Aircraft Engine MRO Market Accrues corrosively; asserts MRFR Unleashing Industry Prognostications Up To 2023

Aircraft Engine MRO Market Research Report - Forecast to 2023” - Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2030.    

Aircraft Engine MRO Market – Market Overview
Air travel in emerging countries is growing, thus increasing the demand for aircraft engine MRO service providers. Many new MRO service centres have been setup in such countries in recent years. This increases the participation of regional companies (tier-II or tier-III suppliers) in the field of aircraft engine MRO. Growing international trade between countries have increased the frequencies of cargo planes. Thus, it is essential to conduct timely checks or repairs of airplane to ensure efficient performance and safe air travel.
The market is driven by various factors such as development of next-generation engines and rapid fleet expansion. Also, increased restriction in global flight regulations and the need for proper maintenance of engines & engine components, is driving the growth of the aircraft engines MRO market.

Air travel in emerging countries is growing, thus increasing the demand for aircraft engine MRO service providers. Many new MRO service centres have been setup in such countries in recent years. This increases the participation of regional companies (tier-II or tier-III suppliers) in the field of aircraft engine MRO. Growing international trade between countries have increased the frequencies of cargo planes. Thus, it is essential to conduct timely checks or repairs of airplane to ensure efficient performance and safe air travel.

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Over the years, extensive investments have been made in the development of commercial aerospace engines. For example, the GE9X engine, a next-generation aircraft engine, developed by GE Aviation, offers better performance than traditional engines. It is expected to be in service by 2020. The leading edge aviation propulsion (LEAP) engine, is the most fuel-efficient engine available in the market, and had received more than USD 100 billion in orders by 2015, which has propelled the market for aircraft engines.
The development of such advanced engines is expected to fuel their maintenance, repair, and overhaul operations. Moreover, there were approximately 10,000 orders of such engines by 2016, which implicates that the MRO service providers would have a high revenue in the coming years, as a result of the aftermarket services on these engines.
Key Players:
The leading market players in the global Aircraft Engine MRO market primarily include GE Aviation (U.S.), Rolls-Royce (U.K.), Pratt & Whitney (U.S.), Lufthansa Technik (Germany), Safran Aircraft Engines (Paris), SIA Engineering Company (Singapore), Air France Industries KLM Engineering & Maintenance (France), MTU Aero Engines (Germany), ST Aerospace (Singapore) and Delta TechOps (U.S.).

AIRCRAFT ENGINE MRO Market – Competitive Analysis
The growth of the market vendors is dependent on the market conditions, government support, and industry development. Thus, the vendors should focus on expanding geographically and improving services. GE Aviation, Lufthansa Technik AG, Pratt & Whitney, Rolls Royce, Safran Aircraft Engines, Air France Industries KLM Engineering & Maintenance, Delta TechOps, MTU Aero Engines, SIA Engineering Company, and ST Aerospace are the major companies in the market, which compete in terms of availability, quality, price, and technology.

They primarily focus on the implementation of lightweight materials, electric technologies, and robust systems. Although the international players are dominating the market, regional and foreign players with small market shares also have a presence. The international players may strengthen their presence worldwide through acquisitions during the forecast period. It has also been forecast that improvement of the global economic scenario, is fueling the market growth, thereby making it an ideal time to launch new MRO services and increase the global market share. 

Industry/ Innovation/ Related News:
July 2016- Rolls-Royce announced that it would purchase the outstanding 53.1% shares of Industria de Turbo Propulsores SA (ITP), which is owned by SENER Grupo de Ingeniería SA (SENER). The acquisition is expected to strengthen Rolls-Royce’s position in the civil aerospace large engine programmes.

July 2016- Lufthansa Technik became a member of the Pratt & Whitney’s Geared Turbofan (GTF) engine MRO network.
July 2016:- HNA Aviation, a China-based company, purchased 80% shares of SR Technics. The remaining 20% shares would be retained by Mubadala, a shareholder of the company since 2006.

Aircraft Engine MRO Market – Segments
For the convenience of the report and enhanced understanding; The Aircraft Engine MRO Market is segmented in to 3 key dynamics
Segmentation by Application: Commercial Air Transport, and Business & General Aviation.
Segmentation by Types: Widebody Aircraft, and Narrowbody Aircraft.
Segmentation by Regions: Comprises Geographical regions - Americas (North & Latin),Europe, APAC and Middle East & Africa.

Aircraft Engine MRO Market –

Regional Analysis

In 2016, North America was the leading region for the global aircraft engine MRO market. A number of the major aircraft manufacturers (such as Boeing) and engine MRO services providers are present in the region, gaining the region a high market share. Moreover, it is expected that approximately 10,000 aircraft would be in service in the region by 2035, which would create an opportunity for the major and prominent companies of the region.

Asia, an emerging region in the long-haul international market, relies heavily on the small and medium widebody aircraft. As a result, a number of such airlines have been entering into service in the recent years such as Indigo, Tigerair Singapore, Tigerair Australia, and Air Asia.