Aircraft Component MRO Market

Aircraft Component MRO Market Size

Aircraft component MRO services provide the maintenance, repair, and overhaul activity for landing gears, mechanical actuators, auxiliary power units (APU), fuel system & avionics of the aircraft. MRO services provide a set of supervision activity for upgrading the efficiency and reliability of aircraft thereby, improving the life-span of aircraft.  The aircraft component is also termed as maintenance, repair and overhaul, is a set of activities related to managerial, administrative, and supervision. These are done for reinstalling of the aircraft components to their native performance state and function.

Market Highlights

Aircraft Component MRO Market is expected to project a CAGR of 5.2% during the forecast period

Aircraft Component MRO market is valued at USD 20.8 billion in 2021 and is expected to reach USD 36.3 billion by the end of 2032, growing at a CAGR of 5.2% during the forecast period, 2022-2032 owing to the expected growth in Aircraft Component MRO market due to increased air passenger traffic. The MRO in aeronautical industry has stringent and accurate necessities described by the authorities to assure the safety of passengers, cargo, and aircrew. It plays an important role in maintaining reliability, availability and product quality. The services include components like mechanical actuators, electronics, avionics, fuel systems, landing gears, carburetors, and auxiliary power units (APUs).

Figure - Market Analysis of Aircraft Component MRO Market

Aircraft Component MRO Market Segments:

Narrow-body Aircraft segment is expected to dominate in the forecast period

Aircraft Component MRO Market is classified based on the Aircraft Type into Wide-body Aircraft, Narrow-body Aircraft, Regional Transport Aircraft. Narrow-body Aircraft segment is expected to dominate market during the forecast period owing to the rising utilization of these aircrafts in the industry. Usually the average life of a components like gears fitted on an Airbus is five years and they are required to undergo few replacements after some specified time periods which will boost the market growth.

Commercial Air Transport segment is expected to dominate in the forecast period

Aircraft Component MRO Market is classified based on the Application into Commercial Air Transport, Business & General Aviation, Military Aviation. Commercial Air Transport segment is expected to dominate the market in the forecast period owing to the increased usage of commercial air transport services by the people. The commercial aircrafts are run for regular services and need maintenance, repair, and overhaul services at regular intervals which is expected to boost the growth of the market.

Figure - Aircraft Component MRO Segment Analysis                        

Market Dynamics

Growth Drivers

Growing Demand for Commercial Airlines is Expected to Drive the Market Growth

Increasing demand for aircraft component MRO service solutions in the commercial airlines is expected to boost the growth of the market. The increasing commercial aviation MRO services in some of the developing countries, is expected to propel the growth of the market. The key players of the market are offering cost-efficient MRO services in the market which may create a chance to boost the growth of the aircraft component MRO market.

Increasing Demand for the Aircraft Component MRO is Expected to Boost the Growth of the Market

The rising concentration of OEM on MRO activities from the developing countries is creating demand for the market. The demand for commercial airlines is increasing at a rapid pace which is increasing the scope of market expansion and the expansion of existing fleets is also aiding to the market growth. The aircraft component MRO denotes for a major portion of airline expenses, which created svseral growth opportunities in the market.

Restraint

Safety Concerns May Restrain the Market Growth

For the airline operations, safety is of a major priority. Any minor errors result in a major damage, so the MRO operations need to be taken care of. The rate of international passenger traveling due to prevalence of various pandemics may hamper the market growth.

Recent Developments

• In October 2020, RUAG Australia along with the U.S. Navy had a contract for component maintenance, repair and overhaul services for MH-60R Seahawk helicopters.
• In May 2020, Triumph Group, Inc. along with the U.S. army signed a six-year contract extension for maintenance, repair and overhaul (MRO) services for CH-47 Chinook fleet.

Aircraft Component MRO Market: Key Players

• Air France Industries KLM Engineering & Maintenance

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• Lufthansa Technik AG
• HAECO
• Honeywell International
• Barnes Aerospace
• AAR Corp.
• Delta TechOps
• FL Technics
• ST Aerospace
• Turkish Technic, Inc.
• Other Prominent Players

Aircraft Component MRO Market: Regions

Aircraft Component MRO Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the market in 2021 due to the presence of major key players in the region. Asia Pacific region is estimated to dominate in the Aircraft Component MRO market during the forecast period owing to the rising passenger traffic from the developing countries and the increasing demand for aircraft component MRO services which is expected to fuel the market growth. The rising demand for aircraft component MRO services from the commercial airlines is also expected to boost the growth of the market.

Impact of Covid-19 on Aircraft Component MRO Market

The outbreak of the COVID-19 pandemic has resulted in the economic slowdown across the world. Many countries had imposed lockdowns, social distancing and travel bans to control the spread of coronavirus. There was a huge disruption in the manufacturing industries due to the imposition of lockdown in countries. COVID-19 had a negative impact on the Aircraft Component MRO market due to the imposition of lockdown and no movement of aircrafts.

Aircraft Component MRO Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Aircraft Component MRO Market Report also Contains Analysis:

Aircraft Component MRO Market Segments:

• By Aircraft Type 
  • Wide-body Aircraft
  • Narrow-body Aircraft
  • Regional Transport Aircraft 
• By Component 
  • Fuselage
  • Empennage
  • Landing Gear
  • Engine
  • Wings
  • Other 
• By Application
  • Commercial Air Transport 
  • Business & General Aviation
  • Military Aviation
• By Service Type 
  • Engine Overhaul
  • Airframe Maintenance
  • Line Maintenance
  • Modification
  • Components 
• Aircraft Component MRO Market Dynamics
• Aircraft Component MRO Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Aircraft Component MRO Market Report Scope and Segmentation

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