According to the latest research report titled “Aircraft MRO Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 68.35 billion by 2028, registering a CAGR of 4.3% during 2021–2028.
Growing Demand for MRO Services in Emerging Economies to Drive Market Growth during Forecast Period
With the rapid growth of the aviation industry in recent years, demand for airline MRO services has risen as well. Emerging economies in APAC are putting a strong emphasis on providing MRO services to both commercial and military aircraft manufacturers. Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), China; MTU Maintenance; and ExecuJet Haite Aviation Services China Co., Ltd. are a few major aircraft MRO companies operating in APAC. The adoption of aircraft maintenance services is being driven by increased spending on aviation infrastructure, economic growth, and a rise in passenger numbers. Furthermore, an increasing number of middle-class travelers—particularly in APAC countries such as China, Singapore, and India—propels the air travel development, which is driving the demand for aircraft maintenance services in the region.
Key Findings of Study:
The commercial aviation sector is booming at a rapid pace, which is providing new opportunities for Chinese airlines as well as international airlines to establish new routes to, from, and around China. The boosting demand for commercial aircraft is leading airlines to order more modern aircraft with the latest technologies integrated into the aircraft. In the long run, MRO activities would shift toward the APAC as India and China are lined up to establish their importance as MRO centers.
The retrofitting trend is exploding among MRO service providers, which is propelling the aircraft MRO market growth. A similar trend is expected to continue in the coming years, and the convergence of advanced and new technology on older aircraft fleets is expected to transform the aircraft MRO market environment as well as the aviation industry's face.
The commercial aviation sector is putting a lot of pressure on the aircraft MRO industry, including civil aviation airlines, business jet owners, training aircraft owners, and military forces. Since the engine is the most important part of an aircraft, it is critical to maintain and repair it on a regular basis. Additionally, military forces maintain their aircraft engines on a regular basis to keep their fleets mission-ready. As a result, the emphasis on engine MRO is increasing. The engine MRO market is expected to be driven by all of the above factors year after year.
The top five market leaders in this market include Singapore Technologies Engineering Ltd., Lufthansa Technik, AAR Corp., Collins Aerospace, and GE Aviation. The above listing of top players is based on multiple factors such as overall sales, current MRO service portfolio, investment in technology up-gradation, and industry activities. Companies have taken several market initiatives to expand their footprint, service portfolio across the world and to fulfill the growing demand of the market. In 2019, ST Engineering secured a 15-year engine Maintenance-By-the-Hour contract from Japan Transocean Air. AS per the contract, ST Engineering would offer integrated suite of engine MRO solutions to the airline’s Boeing 737NG fleet. In 2018, AAR Announced Joint Venture with Indamer for New MRO Facility in India, for the development of new airframe maintenance, repair and overhaul (MRO) facility in Nagpur, India.
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