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 MRO services for air transport fell in 2020 as a result of the travel restrictions imposed to combat the most recent coronavirus epidemic. The market was able to grow by 5.0% each year between 2020 and 2021 thanks to increased activity.
As a result of certain carriers being forced to park their fleets of aircraft for extended periods of time, the outbreak increased the demand for air transport MRO services. As a result, market participants now have interesting opportunities.
The development of connective technologies for controlling aeroplanes, including as blockchain, cloud computing, and digital twins, will further boost the industry’s growth. MRO service providers have benefited from data-driven MRO solutions, and it is anticipated that this trend will continue in the future.
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The U.S. is anticipated to dominate the North American air transport MRO industry, according to a local analysis by FMI. The expansion of the aviation sector and stringent legal requirements requiring regular aeroplane maintenance checks are two factors that contribute to growth. Leading OEMs and MRO service providers will continue to be the main drivers of industry growth.
“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.
Key Takeaways:
Air transport MRO usage for the engine segment is anticipated to remain strong through 2031.
In terms of aircraft type, narrow-body aircraft will predominate the category.
The United States is anticipated to have a considerable demand for air transport MRO services because to the presence of big corporations and a sizable military and commercial aircraft fleet. The North American air transport MRO industry is predicted to grow at a 4.5% CAGR.
The U.K. will develop into a profitable market as demand for MRO services in the VIP and private jet sectors increases. A CAGR of 4.0% is predicted for the European market.
the necessity of flying The arrival of new airlines and aircraft fleets will lead to a strong increase in MRO in China.
Japan and South Korea collectively will account for 4.8% of the market.
Among the companies competing in the air transport MRO market, according to FMI’s profile, are 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).
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 will collaborate to provide clients with a reversible cargo-in-cabin solution that will make it simple for them to meet urgent flying and transportation needs.
Turkish Technic and Boeing announced in June 2021 that they have extended their bespoke package parts contract for an additional three years. Turkish Technic will be able to strengthen its dependability, efficiency, and access to a global market of parts and component services thanks to the contract.
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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)
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
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