DUBLIN--(BUSINESS WIRE)--The "Aircraft Engine MRO Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Aircraft Engine MRO Market was valued at about USD 37.24 billion in 2020 and is projected to grow to approximately USD 54.71 billion in 2026 with a CAGR of approximately 5.7% during the forecast period (2021-2026).
Companies Mentioned
- Lufthansa Technik
- Rolls-Royce Holding PLC
- Raytheon Technologies Corporation
- General Electric Company
- Safran SA
- Singapore Technologies Engineering Ltd
- TAP Maintenance and Engineering
- Delta Air Lines Inc.
- Hong Kong Aircraft Engineering Company Limited (HAECO)
- MTU Aero Engines AG
- Textron Inc.
- Honeywell International Inc.
- Israel Aerospace Industries Ltd.
Key Market Trends
Commercial Aviation Segment Dominates the Market in Terms of Market Share
The commercial aviation segment currently has the highest market share and is expected to continue its dominance during the forecast period. This is majorly due to the large fleet of commercial aviation compared to military aviation and the high cost of engine maintenance cost compared to general aviation. Several new contracts have been signed in the recent years for the maintenance of aircraft engines between airlines and MRO service providers. For instance, in December 2019, Japan Transocean Air signed a 15-year engine Maintenance-By-the-Hour (MBHTM) agreement with ST Engineering to provide a wide range of engine MRO solutions like on-wing services, off-wing maintenance support, and technical support to the Boeing 737NG fleet of the airline from 2020.
In addition to this, the MRO service providers are also expanding their presence in various countries to cater to the growing demand for commercial engine MRO services. In this regard, in October 2020, Lufthansa Technik opened a new mobile engine services facility in Dublin. The new 6,400 sq. ft. facility began providing services to CFM56-5B and the CFM56-7B engines in Airbus A320 classic and Boeing 737 family aircraft, respectively. Such expansions are expected to accelerate the growth of the segment in the coming years.
Asia-Pacific is Expected to Generate the Highest Demand During the Forecast Period
Asia-Pacific has experienced a significant growth in the total aircraft fleet over the past decade which has increased the demand for engine MRO services. This has resulted in several MRO service providers from the US and Europe to establish their maintenance facilities in this region. Also, in order to reduce the overseas maintenance cost, several airlines have partnered with engine MRO service providers to develop in-house capabilities. In January 2021, MTU Maintenance, the MRO division of the MTU Aero Engines, signed a five-year contract with Air Sial, a new Pakistan-based airline for the maintenance, repair, and overhaul of the V2500 engines onboard it's fleet of three Airbus A320 aircraft.
The contract also includes the provision of engine trend monitoring, on-site services, and lease engine support along with technical training to the airline. In addition to this, the majority of the armed forces in the region are currently using aging military aircraft. Due to this, there has been an increased demand for maintenance services from the military sector. For instance, since 2019, the Aero lnternational in collaboration with Boeing Defense Australia (BDA) has been providing repair services to CFM56 engines of six Boeing 737 Wedgetail aircraft operated by the Royal Australian Air Force. Such long-term agreements are expected to propel the growth of the market during the forecast period.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION (Market Size by Value - USD billion)
5.1 Engine Type
5.1.1 Turbine Engine
5.1.1.1 Turboprop
5.1.1.2 Turbofan
5.1.1.3 Turboshaft
5.1.2 Piston Engine
5.2 Application
5.2.1 Commercial Aviation
5.2.2 Military Aviation
5.2.3 General Aviation
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/zelgnu
