Wide-Body Aircraft MRO Market Size Is Anticipated To Reach USD 35.99 Billion By 2030 And Grow With A CAGR Of 5.25% 2020-2030
Air travel in emerging countries is growing, which further increases the demand for aircraft MRO services. Thus, many new MRO service centers are being set up in these countries in from the last few years. Moreover, the increasing international trade between the countries has increased frequencies of cargo aircraft and it is essential to conduct routine checks and repairs of aircraft to ensure efficient performance and safe air travel.
Moreover, it consists of overhauls and modifications of components, engines, and airframe of wide-body aircraft. Moreover, the aerospace industries are the early adopters of emerging market trends such as, the rise in popularity of MRO outsourcing and IT-enabled MRO, which is expected to drive the market during the forecast period.
Furthermore, the factors that are responsible for the growth of the global wide-body aircraft MRO market are older fleets and high focus of OEMs on engine and aircraft MRO. Other key driving factors contributing to the growth of the wide-body aircraft MRO market is the growth in the fleet size of airlines.
The wide-body aircraft MRO market has been segmented based on MRO type, platform, and region. Based on MRO type, the market has been segmented into engine, component, line maintenance, airframe, and modification. The airframe segment accounted for the largest market in 2018. The airframe is a crucial part of the aircraft, and MRO facilities are required to undertake tasks, which include corrosion prevention and structure reinforcement, among others, on a routine basis.
Based on the platform, the market has been segmented into commercial air transport; military aviation; and business and general aviation. The commercial air transport segment is expected to grow at the highest CAGR during the forecast period. Over the years, the aviation industry has been registering steady growth, owing to the increased diversification among airlines, across the globe. Moreover, passenger traffic is increasing with resilience across the globe, despite a slight slowdown in the global economy.
Based on the region, the market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Asia-Pacific accounted for the largest market share in 2018. This is because Asia-Pacific is an emerging region for the long-haul international flights due to the increasing number of long haul low-cost airlines. Moreover, it relies heavily on the small and medium wide-body aircraft. furthermore, it is home to major MRO service providers such as HAECO, GMF AeroAsia, and ST Aerospace.
North America was the second-largest region for the global aircraft MRO market. A number of the major MRO service providers such as Airbus and Honeywell, are present in the region, resulting in a high market share. Moreover, it is expected that approximately 10,000 aircraft would be in service in the region by 2035, which would create an opportunity for the major and prominent companies in the region.
The Key Players profiled by Market Research Future in the Global Wide-Body Aircraft MRO Market are Abu Dhabi Aircraft Technologies (UAE), Air France Industries KLM Engineering and Maintenance (France), Airbus SAS (Netherlands), Delta TechOps (US), GE Aviation (US), HAECO (Hong Kong), Honeywell Aerospace Inc. (US), MTU Aero Engines AG (Germany), Lufthansa Technik AG (Germany), Rolls-Royce plc (UK), and ST Aerospace (Singapore).
The market values and forecast are derived using the Market Research Future (MRFR) research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
Market Sizing, Forecast, and Analysis: Detailed coverage of the market segment and sub-segments
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Market Dynamics Intelligence: Market drivers, opportunities, trends, restraints, Porter’s five forces, supply chain, and value chain analysis
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Regional attractiveness and related growth opportunities
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Wide Body Aircraft MRO Market Highlights:
Frequently Asked Questions (FAQ) :
The wide-body aircraft MRO market can rise at 5.25% CAGR by 2030
Wide-Body Aircraft MRO Market Size Is Anticipated To Reach USD 35.99 Billion By 2030
Delta TechOps (US), Airbus SAS (Netherlands), GE Aviation (US), Honeywell Aerospace Inc. (US), and HAECO (Hong Kong) are some reputed companies in the wide-body aircraft MRO market.
Affordability of services provide by notable airlines to support wide-body aircraft MRO market expansion.
North America wide-body aircraft MRO market can rise exponentially.
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