Wide-Body Aircraft MRO Market
Aircraft MRO stands for maintenance, repairs and overhauling of aircraft. MRO must keep aircraft in operational conditions and fulfil the safety requirements. There is a set of international standards to be followed by the aircraft and MROs to ensure adherence to these standards. Many professional companies are providing MRO services for clients all over the world.
The global Wide-Body Aircraft MRO Market is projected to grow with a CAGR of 5.25% in the period between 2020 and 2030. In the forecast period 2022-2025, the CAGR of this market is estimated to be 1.5%. The value of the market is projected to reach USD 35.5 billion by the year 2030.
Increasing airline passenger traffic necessitating the more frequent need for MRO operations, prevalence of old aircraft in the aviation industry, infusion of more fleets of modern aircraft into the aviation sector, rise in disposable incomes and environmental concerns are driving the growth of the Wide-Body Aircraft MRO Market. Furthermore, the increasing trend of aircraft modernization programmed is also fuelling the growth of this market. Increasing international trade between countries necessitating increased business travels through aircraft also positively affects the market growth of wide-body aircraft MRO.
Challenge of keeping pace with the rapid technological changes is also detrimental for the market. Lack of coordination between MRO service providers and OEMs regarding the repair and maintenance standards of new components and equipment hampers the growth of this market. The limited availability of a skilled workforce is another restraining factor for the market growth.
Market Segmentation
On the basis of type, the global Wide-Body Aircraft MRO Market has been divided into airframe and modification, engine, line maintenance and component. The airframe segment accounts for the largest share. This is becoming airframe is a crucial part of an aircraft and routinely requires MRO services such as structural fortification and corrosion control.
On the basis of platform, the global Wide-Body Aircraft MRO Market is divided into commercial, military and business and general aviation. The commercial segment is expected to grow at the fastest rate in the forecast period. This is due to consistently increasing airline passenger traffic worldwide and the rising number of commercial airline companies.
The global Wide-Body Aircraft MRO Market is divided into airline MRO, OEM MRO, and independent MRO based on organization type.
On the basis of generation, the global Wide-Body Aircraft MRO Market is divided into the old generation, mid-generation and a new generation.
Key Players
Global Wide-Body Aircraft MRO Market Players are.
Abu Dhabi Aircraft Technologies (UAE), Air France Industries KLM Engineering and Maintenance (France), Airbus SAS (Netherlands), Delta TechOps (US), GE Aviation (US), HAECO (Hong Kong), Honeywell Aerospace Inc. (US), MTU Aero Engines AG (Germany), Lufthansa Technik AG (Germany), Rolls-Royce plc (UK), and ST Aerospace (Singapore).
Regional Insights
The global Wide-Body Aircraft MRO Market has been divided into regions, namely North America, Latin America, Europe, Asia Pacific and the Middle East and Africa.
North America has the largest share in the global Wide-Body Aircraft MRO Market because of many major MRO services and the highest number of aircraft. Asia Pacific is projected to register the highest CAGR in the forecast period due to increasing airline passengers, especially in India and China.
Industry News
● In December 2021, Frontier Airlines awarded a contract to Lufthansa Technik to repair and overhaul CFM56-5B engines used by its 112 Airbus A320 aircrafts
● In November 2021, Safran Landing Systems signed a five-year contract with China Eastern airlines to maintain the landing gears of the airline's 31 Airbus A330 aircrafts
Wide-Body Aircraft MRO Market Research Report: By MRO Type (Engine, Component, Line Maintenance, Airframe and Modification), Platform (Commercial Air Transport, Military Aviation and Business and General Aviation) and Region (North America, Europe, Asia-Pacific, Middle East Africa and Latin America) - Forecast till 2030
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