Yahoo Finance Aircraft Engine MRO Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Engine, Application, and Aircraft Type
The Aircraft Engine MRO market size was valued at US$ 32. 04 million by 2028 from US$ 22. 15 million in 2021; it is expected to grow at a CAGR of 5. 7% during 2022–2028. Aircraft engine MRO providers are offering several services, such as routine engine maintenance.
New York, July 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aircraft Engine MRO Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Engine, Application, and Aircraft Type" - https://www.reportlinker.com/p06289878/?utm_source=GNW
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 popularity of narrow-body aircraft has been growing since 2021 due to the European Union Aviation Safety Agency and Federal Aviation Administration’s decisions to recertify Boeing 737 MAX commercial use. In 2021, more than 23,700 aircraft flew, out of which more than 14,000 were narrow-body aircraft, owing to this the narrow body segment accounted for a significant share in the global aircraft engine MRO market share.
The aircraft engine MRO market ecosystem is evolving.Further, major players occupy places in the first node of the aircraft engine MRO market ecosystem.
Moreover, engine manufacturers and MRO service vendors provide maintenance, repair, and overhaul services to commercial airlines, military forces, and general aviation owners.
Companies such as 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 are among the leading manufacturers in the aircraft engine MRO market. These companies are engaged in providing a wide range of aircraft engine MRO services to end-users, such as commercial airliners, military forces, general aviation owners, and other customers.
In February 2022, Safran Helicopter Engines signed a Memorandum of Understanding (MoU) withs Engineering to study the use of Sustainable Aviation Fuel (SAF) in helicopter engines, with the objective of assisting helicopter operators in their transition to the use of SAF.
In March 2022, Safran signed a “Memorandum of Understanding” with Hindustan Aeronautics Limited (HAL) to extend their cooperation and explore opportunities for new helicopter engines in civil and military markets, reflecting their commitment to the Indian Government’s vision of “Atmanirbhar Bharat” towards achieving self-reliance in defence technologies and MRO (Maintenance, Repair and Overhaul).
The aircraft engine MRO market study is segmented into 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.By 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 market share of the aircraft engine MRO market.
The key players profiled in the aircraft engine MRO market analysis include 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
The COVID-19 outbreak adversely affected the world and disrupted the economic conditions of several countries.Flights remained idle in the Middle East and Africa (MEA) due to the COVID-19 pandemic, which declined the demand for MRO services.
The crisis resulted in a loss of business among the aircraft engine MRO market players offering their services to respective airlines in the Middle East and Africa.According to the International Air Transport Association, airlines’ revenue got negatively impacted due to the temporary shutdown of flights.
The worst-affected aviation market in the Middle East and Africa was Saudi Arabia, followed by the UAE.More than 16,000 general aviation aircraft were cancelled in the Middle East and Africa in 2020.
Reduced flight activities in the Middle East and Africa hindered the market growth in 2020.
Recently, many patients infected by Omicron (new COVID-19 variant) were found in South African countries, which became one of the key concerns worldwide.The outbreak led to the closure of international borders and halted African flights worldwide.
The COVID-19 outbreak led manufacturers to suspend their operations or operate with a minimal workforce temporarily.This weakened the demand for aircraft components, which negatively impacted the aircraft engine MRO market in the region.
However, in 2022, the Middle East is expected to receive about 1,211 aircraft and Africa is expected to get 1,043 aircraft.By 2031, the number of aircraft deliveries is expected to increase to 2,382 and 1,328 in the Middle East and Africa, respectively.
The Middle East and Africa have a limited number of MRO providers that can perform all types of MRO operations. Thus, international MRO providers are trying to increase their footprint in the region. This is expected to propel the aircraft engine MRO market growth in the Middle East and Africa during the forecast period.
In 2021, Rolls-Royce signed a Total Care agreement with MNG Airlines for the Trent 700 engines that power its two additional Airbus A330-300 P2F freighter aircraft.
In 2021, the low-cost flag carrier of Saudi Arabia, flynas, signed a multi-year RPFH deal with CFM International for the LEAP-1A engines that power the airline’s fleet of 80 Airbus A320neo aircraft.
The overall aircraft engine MRO market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the aircraft engine MRO market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights.
The participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the aircraft engine MRO market.
Read the full report: https://www.reportlinker.com/p06289878/?utm_source=GNW
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