Aircraft Engine MRO Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

Aircraft Engine MRO Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Engine [Turbine Engine (Turboprop Engine, Turbofan Engine, Turboshaft Engine), Piston Engine], Application (Commercial Aircraft, General Aviation, Military Aircraft), Aircraft Type (Fixed Wing, Rotary Wing); and Geography

  • Report Code : TIPRE00025489
  • Category : Aerospace and Defense
  • No. of Pages : 150
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The Aircraft Engine MRO Market size is projected to reach US$ 64.50 billion by 2031 from US$ 39.21 billion in 2023. The market is expected to register a CAGR of 6.4% in 2023–2031. The increasing demand for fuel-efficient aircraft is likely to remain a key aircraft engine MRO market trend.

Aircraft Engine MRO Market Analysis

Airports worldwide have various types of engine MRO facilities. Commonly, the maintenance is done on the aircraft's airframe or the engine. Engine MRO services also include MRO of components nowadays. Depending on the service type, these services are provided at the airport and, sometimes, at off-airport facilities. Activities, such as routine inspections, regular troubleshooting, or day-to-day engine checks can be done when the aircraft is parked in the air terminal.

Aircraft Engine MRO Market Overview

One of the key applications of aircraft engine MRO is to ensure that all rotating stages of the engine are balanced and keep minimum vibration levels. This improves the engine's durability and fuel efficiency and restricts the amount of engine wear from vibration. By upgrading aircraft engines and components related to them, the need for advanced infrastructure and skilled labor for the aircraft engine MRO will also increase. The MRO requirement of engines varies based on the type and categories of engines. Older and smaller aircraft engines have times between overhauls (TBOs) of a maximum of 5,000 hours. Modern engines have more than 6,000 hours of TBOs. With more business aircraft flying less than 500 hours a year, the requirement of engine MRO service averages 12 years or more it.

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Aircraft Engine MRO Market: Strategic Insights

Aircraft Engine MRO Market

  • CAGR (2023 - 2031)
    6.4%
  • Market Size 2023
    US$ 39.21 billion
  • Market Size 2031
    US$ 64.50 billion

Market Dynamics

GROWTH DRIVERS
  • Increasing Aircraft Production
  • Stringent Government Regulations Related to Carbon Emissions
FUTURE TRENDS
  • The Increasing Demand for FuelEfficient Aircraft
OPPORTUNITIES
  • Expected Future Delivery of Aircraft will Bring Lucrative Opportunity for Aircraft Engine MRO Market

Key Players

  • Delta Airlines, Inc.
  • GE Aviation
  • CFM International
  • Lufthansa Technik
  • MTU Aero Engines AG
  • SIA Engineering Company
  • Sigma Aerospace
  • Safran S.A.
  • Raytheon Technologies Corporation
  • Rolls–Royce PLC

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Engine [Turbine Engine
  • Turboprop Engine
  • Turbofan Engine
  • Turboshaft Engine
  • Piston Engine]
Application
  • Commercial Aircraft
  • General Aviation
  • Military Aircraft
Aircraft Type
  • Fixed Wing
  • Rotary Wing
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Aircraft Engine MRO Market Drivers and Opportunities

Stringent Government Regulations Related to Carbon Emissions

In 2021, the US government announced its aim for a 20% reduction in aircraft emissions by 2030. Several regulatory authorities are implementing strategies to reduce carbon emissions. For instance, in March 2022, the International Air Transport Association (IATA) estimated that more than 10 billion trips per year will be made by flights by 2050 and thus announced to achieve net-zero carbon emissions by 2050.

More than 60% of the countries worldwide have announced a net-zero carbon emission. Companies, such as Honeywell Aerospace, are also committed to achieving net-zero carbon emissions by 2035. In November 2021, Bell Textron Inc. announced that Bell 525 completed its first flight utilizing sustainable aviation fuel. Boeing and Airbus have recently announced that by 2030, their aircraft will fly 100% on SAF. The US and European governments are encouraged to produce SAFs. These factors are propelling the aircraft engine MRO market substantially.

Expected Future Delivery of Commercial Aircraft – An Opportunity in Aircraft Engine MRO Market

With the increase in air traffic and aircraft demand, air carriers are boosting their aircraft delivery. The demand for new airlines is not just coming from existing aircraft re-establishing their fleet but also from new low–cost aircraft entering the market. A repressed interest of leisure travelers being more cost-sensitive post-pandemic, decreased interest in business travel, and the adaptability of the minimal expense aircraft plan of action are surging the demand for MRO services. Moreover, according to the Boeing and Airbus forecasts, more than 40,800 commercial aircraft are expected to be delivered by the end of 2042 which further drives the deployment of new engines into those aircraft production. This will further increase the overall aircraft fleet globally and generate the demand for engine MRO as well as market vendors in the coming years.

Aircraft Engine MRO Market Report Segmentation Analysis

Key segments that contributed to the derivation of the aircraft engine MRO market analysis are engine, application, and aircraft type.

Engine [Turbine Engine (Turboprop Engine, Turbofan Engine, Turboshaft Engine), Piston Engine], Application (Commercial Aircraft, General Aviation, Military Aircraft), Aircraft Type (Fixed Wing, Rotary Wing)

  • Based on engine, the aircraft engine MRO market is segmented into turbine engines and piston engines. Also, turbine engines have been further segmented into turboprop engines, turbofan engines, and turboshaft engines. The turbine engine segment held a larger market share in 2023.
  • Based on application, the market is segmented into commercial aircraft, general aviation, and military aircraft. The commercial aircraft segment held a larger market share in 2023.
  • Based on aircraft type, the market is segmented into fixed-wing and rotary-wing. The fixed-wing segment held a larger market share in 2023.

Aircraft Engine MRO Market Share Analysis by Geography

The geographic scope of the aircraft engine MRO market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America.

In 2023, Asia Pacific accounted for a major share of the global aircraft engine MRO market followed by North America and Europe. Asia's economy has been fueled by a diverse range of income levels and a fast-expanding middle class. This resulted in strong sales growth in the region's fast-growing economies, such as India and China. APAC is predicted to be the market with the most prospects for aircraft MRO service providers. The region contains several developing economies that are leading the way in a range of industries, such as aerospace, military & defense, and technology. Many growing economies in APAC are seeking regulatory investment to improve their technologies. This would eventually spur the development and use of new technologies for aircraft integration. Several airlines in APAC, such as Singapore Airlines and Malaysian Airlines, are developing their in-house maintenance capabilities. Pratt & Whitney, a US-based aerospace firm, added MRO capability for its PW100G-JM geared turbofan at its Eagle Services Asia plant in Singapore in 2019. Over the years, this plant has been overhauling Pratt & Whitney GTF engines. With the launch of the PW100G-JM engine, the facility is expected to see a significant increase in revenue from various aircraft operators who use the PW100G-JM. Additionally, the rising deployment of retrofitting technologies for improved aircraft and the burgeoning adoption of blockchain technology are among the major factors driving the growth of the aircraft engine MRO market. Also, the growth of the market in Asia Pacific is attributed to the increasing aircraft fleet owing to the rising passenger traffic; increasing spending on military aircraft propelled by growing defense budget; and the ongoing projects of the development of commercial, general aviation, and military aircraft.

Aircraft Engine MRO Market Report Scope

Report Attribute Details
Market size in 2023 US$ 39.21 billion
Market Size by 2031 US$ 64.50 billion
Global CAGR (2023 - 2031) 6.4%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Engine [Turbine Engine
  • Turboprop Engine
  • Turbofan Engine
  • Turboshaft Engine
  • Piston Engine]
By Application
  • Commercial Aircraft
  • General Aviation
  • Military Aircraft
By Aircraft Type
  • Fixed Wing
  • Rotary Wing
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Delta Airlines, Inc.
  • GE Aviation
  • CFM International
  • Lufthansa Technik
  • MTU Aero Engines AG
  • SIA Engineering Company
  • Sigma Aerospace
  • Safran S.A.
  • Raytheon Technologies Corporation
  • Rolls–Royce PLC
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
     

    Aircraft Engine MRO Market News and Recent Developments

    The aircraft engine MRO market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:              

    • In April 2024, ITP Aero signed a contract with the Colombian Ministry of Defence for the Maintenance, Repair and Overhaul (MRO) of the T700 engines that power its Armed Forces’ fleet of Black Hawk helicopters. The contract will run until June 2026 and the MRO services for the engines will be carried out at ITP Aero’s facilities in Albacete (Spain). (Source: ITP Aero, Press Release)
    • In November 2023, MTU Maintenance signed a five-year LEAP-1A maintenance, repair and overhaul (MRO) contract with SriLankan Airlines, building on the two companies’ existing relationship that has also covered V2500 engines and leasing support. The national carrier of Sri Lanka currently operates a fleet of 22 Airbus A330s and A320/A321 aircraft and carries out flights across South Asia, Europe, the Far East and the Middle East. (Source: MTU Maintenance, Newsletter)

    Aircraft Engine MRO Market Report Coverage and Deliverables

    The “Aircraft Engine MRO Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:

    • Aircraft Engine MRO Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Market dynamics such as drivers, restraints, and key opportunities
    • Aircraft Engine MRO Market trends
    • Detailed Porter’s Five Forces
    • Aircraft Engine MRO Market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
    • Aircraft Engine MRO Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
    • Detailed company profiles
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Engine, Application, and Aircraft Type

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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