Commercial Aircraft PMA Market to grow by USD 227.19 million from 2023 to 2028; Growth Driven by the relatively low cost of PMA-made parts - Technavio
NEW YORK, Feb. 5, 2024 /PRNewswire/ -- The commercial aircraft PMA market by type (engine, component, and others), application (small widebody, medium widebody, and large widebody), and geography (APAC, North America, Europe, Middle East and Africa, and South America) - Forecast and Analysis 2024-2028" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the commercial aircraft PMA market between 2024 and 2028 is USD 227.19 million.
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The relatively low cost of PMA-made parts is the key factor driving market growth. The only companies offering commercial aircraft parts to service providers were original equipment manufacturers of commercial aircraft. Their monopoly of the industry has been caused by this. Nevertheless, the commercialization of PMA components has encouraged a variety of service providers to buy parts from PMA companies in the Commercial Aircraft Parts Manufacturers' Approval Market. Therefore, PMA enterprises are offering lower-cost components that don't compromise on quality.
Market Challenge
The rigorous standards set by aviation authorities is a significant challenge restricting market growth. To obtain a PMA certificate, manufacturers must comply with rigorous standards set by aviation authorities such as the Federal Aviation Administration (FAA) or the European Aviation Safety Agency (EASA). In addition, to establish credibility and sustain the growth of the approval market for aircraft parts made by manufacturers, successful navigation of regulatory obstacles plays a key role.
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The commercial aircraft PMA market is segmented by type (engine, component, and others), application (small widebody, medium widebody, and large widebody), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
- The market share growth by the engine segment will be significant during the forecast period. Businesses involved in the production of modifications or replacement engine components to be installed and sold on type-certificated engines shall require a PMA. To decrease engine weight and production costs, these engine manufacturers are adopting a variety of technologies like the manufacture of additives. Such factors are driving the growth of the engine segment of the market during the forecast period.
- APAC is estimated to contribute 43% to the growth by 2028.
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Key Companies in the Commercial Aircraft PMA Market:
ADPma LLC, Aero Brake and Spares Inc., Airforms Inc., AirGroup America Inc., AMETEK Inc., Aviation Component Solutions, BAE Systems Plc, Berkshire Hathaway Inc., Fluid Components LLC, General Electric Co., HEICO Corp., Kellstrom Aerospace, Parker Hannifin Corp., Raytheon Technologies Corp., RBC Bearings Inc., Safran SA, Spirit AeroSystems Inc., The Timken Co., Triumph Group Inc., and Wencor Group LLC
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The Commercial Aircraft Aviation Fuel Market size is estimated to grow at a CAGR of 7.65% between 2022 and 2027, and the size of the market is forecast to increase by USD 49.5 billion.
The commercial aircraft passenger service unit (PSU) market size is estimated to grow at a CAGR of 5.35% between 2022 and 2027, and the size of the market is forecast to increase by USD 319.97 million.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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SOURCE Technavio
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