DUBLIN--(BUSINESS WIRE)--The "Aircraft Maintenance, Repair and Overhaul Market - Growth, Trends And Forecasts (2018-2023)" report has been added to Research and Markets' offering.
The aircraft maintenance repair and overhaul(MRO) market, accounted to USD 66 billion in 2016 expected to grow at an estimated CAGR of 6.17%, during the forecast period, 2018-2023
The growing worldwide aircraft fleet size and market for LCC airlines, in addition to an increased demand for technological upgrades of existing fleet, are expected to provide the anticipated boost to the global MRO market during the next five years.
In 2015, the aviation industry saw the biggest orders, for the purchase of Narrow Body Jets, when Indigo Airlines of India placed a second order for 250, A320 aircrafts, to cater to the increasing demands of connectivity and regular services, in the country. The delivery of the aircrafts began in 2017 and are expected to be completed post-2021.
Led by increasing penetration of commercial airliners in emerging markets, the number of aircrafts in service, along with the new orders, has been increasing rapidly, thus, providing the necessary impetus to the aircraft maintenance and repair operation market.
In-flight entertainment systems are expected to constitute a major part of the interior MRO market, as the pieces of expensive equipment undergo the most frequent changes, to cater to the changing traveller luxury preferences. Owing to the high dynamic nature of the electronic products, cabin entertainment retrofitting for every two years, as a part of the regular aircraft maintenance operation, has become a major trend among the new market entrants, hence offering continuous revenue for the MRO market. The interior MRO market is expected to witness a CAGR of 7.75% till 2022.
The Asia-Pacific region is witnessing an exponential increase in daily air traffic, owing to the growing number of MRO facility establishments in the region, through JVs of OEMs with in-country specialties. China, India, Japan, and South Korea are few of the leading countries in the Asian commercial aviation market.. South Korea is attracts a huge crowd of tourists annually, while Japan is invests a lot in aircraft and airlines. Commuters seem to prefer the cheaper bullet and maglev train fares, which connect domestic cities quickly. The Asia-Pacific aircraft MRO market is estimated to reach USD 30.48 billion by the end of 2022.
NOTABLE MARKET DEVELOPMENTS
Czech Airlines Technics (CSAT) has entered into an agreement, to provide Dutch carrier Transavia Airlines with base maintenance services, for its Boeing 737 fleet.
Airinmar, intelligent component repair cycle management solutions provider for commercial and defense customers, has signed a three-year agreement with Ameriflight, a cargo feeder airline-based in US.
- Afi Klm
- B/E Aerospace
- Delta Techops
- Ge Aviation
- Iberia Maintenance Lufthansa Technik
- Mtu Aero Engines
- Pratt and Whitney
- Rockwell Collins
- Rolls Royce
- Tap M&E
- St Aerospace
- Turkish Technic
- Regent Aerospace
For more information about this report visit https://www.researchandmarkets.com/research/6h7f4m/aircraft