New Analysis from Global Industry Analysts Reveals Steady Growth for Commercial Aircraft PMA, with the Market to Reach $14 Billion Worldwide by 2026

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Feb 24, 2022, 11:15 ET

SAN FRANCISCO, Feb. 24, 2022 /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.

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Commercial Aircraft PMA - FEB 2022 Report

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Edition: 17; Released: February 2022
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$11.7 Billion in the year 2022, 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 $2.7 Billion in 2022, While China is Forecast to Reach $2.9 Billion by 2026
The Commercial Aircraft PMA market in the U.S. is estimated at US$2.7 Billion in the year 2022. 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.

In the Spotlight - PMA Testing Services & Robots in the Assembly Line
Parts Manufacturer Approval (PMA) products are alternate modification and replacements parts that have been approved by the FAA for use in maintenance of type-certificated aircraft along with propellers, engines and accessories. PMA testing services present an effective option for players planning to submit the PMA application to the FAA. These tests results can be used as supporting documentation for the approval process or used by players to verify that their parts conform to regulatory guidelines. Existing regulations require companies looking forward to manufacture replacement parts for use in aircraft to undergo a demanding process before securing PMA from the FAA. The rigorous process focuses on reverse engineering that uses different techniques in line with complexity of the aircraft part. The process relies on material testing and dimensional inspection to characterize as well as compare replacement part to an original one. The testing also focuses on chemical composition of different components, their properties, manufacturing technique and surface treatments. The process also requires additional data for validating the PMA part as an effective alternative to original part.

The aerospace manufacturing industry is characterized by low production volume and significant complexity. This makes the automation of its production processes challenging. Given the significant size of aircraft and technological complexity, the design of automated processes becomes complicated. Yet factory automation is considered to be important, as it offers several advantages such as worker safety, control over quality, and better efficiency. Robots can be used for cutting components as well as to fasten them and for various other tasks, which speeds-up various complex and big repetitive assembly jobs.While typically, huge assemblies were required in the aerospace industry, which limited the automation of production, but the better sophistication and mobility of the latest robots provides a novel solution. Robots with vision systems can navigate around the huge aerospace assemblies and perform complicated tasks, which previously were performed by humans. And for tasks that require some human intervention, robots with vision technology have been developed that can work on an aircraft assembly while also allowing human workers to work safely in the same space. More

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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.

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