Aircraft Component MRO Market share, The Years of digital revolution

Aircraft Component MRO services are essential in ensuring smooth operation of an aircraft. The rapid aircraft fleet expansion along with the increased focus of OEMs on providing aircraft MRO, are expected to result in an increase in aircraft MRO expenses and as well as it is expected to ad

Market Overview:

The Aircraft Component MRO Market share expected to grow at a higher CAGR of 5.44% during the forecasted period to account for a higher market value share of approximately USD 34 billion by the end of the forecasted period 2020-2030.

Aircraft Component MRO services are essential in ensuring smooth operation of an aircraft. The rapid aircraft fleet expansion along with the increased focus of OEMs on providing aircraft MRO, 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. Moreover, growing international trade between countries have increased the frequencies of cargo planes. Thus, it is essential to conduct timely checks or repairs of airplane components to ensure efficient performance and safe air travel.

Air travel in emerging countries is growing, thus increasing the demand for aircraft component MRO services. Many new aircraft component MRO service centres have been setup in numerous countries in recent years. This increases the participation of regional companies (tier-II or tier-III suppliers) in the field of aircraft component MRO. Moreover, the growing international trade between countries have increased frequencies of cargo planes. Thus, it is essential to conduct timely checks or repairs of airplane components 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 Component MRO Market share.

Key Players:

The leading market players in the global Aircraft Component MRO Market share primarily include

Delta TechOps (U.S.), Lufthansa Technik AG (Germany) , Air France Industries KLM Engineering Maintenance (France), HAECO (Japan), Honeywell International (U.S.), ST Aerospace (Singapore), AAR Corp. (U.S.), Barnes Aerospace (U.S.), FL Technics (Lithuania) and Turkish Technic, Inc. (Turkey).

Market Segmentation:

For the convenience of the report and enhanced understanding; The Aircraft Component MRO Market share is segmented in to 4 key dynamics

Segmentation by Application: Commercial Air Transport, Business and General Aviation, Military Aviation.

Segmentation by Aircraft Types: Wide-body Aircraft, Narrow-body Aircraft, Regional Transport Aircraft.

Segmentation by Component: Fuselage, Empennage, Landing Gear, Wings, Engine and Others

Segmentation by Regions: Comprises Geographical regions - Americas (North Latin), Europe, APAC and Middle East Africa.

Regional Analysis:

In 2016, North America was the second-largest region for the global Aircraft Component MRO Market share. A number of the major MRO service providers such as Airbus and Honeywell, are present in the region, resulting in a high market share of the region. Moreover, it is expected that approximately 10,000 aircraft would be in service in the region by 2035, which would create an opportunity for the major and prominent companies of the region.

Europe is one of the major regions for the global Aircraft Component MRO Market share. In 2016, there were over 4,500 aircraft in the region, and the number is expected to reach more than 8,000 fleets by 2035. Since Europe is home to Airbus, all the MRO activities for the planes of the company would be carried out by Europe-based companies such as Air France KLM and Lufthansa Technik, which are among the major companies in the market. With the increase in the number of aircraft, it is expected that there would be larger participation of the regional companies, in providing MRO services for the aircraft.

Industry Related News:

July 2017Avianca Holdings Group and Lufthansa Technik AG, signed several MRO contracts. Under the agreement, Lufthansa Technik would cover the total component support (TCS) for the Boeing 787 fleet of Avianca.

June 2017AAR signed a component support agreement with Wataniya Airways. This agreement is expected to help the airline in enhancing the services and operational efficiencies.

July 2017: - Lufthansa Technik Philippines (LTP) planned to expand its operations by building a second MRO base at another major airport in the country.

Full report @ https://www.marketresearchfuture.com/reports/aircraft-component-mro-market-1665

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