Publication Month: May 2022 | Report Code: TIPRE00025489 | No. of Pages: 188 | Category: Aerospace and Defense | Status: Published
Aircraft engine MRO involves the service, repair, and inspection of engines to ensure that the aircraft is safe and airworthy as per international standards. Aircraft engine MRO services are offered for civil and military aircraft. The aircraft engine MRO market is developing at a fast rate due to rising MRO outsourcing activities and rapidly growing aircraft fleet expansion. Moreover, the advancement of next-generation aircraft engines is contributing to the growth of the aircraft engine MRO market. The utilization of the new ultra-high bypass ratio turbofan engines in aircraft also provoked the need to upgrade and work on the engine's frameworks and equipment.
Aircraft engine MRO providers are offering several services, such as routine engine maintenance. Some aircraft engine providers focus on manufacturing one or two engines, whereas others have large engine portfolios for multiple uses. All the aircraft engines require routine maintenance and daily check before aircraft fly. In transition, the aircraft fleet redefines the aircraft engine MRO market because of many permanent retirements of older aircraft.
The aircraft engine MRO market players are implementing strategies to increase their market share. For instance, in May 2021, COOPESA, a Costa Rica-based MRO provider, partnered with Boeing to provide MRO service to Boeing's two new conversion lines for 737-800 converted freighters.
The COVID-19 outbreak adversely affected the world and disrupted several countries' economic conditions. Before the outbreak, the aerospace industry was experiencing substantial growth in terms of production.
Furthermore, the reduction in commercial aircraft and general aviation deliveries due to the industry crisis caused by the COVID-19 pandemic declined the demand for aircraft engine MRO. Hence, there was no requirement for MRO, which negatively impacted the aircraft engine MRO market in 2020. About 22,950 fleets were in service at the beginning of 2020. More than 17,000 airliners were idled due to the COVID-19 pandemic in 2020. However, the number of single-engine piston aircraft witnessed an increase in the number of its deliveries during 2020.
The aircraft engine MRO market has been witnessing recovery since 2021. After being grounded for months, the aircraft required MRO before flying, which bolstered the growth of the market. Airbus delivered over 611 aircraft in 2021; most of them were A320neo and A321neo. Despite massive backlogs from aircraft manufacturers, the global aviation industry witnessed a significant rise in passenger count and aircraft procurement in 2021.
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More than 17,000 aircraft were grounded worldwide in 2020. During the COVID-19 recovery period, the aviation industry is witnessing a gradual recovery, which is increasing aircraft movements worldwide and thus driving the growth of the aircraft engine MRO market. Aircraft manufacturers and military forces are implementing strategies to increase fleet expansion is contributing to the growth of the aircraft engine MRO market.
Several airline companies implemented various strategies to increase their aircraft engine MRO market share, such as mergers & acquisitions and lining up new flights. For instance, in 2020, Textron Aviation acquired Australian MRO service provider Premiair Aviation Maintenance. In March 2022, Malaysian and Turkish airlines announced that they are resuming their passenger flights in India after two years; Emirates is also restoring its pre-pandemic schedule of 172 flights per week. Thus, the increasing number of flights is significantly driving the aircraft engine MRO market growth.
Based on engine, the aircraft engine MRO market is segmented into turbine engine and piston engine. According to the market research study, the turbine engine segment dominated the global aircraft MRO market in 2021 due to a higher preference for turbine engines for the most popular aircraft fleet worldwide, as most piston engines are used by small-sized general aviation aircraft. Also, the turbine engine segment is expected to grow faster than the piston engine segment. In June 2021, Duncan Aviation, and MRO service provider, provided MRO for Honeywell’s TFE731 aircraft engines.
Players operating in the market are mainly focused on the development of advanced and efficient products.
The aircraft engine MRO market analysis is based on engine, application, and aircraft type. Based on engine, the aircraft engine MRO market is segmented into turbine engine and piston engine. In 2020, the turbine engine segment led the aircraft engine MRO market with a larger share. Based on application, the market is segmented into commercial aviation, general aviation, and military aviation. In 2020, the commercial segment accounted for the largest share in the global aircraft engine MRO market. Based on aircraft type, the market is segmented into fixed wing aircraft and rotary wing aircraft.
The fixed wing aircraft dominated the aircraft engine MRO market in 2020 with a larger share. Based on geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Asia Pacific accounted for a significant share of the aircraft engine MRO market.
The key aircraft engine MRO market players profiled in the study are Delta Airlines, Inc.; GE Aviation; CFM International; Lufthansa Technik; MTU Aero Engines AG; SIA Engineering Company; Sigma Aerospace; Safran S.A.; Raytheon Technologies Corporation; and Rolls–Royce PLC
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