Commercial Aircraft Maintenance, Repair, and Overhaul (MRO) Market: Report Analysis, Share, Revenue, Growth Rate With Forecast Overview 2022-2031

Japan, Japan, Thu, 07 Apr 2022 05:26:40 / Comserve Inc. / -- The commercial aircraft MRO market is estimated to register a CAGR of over 4% during the forecast period, 2022-2031.

The commercial aircraft MRO market is estimated to register a CAGR of over 4% during the forecast period, 2022-2031.

- With the growing air traffic, carriers are more inclined toward maintaining the optimum health of their current fleet, and opt to procure new aircraft as a last resort since the cost of buying a new aircraft is considerably higher than the cost for the maintenance of the current fleet. Different airports have introduced improvement processes to enhance efficiency, and many of them have employed new technological systems to gain additional upgrades and prepare for the bigger data requirements of next-generation aircraft, and this shall lead to the growth of the market in the near future.
- Numerous government initiatives have been formulated to encourage airports to support MRO as a strategic activity. Various holistic approaches are now being undertaken by the governments to ensure that adequate space is allocated at various airports within the country for MRO, and this shall lead to an enhancement in terms of commercial aircraft MRO activities in the forecast period.

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Key Market Trends

Engine MRO to Account for Highest Market Share

Currently, the engine MRO segment has the highest share out of all the segments and is expected to demonstrate high growth during the forecast period. The global air passenger traffic is growing at a steady pace, is encouraging the airlines to increase their flight movements and procure new aircraft in an effort to cater to an increased demand for air travel and enhance their current market share. The engines experience the highest accidental damages in all the major aircraft components. According to FAA, aircraft engines were the components that are most frequently reported as being damaged by bird strikes, between 1990 and 2017, and accounted for 27% of all the damaged components. Such unpredictable and unavoidable incidents have lead to the overhauling of the engine in many instances. Besides, since engines are the most vital part of an aircraft, regular engine maintenance checks and periodical repairs are required to ensure the airworthiness of the fleet. This generates revenues for the engine MRO providers and such developments are anticipated to drive the engine MRO segment of the market in focus during the forecast period.

Asia-Pacific will experience the highest growth during the forecast period

At present, Asia-Pacific generates the highest revenue in the commercial aircraft MRO market. Singapore and Hong Kong dominate the MRO market in Asia. In recent years, several Asian countries have increased their investment in MRO facilities, trying to replicate the success of Singapore and Hong Kong in this sector. The rise in the low-cost carriers, to some extent, has changed the face of civil aviation in Asia. In tandem with the rise, the market dynamics of aircraft maintenance is also evolving, as companies from countries like Indonesia and Thailand are also entering the market to challenge the dominance of established Singapore-based players. Government policies are also expected to play a key role in supporting the growth of the market in the region. For instance, the government of India is undertaking various initiatives that are aimed at making the country an MRO hub. Moreover, due to the huge potential of the Asia-Pacific aviation market, several global players are establishing new centers in the region to cater to the growing demand. All these factors are anticipated to drive the business prospects for commercial aircraft MRO in Asia-Pacific region during the forecast period.

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Competitive Landscape

The commercial aircraft MRO market is highly fragmented, with many players with different MRO capabilities offering services both globally and regionally. TAP M&E, GE, AAR Corporation, United Technologies Corporation, Lufthansa Technik, and ST Aerospace are some of the prominent players in the market. With the advent of newer generation aircraft, the TBO (Time Between Overhaul) of the aircraft is increasing, which may challenge the existence of the smaller players in the years to come. The commercial aircraft fleet globally has an average age of more than 11 years at present, and this is expected to reduce further in the years to come. As the average age of the aircraft to be maintained decreases, the overhaul costs are projected to decrease on a whole. However, the revenue generated from regular maintenance and repair of the aircraft will continue to increase with the growing fleet.

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