Market Overview:
Aviation Engine MRO Market Size is expected to reach USD 26.52 Billion at a CAGR of 6.06% during the forecast period.
The airline's fleet has grown quickly in recent years as a result of the rise in air passenger traffic. In addition, new airlines are opening in practically every region to serve the population that is expanding quickly.
The need for MRO services is also increased by the growth of the airline's fleet. Therefore, it is anticipated that during the forecast period, the growth of the aircraft engine MRO market CAGR will be driven by the rise in air passenger traffic and the airlines' ensuing demand for new aircraft.
Key Players:
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), Honeywell International Inc (US).
Segmental Analysis:
Based on engine type, aircraft type, and application, the Aviation Engine MRO Market Size has been divided into sub-segments.
The turbine engine and piston engine categories make up the worldwide aircraft engine MRO industry. With a market valuation of USD 27,742.9 million in 2019, the turbine engine category dominated; by 2027, it is anticipated to reach a valuation of USD 265,32.5 million. Gas turbines are turbine engines that employ thrust to propel an aircraft by extracting energy from a flow of combustion gas. Aircraft with turbine engines are used to transport heavy loads of passengers or freight across great distances at fast speeds. In order to assure passenger safety by preventing any failure, turbine engine powered aircraft require prompt predictive maintenance.
The fixed-wing and rotary-wing segments of the Aviation Engine MRO Market Size have been separated based on the type of aircraft. During the projected period, the rotary-wing aircraft segment is anticipated to have the higher CAGR, at 6.05%. Several modernization efforts for rotary-wing aircraft are now being carried out, replacing the outdated engines or associated equipment with more modern counterparts that have greater load carrying capacity, flexibility, and fuel efficiency. The demand for engine MRO services is also anticipated to rise as a result.
The civil aviation and military aviation segments of the aircraft engine MRO market have been established based on application. During the projection period, the civil aviation segment is anticipated to experience a higher CAGR of 6.38%. Since a few years ago, there has been an increase in demand for new aircraft due to the rising air passenger traffic around the world. Consequently, it is anticipated that during the review period, demand for engine MRO services will rise.
Regional Analysis:
The Aviation Engine MRO Market data have been segmented in to regions of North America, Europe, Asia-Pacific, and the rest of the globe are all included in the geographic study of the worldwide Aviation Engine MRO Market Size.
North America dominated the market in 2019 with a valuation of USD 12,537.8 million, and the region's market is anticipated to grow at a CAGR of 6.18% from 2019 to 2026 to reach USD 19,021.9 million. This is due to the presence of significant service providers in the area, including GE Aviation and Honeywell International Inc.
Europe was the second-largest market with a valuation of USD 9,490.7 million in 2019. The European market is projected to exceed USD 14,867.8 million by 2026 at 5.81% CAGR during the review period. Market growth in the region is driven by the increase in the number of aircraft in the region that will increase the requirement for engine MRO services.
Industry News:
In February 2020, Singapore Technologies Engineering Ltd signed a contract with T'way Air to provide Maintenance-By-the-Hour (MBH) services and integrated suite of CFM56-7B engine MRO solutions for the latter’s Boeing 737-800 fleet.
In October 2019, MTU Aero Engines AG inaugurated its new test center for engine parts in its Munich premises. The new facility enabled the company to offer enhanced products and services to its aviation customers
Related reports:
Aircraft Engine MRO Market Report: Information By Engine Type (Turbine Engine and Piston Engine), By Aircraft Type (Fixed-Wing Aircraft and Rotary-Wing Aircraft), By Application (Civil Aviation and Military Aviation) - Forecast till 2030
Wide-Body Aircraft MRO Market Research Report: By MRO Type (Engine, Component, Line Maintenance, Airframe and Modification), Platform (Commercial Air Transport, Military Aviation and Business and General Aviation) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2027
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