Amid soaring competition, Hong Kong Aircraft Engineering Company Limited, Singapore Technologies Engineering Ltd, Air France–KLM, AAR Corp., and Lufthansa Technik AG remain the top 5 players, holding 11% of the total market share.
In a recent market study, ESOMAR-certified consulting firm Future Market Insights (FMI) projects the global air transport MRO market to reach US$ 72.6 Bn in 2021. With gradually increasing air travel and cargo transport rates, the market is poised to exhibit a 4.8% CAGR during the assessment period.
Sales of air transport MRO services witnessed a downturn in 2020 due to the travel restrictions imposed to contain the novel coronavirus outbreak. However, with resumptions in movement, the market experienced year-over-year growth by 5.0% between 2020 and 2021.
As the pandemic caused various airlines to park aircraft fleets for prolonged periods of time, the demand for air transport MRO services experienced upticks. This has created lucrative opportunities for players operating in the market.
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Apart from this, the emergence of connective technologies such as blockchain, cloud computing, and digital twins in aircraft maintenance will continue driving market growth during the forecast period. MRO service providers are benefitting from launching data-driven MRO solutions and the trend is anticipated to prevail in the forthcoming years.
As per FMI’s regional analysis, the U.S. is anticipated to dominate the North American air transport MRO market. Growth can be attributed to expansions in the aviation industry and stringent government regulations mandating the timely inspection of aircraft for maintenance. Additionally, the presence of leading MRO service providers and OEMs will continue driving developments in the air transport MRO market.
“Product developments by OEMs in collaboration with MRO service providers, coupled with expansion of the aviation industry in emerging economies will continue augmenting market growth through 2031,” says the FMI analyst.
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Key Takeaways:
AAR Corporation, Air France Industries KLM Engineering & Maintenance, Delta TechOps (Delta Corporation Ltd, Hong Kong Aircraft Engineering Company (HAECO) Ltd, Lufthansa Technik AG, Turkish Technic Inc., Singapore Technologies Engineering Ltd, Guangzhou Aircraft Maintenance Engineering Company Limited, Sabena Technics, Aeroman, Airbus SAS, and SIA Engineering Company (SIAEC) are among the air transport MRO market players, as profiled by FMI.
Top 5 players comprise Hong Kong Aircraft Engineering Company Limited, Singapore Technologies Engineering Ltd, Air France–KLM, AAR Corp., and Lufthansa Technik AG, holding 11% of the total market share.
As a part of their growth strategies, prominent players operating in the global air transport MRO market are concentrating on mergers, collaborations, and acquisitions to expand their global footprint. For instance:
Air transport MRO Market by Category
By Application Type:
By Aircraft Type:
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 15, 2022