Global Aviation Engine MRO Market.
Global Aviation Engine MRO Market is expected to reach USD 8,961.9 Million by 2026 at a CAGR of 8.98% during the forecast period.
Due to the increasing air passenger traffic, there has been a rapid expansion of the airline’s fleet in the last few years. Moreover, new airlines are being established in almost every region to cater to the rapidly growing passengers. The expansion of the airline’s fleet also increases the need for MRO services. Therefore, the increase in air passenger traffic and subsequent demand for new aircraft by the airlines is expected to drive the growth of the global aircraft engine MRO market during the forecast period.
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Global Aviation Engine MRO Market has been segmented based on Engine Type, Aircraft Type, and Application.
Based on engine type, the global aviation engine MRO market has been segmented into turbine engine and piston engine. The turbine engine segment dominated the market with a valuation of USD 27,742.9 million in 2019; it is expected to reach a valuation of USD 42,110.5 million by 2026. Gas turbines are turbine engines that extract energy from a flow of combustion gas and use this energy or thrust to propel the aircraft. Turbine engine powered aircraft is used to carry large loads of passengers or cargo across long distances at high speeds. Thus, turbine engine powered aircraft need timely predictive maintenance to ensure passenger safety by avoiding any failure.
Based on aircraft type, the global aviation engine MRO market has been classified into fixed-wing aircraft and rotary-wing aircraft. The rotary-wing aircraft segment is expected to exhibit the higher CAGR of 6.35% during the forecast period. Presently, several rotary-wing aircraft modernizations programs are carried out, in which the conventional engines or related systems are replaced with advanced engines or systems with a higher load-carrying capacity, flexibility, and fuel-efficiency. This is also expected to increase the demand for engine MRO services.
By application, the global aviation engine MRO market has been divided into civil aviation and military aviation. The civil aviation segment is expected to register the higher CAGR of 6.38% during the forecast period. Owing to the increasing air passenger traffic globally, the demand for new aircraft has been increasing from the last few years. Therefore, this is also expected to increase the demand for engine MRO services during the review period.
The geographic analysis of the global aviation engine MRO market covers North America, Europe, Asia-Pacific, and the rest of the world.
North America led the market with a valuation of USD 12,537.8 million in 2019, and the regional market is expected to reach USD 19,021.9 million by 2026 at a CAGR of 6.18% during the forecast period. This can be attributed to the presence of major services providers, such as GE Aviation and Honeywell International Inc., in the region.
Europe was the second-largest market with a valuation of USD 9,490.7 million in 2019. The European market is projected to exceed USD 14,867.8 million by 2026 at 5.81% CAGR during the review period. Market growth in the region is driven by the increase in the number of aircraft in the region that will increase the requirement for engine MRO services.
The key players in the global aviation engine MRO market are Air France Industries KLM Engineering & Maintenance (France), Singapore Technologies Engineering Ltd (Singapore), GE Aviation (US), Hong Kong Aircraft Engineering Company Limited (Hong Kong), Lufthansa Technik (Germany), MTU Aero Engines AG (Germany), Rolls-Royce PLC (UK), Safran (France), SIA Engineering Company Limited (Singapore), and Honeywell International Inc. (US).
In February 2020, Singapore Technologies Engineering Ltd signed a contract with T’way Air to provide Maintenance-By-the-Hour (MBH) services and integrated suite of CFM56-7B engine MRO solutions for the latter’s Boeing 737-800 fleet.
In October 2019, MTU Aero Engines AG inaugurated its new test center for engine parts in its Munich premises. The new facility enabled the company to offer enhanced products and services to its aviation customers.
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