Aircraft Engines MRO Market Size To Expand at a Notable CAGR Of 5.20% During 2023 - 2030

January 2022/MRFR Press Release/- Market Research Future has published a research report on the Global Aircraft Engines MRO Market

Market Synopsis

The global aircraft engines MRO market is predicted to demonstrate 5.20% CAGR during the forecast period (2023-2030) owing to the development of next-generation engines, asserts Market Research Future (MRFR). Aircraft engine MRO services are referred to as the maintenance, engine repair, and overhaul services offered by the companies to the commercial airliners and military forces for optimal health of the aircraft engines. With growth in air travel in the emerging economies, the demand for aircraft engine MRO service providers is surging.

Drivers and Constraints Impacting the Market

The global aircraft engines MRO market is expanding at a rapid pace owing to several driving factors. Several new MRO service centers have mushroomed in the emerging countries. This has augmented the participation of several regional countries in the field of aircraft engine MRO. With the development of next-generation engines, the market for aircraft engines MRO is certainly considered to boost during the appraisal period. For instance, the evolution of the most fuel-efficient engine, the leading-edge aviation propulsion (LEAP) had received more than USD 100 billion in 2015, thereby fostering the market growth. Moreover, the need for proper maintenance of the engines along with its components is predicted to contribute to the market growth to a large extent. Additionally, with the rising restriction in the flight regulations across the globe, the market is estimated to flourish. The evolution of 3D printing technology is considered one of the major trends triggering the demand for aircraft engine MRO. The additive manufacturing involves the use of digital 3D design data in order to build a component in layers by depositing material. This application has been growing in the aerospace manufacturing owing to the advancements in 3D printing.

On the flip side, environmental hazards are considered one of the major concerns hindering the market growth during the assessment period. Moreover, barriers to adopt new equipment and technologies are further estimated to slow down the market growth.

Global Aircraft Engines MRO Market: Segmental Analysis

The global aircraft engines MRO market has been segmented on the basis of aircraft type, application, and region.

By mode of aircraft type, the global aircraft engines MRO market has been segmented into narrow body aircraft and wide body aircraft.

By mode of application, the global aircraft engines MRO market has been segmented into business and general aviation and commercial air transport.

Regional Insights

Geographically, the aircraft engines MRO market span across regions namely, America, Asia Pacific, Europe, and the Middle East & Africa.

Among all the regions, the North American region is considered to lead the global market for aircraft engine MRO and occupy the largest market share with 31.0%. The market in this region held a valuation of USD 8,626.1 million owing to the presence of a number of major aircraft manufacturers such as Boeing along with engine MRO service providers.

The Asia Pacific region, being an emerging region in the long-haul international market heavily relies on medium and small widebody aircraft. The region is considered to occupy the second-largest position and garner USD 7,513.1 million in 2016.

Industry Updates

December 18, 2018: The Carlyle Group, global alternative asset manager has recently announced that it has acquired StandardAero, which is a global provider of aftermarket engine repair, maintenance, and overhaul (MRO) services for defense and aerospace industries.

Competitive Dashboard

The prominent players operating the global aircraft engines MRO market are SIA Engineering Company (Singapore), Safran Aircraft Engines (Paris), Rolls-Royce (U.K.), GE Aviation (U.S.), ST Aerospace (Singapore), Air France Industries KLM Engineering & Maintenance (France), Delta TechOps (U.S.), Pratt & Whitney (U.S.), Lufthansa Technik (Germany), and MTU Aero Engines (Germany).