Narrowbody Aircraft MRO Market to Register Positive Growth During the Forecast Period

Pune, India, September, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Narrowbody Aircraft MRO  Market Research Report.

Overview:

Transport has been simplified a lot by the advent of various aircraft technologies. Narrowbody aircraft have impacted the market considerably which has generated massive demand for the maintenance services to ensure the prolonged lifespan of the planes. Aircraft Maintenance, Repair, and Overhaul (MRO) play an integral part in ensuring the longer lifespan of the airplanes. The narrowbody aircraft MRO market has proliferated in various countries significantly and is gaining much prominence by assisting in substantial profits from the associated industries such as regional manufacturers and tier-1 suppliers. Narrowbody aircraft MRO service is all the more necessary as it ensures the safety of the aircraft. The market is benefitting much from a rise in the procurement of such aircrafts, outsourcing, and 3D manufacturing process. Countries are also expanding their aircraft fleet which is directly influencing the growth of the MRO market. The global narrowbody aircraft MRO service is expecting a CAGR of 5% during the review period (2017-2023), asserts Market Research Future (MRFR) in a detailed study.

However, the high cost incurred during the replacement, or retrofit of older aircraft with the latest technologies can prove to be a market deterrent. Along with it, stringent regulations regarding environmental hazards are adversely affecting the market.

Industry Trend:

Vietnam’s aviation industry has recently included first of its kind Airbus A321neos as a part of Vietnamese carriers. At the same time, VietJet, low-cost carriers have started taking inducting these planes into their portfolio, and Vietnam Airlines is also expecting to induct these planes into their lineup.

The narrowbody aircraft from United Aircraft Corp. (UAC), MC-21 and Comac C919, are undergoing flight tests. These latest inductees, along with the existing ones, are expected to inflate the narrowbody market, and consequently the MRO market.

Segmentation:

The global narrowbody aircraft MRO market can be segmented based on MRO type and platform.

Based on MRO types, the market is segmented into airframe & modification, components, engines, and line maintenance. The engine MRO has a wider market penetration owing to the need for regular maintenance of engines and engine components.

Platform-based segmentation includes military and commercial. Commercial segment is estimated to grow at the highest CAGR during the forecast period. 

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Regional Analysis

Region-specific market encompasses North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (LATAM). 

Advanced technology, regional player density, and rise in a number of flights have assisted North America to gain the top spot. Furthermore, international long-haul routes are keeping the market reasonably steady.

Europe is proving to be a worthy competitor owing to the presence of primary MRO service provider such as Lufthansa Technik.

Market Dashboard:

The market is witnessing several mergers and acquisitions. Existing sellers are also collaborating to discover new products and developing strategies. For instance, KLM UK Engineering, SAS has recently signed a deal for line maintenance for Boeing 737 and Airbus A320 finally. The same company has also signed a contract with the U.K. based BA CityFlyer and extended their deal to maintain narrowbody aircraft.

The key players in the global narrowbody aircraft MRO market are GE Aviation (U.S.), Honeywell Aerospace (U.S.), Lufthansa Technik (Germany), Pratt & Whitney (U.S.), Rolls-Royce (U.S.), Air Works (India), Jet Maintenance Solutions (Lithuania), GMF AeroAsia (Indonesia), Singapore Technologies Aerospace (Singapore), and others.