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Air Transport MRO Market is poised to expand at a noteworthy CAGR during the forecast period 2017-20
The global and Chinese air transport MRO Market is poised to expand at a noteworthy CAGR during the forecast period (2017–2022). The market is expected to attain a significant size in terms of revenue by 2022, according to a report added to Radiant Insights Inc. Rising disposable income of people around the world, along with increasing globalization has escalated the demand for air travel. This, in turn, is likely to help the market tread along a healthy growth track during the same period.
The market has gained significant momentum after the recovery of developed economies from the economic downturn of 2008. Increasing sales of aircrafts due to rising air traffic are anticipated to provide a fillip to the market. Growing trend of outsourcing maintenance, repair, and operation (MRO) services can work in favor of the market. The growth of the market can also be attributed to stringent government regulations emphasizing on aircraft safety and continuous focus of airline companies on cost reduction.
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On the other hand, technological advancements have led to the launch of new products such as maintenance-less aircrafts that require lesser MRO services. In addition, to stay ahead in the market, airline companies are more inclined toward procuring advanced products. These factors are, therefore, estimated to keep the market from realizing its utmost potential. Moreover, the market is dominated by a handful of players, who are creating high entry barriers for new players. Because of this, prices are expected to remain high through coming years, which in turn can hamper growth prospects.However, technological innovations are likely to brighten the future of the market. Increasing incorporation of automation in MRO services will provide market a significant push in future. Influx of original equipment manufacturers (OEMs) can also augur well for the market. OEMs are helping their patrons increase profitability through value-added services such as MRO. Several airline companies are entering into partnerships or agreements with OEMs to explore opportunities in the market. For instance, China Airlines anticipates that its recent memorandum of understanding (MoU) with Boeing will help strengthen its aircraft MRO prospects in Asia Pacific.The global and Chinese air transport MRO market can be segmented based on type, service, application, and region. By type, the market can be divided into line, component, engine, and airframes. Based on service, the market can be categorized into engine service check, line maintenance, aircraft conversions, heavy maintenance inspection, component maintenance, and avionics standardization. Based on application, it can be bifurcated into commercial and military.
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In the global arena, developed regions such as North America and Europe will hold prominent positions throughout the forecast period. Favorable energy prices and accommodative monetary policies are contributing to the growth of these regions. However, these markets are expected to exhibit a sluggish pace of growth over the coming years owing to their mature nature.The air transport MRO market in China is estimated to witness significant growth in future owing to soaring demand for in-service fleet and related MRO. Increasing gross domestic product (GDP) and rising disposable income of the populace are supplementing the growth of the market in this country.Some of the key players in the market are Lufthansa Technik, ST Aerospace, Timco Aviation Services, Pratt and Whitney, and Rockwell Collins.
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