Global Aircraft Maintenance Market Outlook 2030 –
Aircraft maintenance is the process of providing scheduled upkeep, care, and airworthiness of an aircraft, as well as its engine and components. It is strictly regulated to ensure safe and proper flight operation. The International Civil Aviation Organization develops international standards that are used to coordinate national civil aviation regulations. Local airworthiness authorities must implement International Civil Aviation Organization (ICAO) standards to regulate maintenance tasks, personnel, and the inspection system. In civil aviation, maintenance checks or blocks, are packages of maintenance tasks that must be performed on an aircraft after a certain amount of time or usage. Packages are created by dividing maintenance tasks into convenient, bite-sized chunks to reduce the amount of time the aircraft is out of service, keep the maintenance workload low, and maximize the use of maintenance facilities.
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Companies covered: Airbus Group, Air France KLM Engineering & Maintenance, Air Works, Delta TechOps, HAECO, Honeywell International, GMF AeroAsia, Jet Maintenance Solutions, ST Aerospace, GE Aviation, Pratt & Whitney, Lufthansa Technik, Safran Aircraft Engines.
COVID-19 Impact Analysis
The COVID-19 pandemic has hampered economic growth in almost every country. This economic downturn has had a significant impact on the airline industry. Furthermore, the hampered economic growth of countries has resulted in the closure of small airline companies by 2020. As a result of the COVID-19 outbreak, all major countries have imposed strict restrictions on business activities, as well as on the movement of goods and people. All of these factors limit both supply and demand for aircraft maintenance services, limiting the increase in the revenue of the global aircraft maintenance market.
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Top Impacting Factor
Increase in demand for aircraft services in emerging economies, emergence of digital technology for MRO industry, and a rise in passenger numbers are the major factors that drive the growth of the aircraft maintenance market.
Environmental regulations, and high maintenance cost hinder the aircraft maintenance market growth.
Accentuating trend of retrofitting of older aircraft fleet, and growing adoption of aircraft modifications are the major aircraft maintenance market opportunities.
Growing Demand for Aircraft Service in Emerging Economies
Several new aircraft maintenance support centers have been built in various countries, in recent years. Increased criteria for adequate aircraft servicing and refurbishment to maintain peak performance and meet stringent regulatory requirements is projected to increase the market share of commercial aircraft. Technological developments, along with the need to address the wear and tear of the product, would drive the market size. Furthermore, rise in international trade has increased the cargo aircraft frequency. Planes must be checked and repaired on regular basis to ensure optimal efficiency and safe air travel. The market is being driven by various factors, including the increased focus of Original Equipment Manufacturers (OEMs) on aircraft maintenance operations as well as the rapid expansion of aircraft fleets. Furthermore, the increase in demand for adequate engine and component servicing propels the growth of the aircraft maintenance market. The rise of reduced-cost of airlines as well as the professionalism displayed by ground and maintenance crews, thrive on the commercialization of the global airline industry. The commercial aviation sector is rapidly expanding, creating new opportunities for Chinese and international airlines to establish new routes to and fro from China. Increased demand for commercial aircraft, is prompting airlines to order more modern aircraft equipped with cutting-edge technology. Maintenance activities eventually will shift to India and China, which are positioning themselves as maintenance hubs., Following an agreement with Rolls-Royce to service the engines powering the A350s ordered by Air France, Air France KLM’s MRO unit launched support services for the CFM International Leap engines that power the A320neo-family and B737 MAX jets. Such developments are anticipated to drive the engine MRO segment of the market during the forecast period.
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Growing Adoption of Aircraft Modifications
Numerous engine production projects are estimated to propel as a result of increased aircraft modernization, environmental concerns, and rules and legislation for the replacing older fleets. Many engine manufacturers focus on developing strong and affordable engines for new fleets. The increased use of refurbished and used parts in the engine and non-engine maintenance is one of the major trends in this field. The retirement of older aircraft around the world is expected to increase the demand for used aircraft parts over the next decade. As the dynamics of the commercial aviation MRO market are changing at a rapid pace, the industry’s long-term viability necessitates the rapid implementation of strategies to address the dynamism. Straight-line government regulations on aircraft as well as the need for frequent servicing of engine parts drive the growth of the global MRO aircraft industry. For instance, certification of aircraft as standard equipment invariants of the best-selling aircraft, such as the B737 Max and A320neo family, is increasing the commercial and regional aircraft production rate.
Key Benefits of the Report
This study presents the analytical depiction of the aircraft maintenance market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges the aircraft maintenance market.
The current market is quantitatively analyzed from 2020 to 2030 to highlight the market growth scenario of aircraft maintenance market.
The report provides a detailed aircraft maintenance market analysis based on competitive intensity and the competition that will take shape in coming years.
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Questions Answered in the Aircraft Maintenance Market Research Report:
Who are the leading players in the aircraft maintenance market?
What are the critical challenges faced by manufacturers in the aircraft maintenance market?
What are the market trends, driving factor and opportunities involved in this market?
What are the key segments that are covered in the aircraft maintenance market?
What are the future projections of aircraft maintenance market that would help in taking further strategic steps?
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