Global Aircraft Maintenance, Repair and Overhaul (MRO) Market to Reach $55.6 Billion by 2026

News provided by

Jul 01, 2021, 08:45 ET

SAN FRANCISCO, July 1, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Aircraft Maintenance, Repair and Overhaul (MRO) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

Global Aircraft Maintenance, Repair and Overhaul (MRO) Market

FACTS AT A GLANCE
Edition: 19; Released: April 2021
Executive Engagements: 9047
Companies: 141 - Players covered include AAR Corp; Aeroman; AIRBUS SAS; Air France KLM Engineering & Maintenance; Ameco Beijing; AMETEK MRO; Aviation Technical Services, Inc.; Bedek Aviation Group; Bombardier, Inc.; Delta TechOps; GMF AeroAsia; Honeywell International Inc.; Hong Kong Aircraft Engineering Company; Lufthansa Technik AG; MTU AeroEngines AG; Sabena Technics; Singapore Technologies Aerospace (ST Aerospace); SR Technics; SIA Engineering Company; STAECO; TAP Maintenance & Engineering; The Boeing Company and Others.
Coverage: All major geographies and key segments
Segments: Maintenance Type (Engine Overhaul, Components Maintenance, Line Maintenance, Airframe Maintenance, Modifications); Aircraft Type (Narrowbody, Widebody, Other Aircraft Types); Aircraft Generation (Old Generation, Mid Generation, New Generation)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; Singapore; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry

ABSTRACT-

Global Aircraft Maintenance, Repair and Overhaul (MRO) Market to Reach $55.6 Billion by 2026
Aircraft MRO or Aircraft Maintenance, Repair and Overhaul, is the process of providing scheduled upkeep, care and airworthiness of an aircrafts and its engine and components. Strong growth in the global market is being driven by expansion of the global aviation industry and rising demand for air travel. Increasing disposable income levels and expansion of the middle-class have made air travel more affordable that are driving the uptake of air travel globally. These factors are also prompting various airlines to invest in fleet expansion to accommodate the increasing demand. However, the COVID-19 pandemic has severely hit the aviation industry and aircraft MRO market. The industry faced a tough period during March-April, and is estimated to bear heavy losses in terms of air passenger revenues in 2020 owing to containment measures implemented by various countries. While the aviation industry has started recovering, it is expected to take time to reach to pre-pandemic levels. The outbreak has coerced various regulators and aviation organizations to explore options for ensuring remote working and social distancing. The new policy announced by the Federal Aviation Administration (FAA) is expected to allow the use of remote technology and video links for conducting inspections and validating regulatory compliance amid COVID-19.

Amid the COVID-19 crisis, the global market for Aircraft Maintenance, Repair and Overhaul (MRO) estimated at US$44.8 Billion in the year 2020, is projected to reach a revised size of US$55.6 Billion by 2026, growing at a CAGR of 3.7% over the analysis period. Engine Overhaul, one of the segments analyzed in the report, is projected to record a 4.1% CAGR and reach US$24.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Components Maintenance segment is readjusted to a revised 4.3% CAGR for the next 7-year period. Engine Overhaul includes maintenance of aircraft engines, comprising of inspection, dismantling, reassembling and testing among others. Engine Overhaul accounts for the largest share driven by robust demand in the CF6-80C2, CFM56-3 and PW4000-94 submarkets. Aircraft engines from leading player Pratt & Whitney account for about 30% of the entire MRO demand due to their huge installed aircraft base.

The U.S. Market is Estimated at $9.9 Billion in 2021, While China is Forecast to Reach $6.3 Billion by 2026
The Aircraft Maintenance, Repair and Overhaul (MRO) market in the U.S. is estimated at US$9.9 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$6.3 Billion by the year 2026 trailing a CAGR of 5.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.2% and 2.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.8% CAGR. Low labor, service costs, easy access to skilled labor and enhanced service levels, have made Asia-Pacific a highly attractive outsourcing and MRO destination. Asian operators are driving MRO growth with low-cost labor markets such as Vietnam and Thailand. Airline operators worldwide are currently outsourcing nearly 30% of wide-body heavy airframe maintenance needs to China and Asia-Pacific region. The repatriation of wide-body heavy maintenance work is anticipated to create some revenue growth in stagnant MRO markets in North America and Western Europe.

Line Maintenance Segment to Reach $8.9 Billion by 2026
Aircraft Line Maintenance involves inspection, identification and rectification of problem on the aircraft body. The process also comprises of crucial aircraft maintenance and regular repairs as per requirement. Line maintenance and planning which was preferred to be retained in-house accounts for a larger share of MRO outsourcing in recent years as several carriers are increasingly moving heavy and base maintenance work to the emerging regions, primarily in Asia, as they offer cheaper and efficient services. In the global Line Maintenance segment, USA, Canada, Japan, China and Europe will drive the 2.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.5 Billion in the year 2020 will reach a projected size of US$6.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2026, while Latin America will expand at a 2.5% CAGR through the analysis period. More

MarketGlass™ Platform
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.

Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android

About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

LINKS
Join Our Expert Panel
https://www.strategyr.com/Panelist.asp

Connect With Us on LinkedIn
https://www.linkedin.com/company/global-industry-analysts-inc./

Follow Us on Twitter
https://twitter.com/marketbytes

Journalists & Media
[email protected]

SOURCE Global Industry Analysts, Inc.