The global aircraft MRO market size is expected to expand owing to increase in fleet numbers of aircraft, according to a report by Market Research Future (MRFR). It is anticipated to exceed a valuation of USD 95 Bn by 2023. Maintenance, repair, and overhaul (MRO) services are deemed vital by aviation agencies for maintenance of the aircraft and prevention of crashes. Different MRO centers use their own technologies for providing rapid and efficient services to carriers.
The launch of new airlines coupled with replacement of legacy aircraft is projected to boost market demand through 2023. Increasing focus of original equipment manufacturers (OEMs) to provide such services is anticipated to bode well for major airlines. Increase in trade activities and frequent air travel opted by consumers are factors expected to bolster market growth in the coming years. Demand from private airline operators and chartered plane owners is expected to lead to MRO centers in countries with high air traffic. Scarcity of skilled personnel can pose a challenge to market growth in the coming years.
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Major Key Players
Air France KLM Engineering & Maintenance,
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.
The Aircraft MRO Market is segmented on the basis of MRO type, aircraft type, application, and region. By MRO type, the market is divided into airframe, component, engine, line maintenance, and modification. The engine segment is touted to generate significant revenue by 2023 owing to the component being a vital part of repair, maintenance, and periodic checking. Development of next-generation aircraft is anticipated to create opportunities for the segment.
Types of aircraft requiring MRO include wide-body, narrow-body, and others. The narrow-body aircraft segment is likely to gain traction due to high maintenance services provided to single-aisle jets.
Military aviation, business & general aviation, and commercial air transport are major market applications. The commercial air transport segment is anticipated to generate significant revenue for the market owing to the presence of various low-cost carriers. Expansion of air fleets by carriers such as Etihad Airways, Qatar Airways, and Emirates is expected to lead to spending for maintenance of aircraft.
Regions covered in the market report include North America, Latin America (LATAM), Asia Pacific (APAC), Middle East & Africa (MEA), and Europe. The APAC market is projected to exhibit high growth due to the presence of major airlines such as Air Asia, IndiGo, and Tigerair. In addition, low labor costs make the region lucrative for MRO outsourcing. This is evident with major North American airlines outsourcing 60% of their maintenance-related services to Asia.
The India market within the APAC region is expected to offer opportunities for growth. Infrastructural development coupled with adoption of latest technologies is making the region viable for investment. Measures taken by the Indian government in reducing the taxes on spare parts could be a relief for the industry. Tax exemption proposals for MRO units can boost domestic market growth.
The Europe aircraft MRO market is anticipated to witness an upsurge in demand owing to retrofitting of new devices in legacy aircraft. This is evident by continuous maintenance conducted on single-aisle jets in the region.
The North America market is projected to witness a sluggish growth rate due to the emergence of various third-party MROs and attrition of major airlines owing to their reduced capacity of handling large fleets. Replacement of older aircraft has led to fewer maintenance checks leading to low scope for MROs.
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