The global air transport MRO market is projected to grow at a rapid pace in the coming years, according to Transparency Market Research (TMR). An emerging industry, the vendors in the global air transport MRO market are expected to engage in various organic as well as inorganic growth strategies in order to gain momentum.
Market players are seen focusing on establishing
partnerships with original equipment manufacturers (OEMs) in order to up their
game. Further, the launch of novel products is another leading schemed
leveraged by vendors in the global air transport MRO market. This is expected
to help vendors gain more shares in terms of the market revenue in the forthcoming
years. Further, research and development towards offering enhanced and advanced
services in order to cater the latest next-generation aircrafts offers
lucrative opportunity to vendors.
Other than this, mergers and acquisition is the most
sought-after strategy used by vendors in the global air transport MRO market in
order to gain traction in the industry.
Key players in the global air transport MRO market are John
Swire & Sons HK Ltd, Air France-KLM SA, Delta Air Lines, Inc., China
National Aviation Holding Company, General Electric Company, AAR Corporation,
and British Airways PLC.
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By the end of the forecast era the global air transport MRO
market is expected to produce revenues of up to 101.94 billion USD. During the
same forecast period, the market will grow at a CAGR of 4.2%. Based on product
type, it has been calculated that the motors will lead the sector by producing
over nine years total sales of $14 billion. Europe is expected to dominate the
MRO market for air transport with the highest amount of stocks. The regional
assessment shows this. The region is led by the replacement of ancient aircraft
by newer aircraft.
Surge in Air Travelers to Stoke Air Transport MRO Market
Air travelers around the world are growing day by day,
mainly owing to the development of over 700 connectivity paths. In 2017,
international passenger traffic risen by 7.6 percent, above the average annual
increase in the last ten years, i.e. 5.5 percent, according to the
International Air Transportation Association.
The growing iteration of fleets and the growing number of
air travelers are the main drivers of market development. The aeronautical
sector has a wide range of environmental regulations, air transport
infrastructure, economic growth and the development of the fleet. This will in
turn affect the development of the economy. In addition, increasing demand for
MRO aircraft to decrease operating costs fuels the global air transport MRO
market.
Growing Regulations to Bolster Growth
The maintenance services of aircraft include the overhaul,
repair, inspection or alteration of a component of the aircraft or aircraft.
Maintenance duties guarantee that airworthiness guidelines are complied with.
In order to guarantee secure, proper operation of all parts at the moment of
the flight, aircraft maintenance is extremely controlled. The Guidelines shall
be coordinated by bodies such as the International Civil Aviation Organization
(ICAO) according to global norms. Including airframe, motor, part and line MRO
services, some of the apps discussed in the MRO air transport market report.
The study presented here is based on a report by
Transparency Market Research (TMR) titled, “Air Transport MRO Market (Type-
Engine, Components, Line, Airframe; Aircraft Type- Narrowbody Jet, Widebody
Jet, Turboprop, Regional Jet; MRO Provider Type- OEM, Non-OEM MRO) - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026.”
The report segments the Global Air Transport MRO Market
as:
Product type
- Engine
- Components
- Line
- Airframe
Aircraft type
- Narrowbody
Jet
- Widebody
Jet
- Turboprop
- Regional
Jet
MRO provider type
- OEM
- Non-OEM
MRO
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