Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Aircraft MRO Market.
According to the latest report by Market Research Future, the Global Aircraft MRO Market is slated to record a substantial valuation of USD 95 Billion by 2023, at a CAGR of more than 5% over the review period.
This remarkable growth can be attributed to the factor that air travel in developing countries is growing, and consequently increasing the demand for aircraft MRO services. Many new MRO service centers have been set up in numerous countries in recent times, and this trend is going to escalate over the review period. This is also expected to increase the participation of regional companies (tier-II or tier-III suppliers) in the field of aircraft MRO. furthermore, the increasing international trade between countries has increased the rate of recurrence of cargo planes. therefore, it is essential to perform timely checks and repairs on airplanes to make sure of efficient performance and safe air travel. The market is also driven by diverse factors such as the shifting focus of OEMs on aircraft MRO service and speedy expansion of aircraft fleets. in addition, the growing need for suitable maintenance of engines & components is fuelling the growth of the aircraft MRO market.
The global aircraft MRO market is segmented on the basis of MRO type, aircraft type, and application.
The market has been segmented based on MRO type, into engine, component, kine maintenance, airframe, and modification. By aircraft type, the aircraft MRO market has been segmented into the narrow body, wide body, and others. Based on application, the market for aircraft MRO services has been segmented into commercial air transport, business and general aviation, and military aviation.
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The global market for aircraft MRO services is segmented on the basis of region, into Asia Pacific, North America, Europe, and the rest of the world (Including Latin America and the Middle East and Africa).
North America is identified as the largest region in terms of value, globally, and is projected to account for the most significant market share over the review period. This is attributed to the early adoption of technological advancements in the region, which has led to an established aviation sector in the region. Thus, there are significant market players present in the region, and the availability of funds, government support towards research and development projects, among others, offer favorable factors for the growth of the global aircraft MRO market over the forecast period.
The Asia Pacific region is also one of the major regions in terms of value in the global market for aircraft MRO systems and is expected to record a substantial growth rate over the review period. There are many developing nations in the Asia Pacific, which leads to a vast scope of growth opportunities over the review period. The positively changing economic dynamics of the emerging countries such as India, Singapore, China, Japan, and Thailand, among others, has led to the adoption of superior quality small and medium wide body aircraft. The increasing disposable income of consumers has also increased air travel. Moreover, the low labor rates in this region have led to developed countries of North America and Europe to outsource their heavy maintenance and airframe MRO projects to Asian countries, which offers another major source of revenue. These factors are poised to continue to drive the aircraft MRO market in the Asia Pacific over the review period.
The key players identified in the global aircraft MRO market by MRFR, are Airbus Group, Air Works, Air France KLM Engineering & Maintenance, Jet Maintenance Solutions, GMF AeroAsia, HAECO, Delta TechOps, Honeywell International, Lufthansa Technik, and ST Aerospace.