commercial Engine Solutions (LMCES) to perform engine MRO on CFM56-5 engines for their Airbus A319s and A320ceos. The contract was awarded in March 2016 for a period of eight years i.e., the maintenance operations are expected to run through 2023. Also, in May 2020, StandardAero was awarded a USD 237 million contract by the US Air Force to provide engine MRO services for T-38 trainer jet aircraft. The contract is scheduled to run till 2028. Such long-term contracts are expected to support the growth of the market in the coming years.

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Competitive Landscape

Some of the prominent players in the North America aircraft engine MRO market are Delta Air Lines, Inc., Rolls-Royce plc, Raytheon Technologies Corporation, Safran SA, and General Electric Company. Generally, the airlines and MRO service providers sign long term contracts to provide engine MRO services. This allows the companies to increase their customer base in the region and it becomes difficult for new entrants to capture new opportunities in the market. Various airlines and MRO providers are upgrading their facilities to increase their service offerings. For instance, American Airlines announced that the airline plans to invest USD 550 million at its Base Maintenance facility in Tulsa. The investment will include the construction of a new widebody-capable hangar and base support building as well as improvements to the existing infrastructure, including roof replacements, utility and IT upgrades, and ramp repairs. The new 193,000-square-foot hangar can accommodate two wide-body aircraft and up to six narrow-body aircraft, which will replace two existing hangars to accommodate the airline's current aircraft fleet. Such plans of the MRO providers will help them increase their services and will help them further capture new market opportunities.

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The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

For more information, please contact:

Hina Miyazu

Shibuya Data Count
Email: sales@sdki.jp
Tel: + 81 3 45720790

The post North America Aircraft Engine MRO Market: Report Analysis, Share, Revenue, Growth Rate With Forecast Overview 2022-2031 appeared first on Comserveonline.

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