In a recent market study, ESOMAR-certified consulting firm Future Market Insights (FMI) projects the global air transport MRO market growth to reach US$ 72.6 Billion in 2021. With gradually increasing air travel and cargo transport rates, the market is poised to exhibit a 4.8% CAGR during the assessment period.
Sales of air transport MRO services fell in 2020 as a result of the travel restrictions imposed to stop the new coronavirus outbreak. However, the market expanded by 5.0% annually between 2020 and 2021 thanks to an uptick in activity.
The epidemic forced numerous carriers to park their fleets of aircraft for extended periods of time, increasing the demand for air transport MRO services. As a result, market participants now have appealing opportunities.
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-115
Additionally, during the forecast period, the development of connective technologies in aircraft maintenance, such as blockchain, cloud computing, and digital twins, will continue to fuel market expansion. MRO service companies have benefited from launching data-driven MRO solutions, and this trend is anticipated to continue in the years to come.
According to local study conducted by FMI, the U.S. is expected to dominate the North American air transport MRO market. Two elements that contribute to growth are the expansion of the aviation industry and tight government regulations demanding the timely inspection of aircraft for maintenance. The leading OEMs and MRO service providers will also continue to drive the growth of the air transport MRO industry.
“Product developments by OEMs in collaboration with MRO service providers, coupled with expansion of the aviation industry in emerging economies will continue augmenting market growth through 2031,” says the FMI analyst.
We Offer tailor-made Solutions to fit Your Requirements, Request Customization:
https://www.futuremarketinsights.com/customization-available/rep-gb-115
Key Takeaways:
Applications of air transport MRO in the engine segment are estimated to remain high through 2031.
Based on aircraft type, narrow-body aircraft will dominate the segment.
The U.S. is anticipated to experience high demand for air transport MRO services, owing to the presence of leading players and a vast military and commercial aviation fleet. The North American air transport MRO market is projected to grow at a 4.5% CAGR.
The U.K. will emerge as a lucrative market, owing to growing demand for MRO services in the VIP and private jet sectors. The European market is poised to expand at a 4.0% CAGR.
Demand for air transport MRO will rise at a positive pace in China, due to the addition of new airlines and aircraft fleets.
Japan and South Korea will collectively account for 4.8% of the total market share.
AAR Corporation, Air France Industries KLM Engineering & Maintenance, Delta TechOps (Delta Corporation Ltd, Hong Kong Aircraft Engineering Company (HAECO) Ltd, Lufthansa Technik AG, Turkish Technic Inc., Singapore Technologies Engineering Ltd, Guangzhou Aircraft Maintenance Engineering Company Limited, Sabena Technics, Aeroman, Airbus SAS, and SIA Engineering Company (SIAEC) are among the air transport MRO market players, as profiled by FMI.
Top 5 players comprise Hong Kong Aircraft Engineering Company Limited, Singapore Technologies Engineering Ltd, Air France–KLM, AAR Corp., and Lufthansa Technik AG, holding 11% of the total market share.
As a part of their growth strategies, prominent players operating in the global air transport MRO market are concentrating on mergers, collaborations, and acquisitions to expand their global footprint. For instance:
In May 2021, Lufthansa Technik and Airbus teamed up to offer customers with a reversible cargo-in-cabin solution to satisfy urgent flying and transport requirements easily.
In June 2021, Turkish Technic and Boeing announced the renewal of their tailored package parts agreement, extending the MRO service providers’ contract by three years. The contact will allow Turkish Technic to reinforce its reliability, efficiency, and access to a global market of parts and component services.
Air transport MRO Market by Category
By Application Type:
Airframe
Engine
Component
Line
By Aircraft Type:
Narrow Body Aircraft
Wide-Body Aircraft
Regional Jet
Turbo Prop
By Region:
North America
Latin America
Western Europe
Eastern Europe
China
Japan
India
South East Asia & Others (SEA)
Middle East & Africa (MEA)
Speak to our Research Expert:
https://www.futuremarketinsights.com/ask-question/rep-gb-115
Key Points Covered in Air Transport MRO Market Survey
Market estimates and forecast 2021-2031
Key drivers and restraints impacting market growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Brand share and Market Share Analysis
Key Product Innovations and Regulatory Climate
COVID-19 Impact on Air Transport MRO Market and how to Navigate
Recommendation on Key Winning Strategies
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights Inc.
Christiana Corporate,
200 Continental Drive,
Suite 401, Newark,
Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse latest Market Reports: https://www.futuremarketinsights.com/reports
LinkedIn | Twitter | Blogs
