New Analysis from Global Industry Analysts Reveals Steady Growth for Commercial Aircraft PMA, with the Market to Reach $14 Billion Worldwide by 2026
SAN FRANCISCO, Nov. 16, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Commercial Aircraft PMA - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: November 2021
Executive Pool: 18178
Companies: 83 - Players covered include BAE Systems PLC; HEICO Corporation; Parker Hannifin Corporation; Precision Castparts Corporation; The Timken Company; TransDigm Group, Inc.; TransDigm Group, Inc.; Triumph Group, Inc.; United Technologies Corporation (UTC); Wencor Group and Others.
Coverage: All major geographies and key segments
Segments: Type (Engine, Component, Other Types)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global Commercial Aircraft PMA Market to Reach US$14 Billion by the Year 2026
PMA is a production approval related to replacement aircraft components and parts, with PMA products representing modification and replacement parts used on qualified products. In addition, commercial aircraft PMA is an authorized alternative for OEM-approved original components and parts. Airlines operating these aircraft must ensure timely repair and maintenance services for keeping aircraft fuel-efficient and lower carbon emissions. Growth in the global market is attributed to anticipated increase in passenger traffic and expansion of the commercial aircraft fleet size. The commercial aircraft PMA market declined in 2020 because of COVID-19 pandemic that disrupted supply chains, leading to flight cancellation and coercing governments to enforce travel bans to curtail spread of the virus. The pandemic coerced various airlines to retire aircraft earlier for reducing operating and maintenance costs. The decision resulted in influx of USM and rotatable parts that reentered into the market through USM providers and PMA holders. These developments are now benefitting the commercial aircraft PMA market, which is likely to also gain from rising passenger traffic and government support to the aviation industry across developing markets post the pandemic.
Amid the COVID-19 crisis, the global market for Commercial Aircraft PMA estimated at US$10.5 Billion in the year 2020, is projected to reach a revised size of US$14 Billion by 2026, growing at a CAGR of 4.7% over the analysis period. In orders to recover from the impact of COVID-19 and tap lucrative opportunities, companies are targeting rapidly growing segments while maintaining consistent focus on slow-growing categories. Increasing consolidation of the market due to takeover of local manufacturers and suppliers by leading players is expected to intensify competition.
The U.S. Market is Estimated at $2.6 Billion in 2021, While China is Forecast to Reach $2.9 Billion by 2026
The Commercial Aircraft PMA market in the U.S. is estimated at US$2.6 Billion in the year 2021. The country currently accounts for a 23.7% share in the global market. China, the world second's largest economy, is forecast to reach an estimated market size of US$2.9 Billion in the year 2026 trailing a CAGR of 7.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.1% and 3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR while Rest of European market (as defined in the study) will reach US$3.1 Billion by the end of the analysis period. Led by China, the Asia-Pacific region is receiving a notable impetus from increasing passenger traffic coupled with ongoing efforts by countries like Vietnam and India to support the aviation industry. With over 8,000 in-serve commercial aircraft in 2020, Asia-Pacific accounted for nearly one-third of the overall commercial aircraft fleet globally. While the region has made significant progress in terms of expansion of fleet size, the average age of the aircraft fleet is expected to increase consistently. The scenario along with the need for part replacement and aircraft maintenance is creating strong demand for various PMA parts. More
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www.StrategyR.com
Email: [email protected]
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