The increased focus of OEMs on aircraft MRO services is a key factor driving the global aircraft MRO market. In 2013, aircraft OEMs generated 50% of their revenue by providing MRO services and the rest by manufacturing engines. For example, Airbus, a major developer of aircraft, also provides the aircraft MRO services, worldwide. Similarly, Pratt & Whitney, a key manufacturer of advanced aircraft engines, also provides engine and line maintenance on a wide range of its engines. This brings a good opportunity for the third-party companies to partner with these OEMs and establish MRO service centers in those areas.
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Asia had the largest share of the global aircraft MRO market in 2016. It is an emerging region in the long-haul international market and it relies heavily on small and medium wide-body aircraft. As a result, a number of such airlines have been entering into service, recently such as Indigo, Tigerair Singapore, Tigerair Australia, and Air Asia. Moreover, Asia-Pacific is home to major MRO service providers such as HAECO, GMF AeroAsia, and ST Aerospace, and is projected to witness the highest growth rate, during the forecast period. In addition, due to the low labor rates, North American airlines outsource 60% of their heavy maintenance and airframe MRO, to Asia, where it is a major source of income.
Global Aircraft MRO Market:
Air travel in emerging countries is growing, thus increasing the demand for aircraft MRO services. Numerous new MRO service centers have been setup in many countries in recent years. This increases the participation of regional companies (tier-II or tier-III suppliers) in the field of aircraft MRO. Moreover, the growing international trade between countries have increased frequencies of cargo planes. Thus, it is essential to conduct timely checks or repairs on airplanes to ensure efficient performance and safe air travel. The market is driven by various factors such as increased focus of OEMs on aircraft MRO service and rapid aircraft fleet expansion. Also, the increased need for proper maintenance of engines & components, is driving the growth of the aircraft MRO market. The global aircraft MRO market is expected to surpass USD 95 billion, by 2023, growing at a CAGR of more than 5%, during the forecast period.
The key players of the global aircraft MRO market are Airbus Group, Air France KLM Engineering & Maintenance, Air Works, Delta TechOps, HAECO, Honeywell International, GMF AeroAsia, Lufthansa Technik, Jet Maintenance Solutions, and ST Aerospace. In 2016, Airbus Group, Air France KLM Engineering & Maintenance, Lufthansa Technik, and ST Aerospace accounted for over 35% of the global market.
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Market Research Analysis:
Aircraft MRO is one of the key areas, where every country focuses upon. These services are essential in ensuring smooth operation of an aircraft. The rapid aircraft fleet expansion along with the increased focus on providing aircraft MRO services by OEMs, are expected to result in an increase in aircraft MRO expenses and as well as it is expected to add to the growth of the market.
However, the environmental hazards along with the increased retirement of maintenance-intensive aircraft may restrict the growth of the global aircraft MRO market.
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