Pune, India, July 07, 2017 /MRFR Press Release/- Market research future published a cooked research report on global aircraft engines MRO market. The global aircraft engines MRO market is expected to grow over the CAGR of around 6.43% during the period 2017 to 2023
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. Rapid fleet expansion is the factor driving the demand of the market. As of 2016, there were more than 22,000 active widebody and narrowbody aircraft across the globe. The existing fleets are expected to be replaced by more than 40,000 new aircraft, over the next 20 years, and the global fleet is likely to reach 45,000 aircraft by 2036. Additionally, The expansion of the existing aircraft fleets along with the launch of new airlines would result in increased manufacture of engines, which would further undergo maintenance, repair, and overhaul services.
On the basis of application, the global aircraft engines MRO market is segmented as commercial air transport and business and general aviation. Commercial Air Transport accounted for the largest market share of 76.70% in 2016, with a market value of USD 21,342.7 million and is projected to grow at the highest CAGR of 6.84% during the forecast period. Business & General Aviation was the second-largest market in 2016, valued at USD 6,483.5 million in 2015; it is projected to grow at a CAGR of 4.97%.
The global aircraft engines MRO market is expected reach to USD 42,736.7 Million with a CAGR of 6.43% by 2023.
Market Research Analysis:
On the basis of aircraft type, the global aircraft engines MRO market is segmented as widebody aircraft, narrowbody aircraft and others. Narrow body Aircraft accounted for the largest market share of 53.30% in 2016, with a market value of USD 14,831.4 million. Narrowbody aircraft has lesser capacity than the widebody aircraft, they are larger in number. Some major narrowbody aircrafts are the Airbus A318, A319, A320, and A321; the Boeing B727s, and B737s. These aircrafts fly over short routes and are thus suited to cater the budget travelers. As of 2016, there were over 15,000 narrowbody planes, across the globe, which would be replaced by approximately 12,000 such planes by 2035. Turboprops & Regional Jets was the second-largest market, valued at USD 7,540.9 million in 2016. Widebody aircraft is expected to grow at a CAGR of 4.39%, during the forecast period.
Global Aircraft Engines MRO Market, 2016-2023 (USD Million)
Scope of the Report:
This study provides an overview of the global aircraft engines MRO market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, South Americas, Europe, Asia-Pacific, and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Aircraft engines MRO market as material, type, and application.
Global Aircraft Engine MRO Market, By Type
Global Aircraft Engine MRO Market, By Application
The key players of global aircraft engines MRO market are 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.).