Asia-Pacific Aircraft Engine MRO Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.33 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Aircraft Engine MRO Market Analysis
The Asia Pacific aircraft engine MRO market is anticipated to grow from USD 12.55 billion in 2022 to USD 15.45 billion in 2028, registering a CAGR of 3.33% during the forecast period.
The COVID-19 outbreak impacted the entire aviation industry in Asia-Pacific. Nevertheless, in the present scenario, aircraft operators in the region resumed ordering new aircraft owing to a rebound in travel demand in the commercial and general aviation segments. This will boost aircraft engine MRO providers in the region during the forecast period.
Over the last ten years, there has been a big increase in the number of people flying in the Asia-Pacific region, and new emission rules have made it necessary to buy more new-generation planes. The aging military aircraft fleet in some countries of the Asia-Pacific region may generate significant demand as countries such as China, India, and Japan, among others, plan to extend these aging aircraft's service lives.
Rapid technological advancements in aircraft engine MRO are driving the market's growth. Key players have now started investing significant amounts in R&D to manufacture advanced aircraft engine components using different composites, increasing their operability for various operating environments and making the engines lighter while improving their operational life. Moreover, the region is also expected to be the largest MRO service user in the coming years. A natural corollary of fleet acquisition owing to the various countries of the Asia-Pacific, such as India and China, which are poised to emerge as powerhouses in the coming years, will drive the growth of the market.
Asia-Pacific Aircraft Engine MRO Market Trends
Turbine Engine Segment Held the Highest Shares in the Market
The turbine engine segment held the highest shares in the market and continued its dominance during the forecast period. Growing air traffic leads to increased aircraft deliveries, rising air cargo transportation, and an increasing military aircraft fleets, all of which drive market growth. The turbine engine is a rotary engine that converts the kinetic energy of a moving fluid (water, steam, air, or combustion products from a fuel) into mechanical energy. Turboprop, turbofan, and turboshaft are various types of turbine engines. Asia-Pacific is witnessing several strategic collaborations to cater to the diverse requirements of the different aviation platforms.
For instance, in February 2023, Hindustan Aeronautics Limited (HAL) and General Atomics Aeronautical Systems Incorporated (GA-ASI) announced that the HAL Engine Division in Bengaluru will support the turboprop engines that power the MQ-9B Guardian High Altitude Long Endurance (HALE) Remotely Piloted Aircraft System (RPAS). Furthermore, in September 2022, Air China and Rolls-Royce entered a new joint venture for engine maintenance, repair, and overhaul (MRO). Beijing Aero Engine Services Company Ltd. (BAESL), a new joint venture, will provide MRO service for Rolls-Royce Trent 700, Trent XWB-84, and Trent 1000 aviation engines. Air China and Rolls-Royce each own 50% of the joint venture, which has a contract worth around USD 378.2 million. Thus, increasing aircraft engine MRO contracts and growing spending on aircraft modernization programs drove market growth during the forecast period.
China is Expected to Show the Highest Growth During the Forecast Period
China had the biggest share of the market, and it is also expected to grow the most in the region over the next few years.Market growth happens all over the country because more people are flying, more money is being spent on the aviation industry, and more airlines are updating their planes.China became the largest aviation market in terms of passenger capacity in 2020. According to the Civil Aviation Authority of China, during the Lunar New Year 2023, from Jan 7 to Feb 15, a total of 9 million passengers traveled via air, an increase of 39% compared to 2022's Lunar New Year.
Because the market has a lot of room to grow, MRO service providers and airlines are working together to keep planes safe to fly.For instance, Air China announced in September 2022 that they were entering a joint venture (JV) maintenance, repair, and overhaul (MRO) facility in China. The new facility, Beijing Aero Engine Services Company Limited, will provide MRO support on the Rolls-Royce Trent 700, Trent XWB-84, and Trent 1000 aero engines. Air China and Rolls-Royce each hold 50% of the shares in the joint venture, with a contract amount of about 2.61 billion yuan (about USD 378.2 million).
Furthermore, in February 2022, Safran SA, a major aircraft engine manufacturer based in France, announced the opening of a new MRO facility in Suzhou, China. The facility was being set up and was expected to be operational by the end of 2022. The company-owned 5,200-square-meter repair station helps it meet strategic commitments by linking it to its MRO facilities across Middle Eastern and Indian facilities, making the company an optimal choice for MRO services for major airlines across the world. Thus, increasing aircraft engine MRO contracts and growing spending on the aviation sector drive market growth across the country.
Asia-Pacific Aircraft Engine MRO Industry Overview
The Asia-Pacific aircraft engine MRO market is highly competitive and marked by the presence of many prominent players, such as Safran SA, General Electric Company, Rolls-Royce plc, GMF AeroAsia, and HAECO Group, competing for a larger market share. Key engine MRO service providers focus on providing advanced services through next-generation technologies. Furthermore, the major players in the market are focusing on business expansion through mergers and acquisitions, partnerships, and contracts with airlines. On March 20, 2022, Helicopter Engines MRO Pvt Limited (HE-MRO), a joint venture between Hindustan Aeronautics Limited and Safran, opened its new facility in Goa, India. According to HAL, the new facility will be operational by the end of 2023, with a planned capacity of 50 engines per year and a total power of 150 engines per year. The MoU signed by HAL with Safran is part of the Indian government's Atmanirbhar Bharat vision of achieving self-reliance in defense technologies and MRO.
Asia-Pacific Aircraft Engine MRO Market Leaders
Safran SA
General Electric Company
Rolls Royce plc
GMF AeroAsia
HAECO Group
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Aircraft Engine MRO Market News
- July 2022: Hindustan Aeronautics Limited (HAL) has signed a contract worth over USD 100 million with Honeywell International Inc. to supply and manufacture 88 TPE331-12B engines and kits along with maintenance and support services to power the Hindustan Trainer Aircraft (HTT-40).
- March 2023: Pratt & Whitney's MRO network has announced the opening of their second operational facility in Japan, Mitsubishi Heavy Industries Aero Engines Limited (MHIAEL), for the GTF engine. With this expansion, the facility is expected to increase its commercial engine MRO capacity from 5 to 6 units per month to 10 units per month by 2026 and 15 units per month in the future.
APAC Aircraft Engine MRO Market Report - Table of Contents
1. INTRODUCTION
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 Application
5.2.1 Commercial Aviation
5.2.2 Military Aviation
5.2.3 General Aviation
5.3 Country
5.3.1 China
5.3.2 India
5.3.3 Japan
5.3.4 Singapore
5.3.5 South Korea
5.3.6 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Singapore Aero Engine Services Private Limited
6.1.2 Singapore Technologies Engineering Limited
6.1.3 SIA Engineering Company
6.1.4 Safran SA
6.1.5 HAECO Group
6.1.6 General Electric Company
6.1.7 Rolls Royce plc
6.1.8 Asia-Pacific Aerospace (APA) Pty. Ltd.
6.1.9 Mitsubishi Heavy Industries Aero Engines Ltd.
6.1.10 GMF AeroAsia
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Asia-Pacific Aircraft Engine MRO Industry Segmentation
Engine maintenance, repair, and overhaul (MRO) is the process of fixing, servicing or inspecting engines to meet Asia-Pacific safety and airworthiness standards. The study of aircraft engine MRO includes the maintenance, repair, and overhaul (MRO) operations of turbine and piston engine aircraft in the commercial, military, and general aviation sectors in Asia-Pacific. The market also includes component-level maintenance checks on engines.
The Asia-Pacific aircraft engine MRO market is segmented by engine type, application, and country. By engine type, the market is segmented into turbine engines and piston engines. By application, the market is segmented into commercial, military, and general aviation. By country, the market is segmented into China, India, Japan, Singapore, South Korea, and the rest of Asia-Pacific. The market sizing and forecasts have been provided in value (USD billion) for all the above segments.
| Engine Type | |
| Turbine Engine | |
| Piston Engine |
| Application | |
| Commercial Aviation | |
| Military Aviation | |
| General Aviation |
| Country | |
| China | |
| India | |
| Japan | |
| Singapore | |
| South Korea | |
| Rest of Asia-Pacific |
APAC Aircraft Engine MRO Market Research FAQs
What is the current Asia-Pacific Aircraft Engine MRO Market size?
The Asia-Pacific Aircraft Engine MRO Market is projected to register a CAGR of 3.33% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Aircraft Engine MRO Market?
Safran SA, General Electric Company, Rolls Royce plc, GMF AeroAsia and HAECO Group are the major companies operating in the Asia-Pacific Aircraft Engine MRO Market.
What years does this Asia-Pacific Aircraft Engine MRO Market cover?
The report covers the Asia-Pacific Aircraft Engine MRO Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Aircraft Engine MRO Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Aircraft Engine MRO Industry Report
Statistics for the 2024 Asia-Pacific Aircraft Engine MRO market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Aircraft Engine MRO analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
