Market Trends of Business Jet MRO Industry
Components MRO Segment of the Market is Expected to Witness Highest Growth
- The components MRO segment of the market is expected to grow rapidly during the forecast period. The segment includes repairing and modifying aircraft components like brakes, avionics, APU, thrust reverses, landing gears, equipment/furnishings, fuel systems, and flight controls, among others. With the slowdown of business aviation worldwide due to the COVID-19 pandemic in 2020, various companies witnessed an increased demand for component checks and inspections as customers focused on maintaining high standards for future operations.
- Modifications and upgrades of the existing systems are being performed to maintain the aircraft up to date with newer technologies. With the entry of a new generation of business jets and corporate airliners, completions and refurbishment providers are expected to experience strong demand for their services during the forecast period. Players now focus on catering to such demand by adding newer aircraft servicing capabilities.
- In May 2021, C&L Aviation Services (C&L) secured an additional contract to undertake extensive modifications on multiple ERJ 135 and 145 semi-private aircraft. These modifications aim to convert the aircraft into a luxurious first-class configuration featuring 16-23 seats with upgraded leather interior seating. The revamped cabins will also include convenient amenities such as in-seat power outlets, LED lighting, and WIFI connectivity to enhance passenger comfort and convenience. Such developments are expected to accelerate the segment's growth during the forecast period.
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North America Currently Dominates the Market in Terms of Market Share
- North America has the world's largest fleet of private and charter aircraft, with over 14,000 business jets in active service in the region. This factor has driven the need for MRO services in the region.
- The flight activity of the region declined in 2020 due to the advent of the COVID-19 pandemic. It bounced back in 2021, driven by the growth in demand for private travel in the region. The attractive growth prospects of the business jet charter industry in the region have resulted in an extensive MRO network. MRO capability expansion activities in North America increased considerably in the last few years.
- For instance, in January 2021, the global business aviation services provider Gama Aviation announced that it had acquired Jet East Aviation from East Coast Aviation in a USD 7.7 million deal, which will significantly expand Gama's existing US MRO operations. Likewise, in May 2022, Stevens Aerospace and Defense Systems inaugurated its new MRO facility at Smyrna/Rutherford County Airport.
- The new facility includes a 40,000-sq-ft hangar and 17,000 sq ft shop to provide heavy maintenance and avionics work on King Air turboprops and Citation and Hawker jets, as well as offer King Air Garmin G1000 retrofits and Raisbeck aerodynamics. Such expansion plans of the companies in the North American region to capitalize on the growing opportunities in the business jet MRO industry are expected to propel the market growth in the region during the forecast period.
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