ID: MRFR/A&D/8294-CR | June 2020 | Region: Global | 146 pages
Global Aviation Engine MRO Market is expected to register a 6.06% CAGR during the forecast period.
Aviation engine MRO includes maintenance, repair, and overhaul services for turbine engines and piston engines. Turbine engines include turboprop, turbofan, and turboshaft engines. Furthermore, these services are offered for fixed-wing aircraft and rotary-wing aircraft. Aviation engine MRO services are offered for both civil and military aviation.
The global aircraft engine MRO market is growing at a rapid rate due to the increasing MRO outsourcing activities and rapid fleet expansion. Additionally, the development of next-generation aircraft engines is also expected to drive the growth of the market. However, the high cost associated with aircraft engine MRO and their growing environmental hazards are likely to restrict the growth of the global aviation engine MRO market during the study period.
Moreover, the use of the new ultra-high bypass ratio (UHBR) turbofan engines in aircraft has also prompted the need for redesigning and improving the systems and equipment around the engine. Therefore, with the redesigning of aircraft engines and engine-related components, the requirement for advanced facilities and skilled workforce for its MRO will also grow.
Global Aviation Engine MRO Market Growth, 2019–2026
North America accounted for 34.48% share of the global aviation engine MRO market in 2019, followed by Europe. Asia-Pacific accounted for the third-largest market share in 2019. Asia-Pacific is expected to be the fastest-growing market for aviation engine MRO during the review period.
The global aviation engine MRO market has been segmented based on engine type, aircraft type, application, and region. By engine type, the global market is divided into turbine engine and piston engine. On the basis of aircraft type, the global aviation engine MRO market has been classified into fixed-wing aircraft and rotary-wing aircraft. Based on application, the global global aviation engine MRO market has been bifurcated into civil aviation and military aviation.
Global Aviation Engine MRO Market Segmentation
The fixed-wing aircraft is segment is expected to grow at the highest CAGR during the forecast period.
Fixed-wing aircraft are equipped with wings as opposed to vertical lift rotors. These aircraft are controlled by control surfaces, namely, ailerons, rudders, and elevators, which have been integrated into the wing. This configuration offers several advantages such as endurance, large area coverage, flight speed, and a greater passenger carrying capacity than rotary-wing aircraft. Thus, these aircraft are primarily used for long-distance traveling by commercial airlines and military forces. Moreover, the demand for fixed-wing aircraft is increasing globally due to a rapid rise in air passenger traffic. Therefore, the increasing demand for fixed-wing aircraft is also expected to drive the growth of the fixed-wing aircraft segment in the global aircraft engine MRO market. The segment is projected to register a 5.96% CAGR during the forecast period. The fixed-wing aircraft segment accounted for the larger market share of 73.05% in 2019, with a market value of USD 26,532.5 million.
The aviation engine MRO market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
Global Aviation Engine MRO Market Share, by Region, 2019 (%)
North America accounted for the largest market share in 2019 and is expected to be the largest market for aviation engine MROs during the forecast period. The regional market growth is primarily driven by the high demand for services from the players based in the US and Canada. It is projected that approximately 10,000 aircraft would be operational in the region by 2035, which is expected to create additional opportunities for the market players operating in the North America aviation engine MRO market. Moreover, the rising revenues of airlines headquartered in the region are also projected to support the growth of the market. As per the International Air Transport Association (IATA), North American carriers were expected to generate USD 16.6 billion in net profits in 2019 as compared to USD 14.7 billion in 2018. However, the ongoing COVID-19 pandemic is expected to hamper the growth of the regional market. According to IATA, owing to travel restrictions and global economic recession due to the COVID-19 pandemic, the air transport revenue in North America is expected to fall by USD 50 million in 2020. Hence, the aviation engine market in North America is expected to register a 6.18% CAGR during the forecast period.
The players profiled in the report on the global aviation engine MRO market are Air France Industries KLM Engineering & Maintenance (France), Singapore Technologies Engineering Ltd (Singapore), GE Aviation (US), Hong Kong Aircraft Engineering Company Limited (Hong Kong), Lufthansa Technik (Germany), MTU Aero Engines AG (Germany), Rolls-Royce PLC (UK), Safran (France), SIA Engineering Company Limited (Singapore), and Honeywell International Inc. (US).
Key Questions Addressed by the Report
Frequently Asked Questions (FAQ) :
Global aviation engine MRO market is touted to record a substantial market valuation.
Global aviation engine MRO market is projected to register a moderate 6.06% CAGR in the forecast period.
The increasing MRO outsourcing activities and rapid fleet expansion are the primary growth inducer of the market.
The turbine engine segment is expected to observe substantial demand over the review period.
The APAC is poised to secure the highest CAGR.
The civil aviation segment is slated to mature as the fastest-growing segment.
A few eminent market players functioning in the global aviation engine MRO market are GE Aviation (US), Hong Kong Aircraft Engineering Company Limited (Hong Kong), Lufthansa Technik (Germany), among others.