Aircraft Component MRO Market Size and Analysis to 2029
The global aircraft component MRO market size is expected to gain momentum owing to the increasing demand for commercial airlines during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Aircraft Component MRO Market, 2022-2029.” The rising demand for aircraft service and commercial aviation in countries such as India and China is expected to boost the market. Moreover, governments are currently pursuing a variety of holistic measures to guarantee that enough space is available for MRO at airport terminals around the country, which might boost commercial aircraft MRO operations during the predicted period.
COVID-19 Impact-
Government Restrictions to Hamper the Market
The ongoing COVID-19 epidemic has triggered a full-fledged crisis, with travel restrictions and airline cancellations imposed around the world in an effort to halt the virus's spread. The aircraft component MRO industry is struggling to stay afloat, owing to a drop in traffic and revenue.
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Segments-
By aircraft type, the market is segmented into wide-body aircraft, narrow-body aircraft, and regional transport aircraft. On the basis of components, the market is segregated into fuselage, empennage, landing gear, wings, engine, and others. On the basis of application, the market is fragmented into commercial air transport, business & general aviation, and military aviation. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, and the Rest of the World.
What does the Report Offer?
This report aims to offer an overview of the industry, thorough market segmentation by product type, channel, and geography. During the projected period, the global aircraft component MRO industry is predicted to develop rapidly. The research gives critical information on the market position of the main industry players, significant market trends, and opportunities.
Drivers & Restraints-
Increasing Technological Advancement to Stimulate Growth
The global aircraft component MRO market growth is expected to grow due to the increasing technology during the projected period. Data-driven technology, such as big data, aid in the real-time monitoring of aircraft MRO operations, hence improving the crew and customer air travel experience. Furthermore, sophisticated technologies such as artificial intelligence (AI) and machine learning (ML) assist flight crews and administration in determining the airplane's airframe.
REGIONAL INSIGHTS
Presence of prominent Players to Promote Growth in North America
North America is expected to hold the largest global aircraft component MRO market share during the forecast period. This is due to the presence of key players and is expected to drive the market forward in the region.
Asia Pacific is expected to have a sizable share of the market. The increasing demand for new narrow-body aircraft, which will increase the demand for MRO services in countries such as China, Japan, India, and South Korea, has contributed to the region's market growth.
Competitive Landscape-
Increasing Number of Mergers to Create Opportunities for Market Growth
The study provides a thorough analysis of the following main companies in the market, including their competitive landscape, capacity, mergers, and acquisitions. The report examines the key international competitors in the market. The adoption of creative promotional strategies and appealing pricing offerings may assist companies in the aircraft component MRO maintain competition.
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Industry Development-
October 2020: RUAG Australia signed a contract with the U.S. Navy for repair, maintenance, and services for Seahawk helicopter MH-60R. This contract is providing component MRO services to improve the life of Seahawk helicopters.
List of Key Players Profiled in the Global Market for Aircraft Component MRO:
- Air France Industries KLM Engineering & Maintenance (France)
- AAR Corp. (The U.S.)
- Branes Aerospace (The U.S.)
- Delta TechOps (The U.S.)
- FL Technics (Lithuania)
- HAECO (Japan)
- Honeywell International (The U.S.)
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