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The aircraft component MRO services are providing the maintenance, repair, and overhaul activity for mechanical actuators, landing gears, auxiliary power units (APU), avionics, and fuel system of the aircraft.
The MRO services are providing a set of supervision activity to improve the life-span of the aircraft. The aircraft component MRO service is improving the reliability and efficiency of the aircraft.
The factors are expected to drive the market are increasing the demand for aircraft component MRO service solutions from the commercial airlines. Moreover, the growth of commercial aviation MRO services in the emerging economy, such as China and India, is anticipated to boost the market. The key companies such as Air France Industries KLM Engineering & Maintenance, Delta TechOps, and FL Technics are providing cost-efficient MRO services in the market. However, the COVID-19 pandemic effect is decreasing the rate of an international passenger traveling, which is hampering the market growth.
Key Market Driver -
• The increasing Demand of Commercial Airlines and Expansion of Existing Fleets • The Increasing Need of Aircraft Maintenance Service & MRO Solutions for the Commercial Airlines is Refueling the Market Growth
Key Market Restraint -
• The COVID-19 Impact is Hampering the Market Growth
By aircraft type, the market is segmented into wide-body aircraft, narrow-body aircraft, and regional transport aircraft. Based on the component, the market is segmented into fuselage, empennage, landing gear, wings, engine, and others. Based on the application, the market is categorized into commercial air transport, business & general aviation, and military aviation. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, and the Rest of the World.
Major key players that are present in the aircraft component MRO market are Air France Industries KLM Engineering & Maintenance (France), AAR Corp. (THE U.S.), Barnes Aerospace (THE U.S.), Delta TechOps (THE U.S.), FL Technics (Lithuania), HAECO (Japan), Honeywell International (THE U.S.), Lufthansa Technik AG (Germany), ST Aerospace (Singapore), Turkish Technic, Inc. (Turkey). , and among others.
The aircraft component MRO market is analyzed across four major regions North America, Europe, Asia Pacific, and Rest of the World. At present, North America is projected to steer the market during the forecast period. This growth is attributed to the presence of key players, which include AAR Corp., Barnes Aerospace, Delta TechOps, Honeywell International, and among others.
The Asia Pacific is estimated to capture a significant market share of the aircraft component MRO market during the forecast period. This growth is attributed to the increasing passenger traffic from the emerging economy such as India and China. Moreover, the increasing demand for aircraft component MRO services from the commercial airlines of Singapore is refueling the market growth. For instance, In August 2019, The Civil Aviation Authority of Singapore (CAAS) and China had signed a collaboration contract to reduce the time and cost required for the MRO services.
Europe also exhibits significant growth in the market. This growth is attributed to the presence of key players, which include KLM Engineering & Maintenance and Lufthansa Technik AG. In Europe, the rising adoption of innovative software technologies for labor-hour tracking and maintenance scheduling is refueling market growth. The Rest of the World registers significant growth during the forecast period. This growth is attributed to the growing demand for aircraft component MRO services from the commercial airlines of South America and the Middle East & Africa.
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By Aircraft Type
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