According to the new research report published by The Insight Partners, titled “Aircraft MRO Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Components, Aircraft Type, and End-User,” the market was valued at US$ 49.80 billion in 2020 and it is projected to reach US$ 68.35 billion by 2028; it is expected to grow at a CAGR of 4.3% from 2021 to 2028.
The deployment of various retrofitting technologies, which refers to the implementation of newer technologies on older aircraft fleet, help increase passenger comfort and safety, and facilitates the airlines in maintaining their older fleet. The continuous advancements in the aircraft technologies are resulting in the upgradation of MRO capabilities. This is due to the fact that the MRO service providers are constantly seeking the upgradation and procurement of newer technologies to service the newer aircrafts as well as retrofit the older aircraft fleets with upgraded technologies. The global commercial airlines in the current scenario are holding on to their older aircraft fleet owing to the drop in fuel prices. This factor is compelling the airlines to opt for MRO activities frequently, which is facilitating the MRO service providers to offer newer technologies to airlines to retrofit the aircraft fleet.
The aircraft MRO market is segmented on the basis of component, aircraft-type, end-user, and geography. Geographically, Asia Pacific held the largest share of the market in 2020, followed by Europe and North America. Further, the market in Asia Pacific is projected to witness the highest growth rate during the forecast period. Based on component, the aircraft MRO market is segmented into engine MRO, avionics MRO, airframe MRO, cabin MRO, landing gear MRO, and others. The engine MRO segment represented the largest market in 2020. In terms of aircraft type, the market is bifurcated into fixed wing aircraft and rotary wing aircraft. In 2020, the fixed wing aircraft segment accounted for a substantial share of the market. In terms of end-user, the aircraft MRO market is bifurcated into commercial and military. The commercial segment represented a larger share of the overall market in 2020
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The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose stringent rules and regulations, such as restrictions on the movement of humans and vehicles. Air travel ban was one of the stringent rules imposed by the governments across the globe during the first half of year 2020. This led the aviation industry to halt the operations and experience the lowest revenue generation during the period. The airport sector also witnessed stiff decline in passenger count, aircraft movement, and revenue generation. The significant loss in revenues resulted in limited investments made by airline operators in MRO services. This factor declined the demand for aircraft MRO, which hampered the growth of the aircraft MRO market. From the MRO perspective, the scenario has been entirely different from 2020. Amid COVID-19 outbreak, the entire commercial aviation industry came to a halt with minimal resources to foresee the future. The older aircraft fleet demanded a higher number of MRO shop visits, which propelled the aircraft MRO market. However, the governmental and respective airline companies' measures to temporarily shut down their business had highly affected the entire aviation services market, including MRO. Moreover, the strategy to retire various wide-body jets and narrow-body jets by different airlines across the globe with an objective to cut down operational costs has been adversely affecting the aircraft MRO market.
AAR, Barnes Group Inc, Collins Aerospace, Delta TechOps, FLTechnics, UAB., GE Aviation, Lufthansa Technik, Rolls-Royce plc., Singapore Technologies Engineering Ltd, and Turkish Technic Inc. are among the major companies operating in the aircraft MRO market.
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