Stringent airworthiness norms and policies to drive global aviation MRO market
Stringent airworthiness norms and policies to drive global aviation MRO market
According to TechSci Research report, “Global Aviation MRO Market By Industry, By Component, By Aircraft Type, By End User, By Region, Competition, Forecast & Opportunities, 2025”, the global aviation MRO market is projected to reach $ 113 billion by 2025. Growing need to address wear and tear of aircraft components is one of the major factors boosting the growth of global aviation MRO market. Moreover, surging demand for low-cost carriers is expected to bode well for the growth of global aviation MRO market during the forecast period. In addition to this, digitalization of aircraft MRO services and supportive government initiatives are positively influencing the global aviation MRO market. Rising number of accidents caused due to carelessness in maintenance activities, is leading to authorities tightening the norms for timely maintenance and repair works, which in turn is bolstering the market growth.
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The improved travel route networking is also aiding the market growth. The aging aircraft fleet is increasing across the globe due to which the global aviation MRO market is expected to rev up over the next five years. However, there are certain factors that might act as major impediments to the growth of global aviation MRO market during the forecast period such as lack of supportive infrastructure in developing economies and high cost of aircraft downtime due to carrying out of complex MRO operations.
Global aviation MRO market can be segmented based on industry, component, aircraft type, end user, company, and region. Considering the component segmentation, the market is fragmented into engine, airframe, line, avionics, modifications, and others. The engine segment dominated the global aviation MRO market in terms of largest market share in 2019 and is further anticipated to maintain its dominance during the forecast period as well. SIA Engineering Company, SR Technics, United Airlines, British Airways, HAECO (Hongkong), AAR Corporation, Air-France Industries KLM Engineering & Maintenance, Bombardier Inc., Delta TechOps, GE Aviation, Hong Kong Aircraft Engineering Co. Ltd., Lufthansa Technik, MTU Aero Engines AG, Triumph Group, Inc, among others are the leading players operating in the global aviation MRO market.
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“North America is forecast to dominate the global aviation MRO market over the next five years. However, APAC is expected to witness faster growth during the forecast period. Growing international trade coupled with aging aircraft fleet is contributing to the growing trend. In addition, growing tourism along with the availability of technologically advanced and next generation widebody aircraft is further expected to boost the growth of global aviation MRO market in the years to come.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Aviation MRO Market By Industry, By Component, By Aircraft Type, By End User, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global aviation MRO market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global aviation MRO market.
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