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.
Due to the travel limitations put in place to battle the most recent coronavirus epidemic, sales of MRO services for air transport decreased in 2020. Due to a rise in activity, the market was able to grow by 5.0% per year between 2020 and 2021.
Air transport MRO services were in greater demand as a result of the outbreak’s requirement that many carriers park their fleets of aircraft for protracted periods of time. Market participants now have exciting opportunities as a result.
The growth of the sector will also be aided by the development of connective technologies for maintaining aircraft, such as blockchain, cloud computing, and digital twins. Launching data-driven MRO solutions has benefited MRO service providers, and this trend is expected to continue in the years to come.
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According to a local analysis 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 regulatory regulations demanding the timely inspection of aircraft for maintenance. The leading OEMs and MRO service providers will still be the primary forces behind 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:
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.
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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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