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The Aircraft Engine MRO Market is segmented by Engine Type (Turbine Engine, Piston Engine), Application (Commercial Aviation, Military Aviation, General Aviation), and Geography.
Fastest Growing Market:
Greater Than 5 %
The aircraft engine MRO market is anticipated to register a CAGR of above 5% during the forecast period.
The study of aircraft engine MRO includes the engine maintenance, repair, and overhaul (MRO) operations of turbine and piston engine aircraft in commercial, military, and general aviation industries. The market also includes the component-level maintenance checks of engines.
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The turbine engine segment of the market is expected to register the highest CAGR during the forecast period. The demand for turboprop and turboshaft aircraft, as well as ageing fleet of turboprop aircraft, is propelling the growth of the market during the forecast period. To support the governments with the fleet sustainment programs, the engine manufacturers are forming joint ventures in collaboration with the local companies. For instance, Safran formed two new joint ventures in India in association with Max Aerospace and Hindustan Aeronautics Ltd for maintenance of military aircraft and helicopter engines. Moreover, the incorporation of advanced technology in the manufacturing of the engines by the OEMs is simplifying the process of maintenance services for turbine engines, which is effectively reducing the cost and time required for maintenance of the aircraft engine.
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The Asia-Pacific region is expected to generate the highest demand for aircraft engine MRO during the forecast period. The growth of the market is primarily due to the increasing passenger traffic, which is propelling the growth in aircraft movements of the region. The aircraft operators are making plans for increasing their MRO network in the region. For instance, InterGlobe Aviation Ltd announced its plan for the construction of the second MRO center at Kempegowda International Airport in Bengaluru, to cater to the growing needs. This 13,000 sq.m facility, which is scheduled to open by 2020, will have a quick engine change (QEC) shop that can allow changing an aircraft engine with the least downtime, along with warehouse and engineering offices for repair and maintenance. Additionally, the increasing military budget of the emerging countries is fueling the growth of life extension plans of aircraft, which, in turn, will generate the demand for MRO in the years to come.
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The prominent players in the aircraft engine MRO market are Lufthansa Technik, Rolls-Royce Holding PLC, United Technologies Corporation, General Electric Company, and Safran SA. The major engine MRO providers are entering into long-term partnerships or forming joint ventures to grow their engine MRO customers. For instance, Lufthansa Technik formed joint ventures with various engine manufacturers, like Rolls-Royce Holding PLC, General Electric Company, and MTU AERO ENGINES AG, for providing engine MRO operations for customers in the European Union. Moreover, the use of advanced technology for providing maintenance services may help these companies attract new customers by reducing their maintenance costs. However, the long-term contracts of the established players with the armed forces and airlines may act as a barrier for new players to enter the market.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Engine Type
5.1.1 Turbine Engine
5.1.2 Piston Engine
5.2.1 Commercial Aviation
5.2.2 Military Aviation
5.2.3 General Aviation
5.3.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.3.4 Latin America
220.127.116.11 Rest of Latin America
5.3.5 Middle-East and Africa
18.104.22.168 United Arab Emirates
22.214.171.124 Saudi Arabia
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Lufthansa Technik
6.2.2 Rolls-Royce Holding PLC
6.2.3 United Technologies Corporation
6.2.4 General Electric Company
6.2.5 Safran SA
6.2.6 Singapore Technologies Engineering Ltd
6.2.7 TAP Maintenance and Engineering
6.2.8 Delta Air Lines, Inc.
6.2.9 Hong Kong Aircraft Engineering Company Limited (HAECO)
6.2.10 MTU Aero Engines AG
6.2.11 Textron Inc.
6.2.12 American Equipment Company, Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS