Aircraft Component MRO Market Size, Share & Industry Analysis, By Aircraft Type (Commercial Aircraft (Narrow Body, Wide Body, and Regional Aircraft), Business Jet, General Aviation Aircraft, and Helicopters), By Component (Engine, Wheel and Brakes, Landing Gear, Avionics, Fuel System, Hydraulic System, Cockpit System, Flight Control, Electrical Systems, Thrust Reverser, and Others), By Maintenance Service (Inspection, Overhaul, Repairs, and Others), and Regional Forecast, 2024 – 2032

RESTRAINING FACTORS

High Cost and Regulations to Cause a Delay and Limit Market Growth

Aircraft component MRO players are majorly targeting the annual OEM material price increase and the restrictions OEMs have placed on the direct sale of OEM-designed parts due to their IP ownership for rapid increase in the price of parts. Additionally, OEMs charge exorbitant consultancy fees, making it difficult for MRO players to diversify and expand their services. These aspects suggest that this pattern is likely to continue in the longer run, thereby making high costs and restrictions on airworthiness a significant hindrance to the aircraft component MRO market growth.

Aircraft Component MRO Market Segmentation Analysis

By Aircraft Type Analysis

Growing Aircraft Deliveries and Air Travel to Support Commercial Aircraft Segment Growth

Based on aircraft type, the market is categorized into commercial aircraft, business jets, general aviation aircraft, and helicopters. The commercial aircraft segment is further bifurcated into narrow-body aircraft, wide-body aircraft, and regional aircraft.

 The commercial aircraft segment accounted for the largest market share in 2022 and is anticipated to grow at the highest CAGR in the forecast period, owing to the number of aircraft deliveries and growth in air travel. This is subsequently surging the demand for aircraft component MRO, considering the growth in global air fleet.

The business jets segment is expected to gain traction during the forecast period and grow at a significant CAGR owing to increasing net-worth of individuals. The growing net worth of people is subtly leading to an overall economic growth and is expected to further propel the market for business jets aircraft component MRO.  

By Component Analysis

Major Technological Advancements in Avionics Propel the Flight Control Segment Growth

By component, the market is divided into wheel and brakes, landing gear, avionics, fuel system, hydraulic system, cockpit systems, flight control, electrical systems, thrust reversers, and others.

The flight control segment is predicted to be the largest segment due to the controls' complexity and the cost associated with the component's maintenance, repair, and overhaul. Growing demand for fly-by-wire control systems will boost the overall market.

• For instance, in May 2022, Bombardier, a global aircraft OEM, launched a Global 8000 business jet with the latest upgrade in the supplied vision flight deck powered by Collins Aerospace. 

However, the avionics segment is anticipated to grow at a very high CAGR during the forecast period. This growth is due to the growing technological advancements and automation of avionics fueled by new aircraft deliveries and wide aftermarkets for avionics.

By Maintenance Service Analysis

Overhaul Segment to Dominate Due to Aircraft Performance Tolerance Process

Based on maintenance service, the market is divided into inspection, overhaul, repairs, and others.

The overhaul segment accounted for the largest market share in 2022. It is expected to maintain its dominance in the forecast period owing to a process that ensures that an aircraft performs according to applicable serviceable tolerances set by its manufacturer for continued airworthiness.

The inspection segment is predicted to grow with a significant CAGR over 2023-2030, owing to numerous technological advancements in inspection methods. Pit gauges and visual inspection are the industry standard for non-destructive surface scanning for dents, composite wrinkles, and flush checks on fasteners.

REGIONAL INSIGHTS

The global market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and Rest of the World.

North America was valued at USD 5.53 billion in 2023 and is expected to dominate the market due to the presence of top service providers and a growing market for aircraft component MRO. The presence of major players, such as AAR Corp., Barnes Aerospace, Delta TechOps, Honeywell International, and others, is accountable for this expansion.

• For instance, in February 2022, IBS Software unveiled its partnership with Lynx Air to implement the iFlight digital platform to facilitate flight and crew operations management.

During the forecast period, Asia Pacific is predicted to grow at the highest CAGR in the forecast period. The rising passenger traffic from emerging economies, such as India and China, is the prime reason for this growth. In addition, the market's growth is fueled by the rising demand for aircraft component MRO services from Singapore's commercial airlines.

There is a significant prominence of the market in Europe. The presence of major players, such as Lufthansa Technik AG and KLM Engineering & Maintenance, is a crucial factor for this expansion. Market expansion is being refueled in Europe by the rising use of cutting-edge software technologies for maintenance scheduling and labor-hour tracking.

During the forecast period, significant growth is expected to be observed in the rest of the world. The commercial airlines of South America and the Middle East & Africa have increased their demand for MRO services for aircraft parts.

List of Key Companies in Aircraft Component MRO Market

Key Market Players Focused On Providing Different Services to Survive Market Competition

The latest trends in the market is nondestructive testing for MRO purpose, which uses nondestructive methods for detection of problem in the components. Key players in the component MRO software industry, such as Lufthansa Technik (Germany) and AAR Corp. (U.S.), have adopted strategies like partnerships, agreements, contracts signing, and acquisition for growth. Additionally, investment in the R&D of emerging technologies is adopted by numerous key players to maintain their position in the market of aircraft component MRO. A wide services portfolio and advanced concepts being implemented by key players are some of the major factors adding up to the market growth.

List of Key Companies Profiled:

• Lufthansa Technik (Germany)


• AAR Corp. (U.S.)


• SIA Engineering Company (Singapore)


• ST Aerospace (Singapore)


• ST Engineering (Singapore)


• BOEING Company (U.S.)


• SR Technics (Switzerland)


• GE Aviation (U.S.)


• HAECO (Hong Kong)


• Bombardier Inc. (Canada)

KEY INDUSTRY DEVELOPMENTS:

• September 2023 – ST Engineering announced that it had secured a multi-year contract to provide Japan Airlines with component Maintenance-By-the-Hour (MBHTM) solutions. The contract stated that ST Engineering will continue to provide Japan Airlines’ Boeing 737-800s with a full suite of component solutions, including component pooling, component modification, repair & overhaul, component predictive health monitoring, and logistics services.


• September 2023 – Air Asia Digital Engineering (ADE) signed an agreement with Collins Aerospace to provide CFM56-5B nacelle maintenance services. Collins Aerospace aims to provide training for nacelle inspection, maintenance, composite, and mechanical repairs to ADE engineers to support AirAsia’s Airbus A320ceo fleet.


• December 2023 – Air Serbia and Lufthansa Technik (LHT) signed a five-year contract. As per the contract, Lufthansa Technik will provide complete component support to the airline’s current and future Airbus A320ceo-family fleet.


• November 2023 – MTU Maintenance announced that it had signed a five-year contract with SriLankan Airlines for LEAP-1A engine Maintenance Repair and Overhaul (MRO) services.  SriLankan Airlines currently operates a fleet of 22 Airbus A330s and A320/A321 aircraft.


• November 2023 – Honeywell announced a 10-year deal with Saudia Technic. According to the agreement, Honeywell would setup a full-service MRO organization in the Middle East for the maintenance of the Boeing 777 APUs.


• November 2023 – At the Dubai Air Show, Saudia Technic and Lufthansa Technik signed a ten-year agreement for Total Component Support (TCS). The agreement was signed to focus on Saudia's Airbus fleet. The TCS contract includes 24/7 access to Lufthansa Technik’s global component pool for 53 Airbus A320s and 31 A330 aircraft.


• August 2023 – TAT Technologies, a leading supplier of OEM products and MRO services, announced that it had signed a USD 7.5 million contract for the repair of the Boeing 747 thermal component being used by a fleet of a major European Cargo carrier.

REPORT COVERAGE

The report provides detailed information on the market and focuses on leading companies, product types, and leading product applications. Besides this, the report offers insights into market trends and competition and highlights key industry developments. In addition to the above factors, it contains several factors that have contributed to the sizing of the global market in recent years.

REPORT SCOPE AND SEGMENTATION